Trendlyne Marketwatch
Trendlyne Marketwatch
04 Nov 2024
Market closes lower, VST Tillers Tractors' net profit up 22.9% YoY to Rs 44.8 crore in Q2FY25
By Trendlyne Analysis

 

Nifty 50 closed at 23,995.35 (-309, -1.3%), BSE Sensex closed at 78,782.24 (-941.9, -1.2%) while the broader Nifty 500 closed at 22,518.30 (-305.3, -1.3%). Market breadth is moving down. Of the 2,368 stocks traded today, 557 were in the positive territory and 1,788 were negative.

Indian indices closed in the red ahead of US election results, with the benchmark Nifty 50 index closing at 23,995.4 points. The Indian volatility index, Nifty VIX, rose around 5% and closed at 16.7 points. Afcons Infrastructure’s shares made their debut on the bourses at an 8% discount to the issue price of Rs 463. The Rs 5,430 crore IPO received bids for 2.6 times the total shares on offer. 

Nifty Midcap 100 and Nifty Smallcap 100 closed lower. Nifty Media and Nifty Auto closed in the red. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 1.7%.

European indices are trading mixed. Major Asian indices closed mixed. US index futures are trading mixed, indicating a cautious start to the trading session. Vertex Pharmaceuticals, Palantir Technologies, Constellation Energy, and Marriott International among others, are set to report their earnings later today.

  • Relative strength index (RSI) indicates that stocks like Poly Medicure, Crisil, and Piramal Pharma are in the overbought zone.

  • VST Tillers Tractors' net profit grows by 22.9% YoY to Rs 44.8 crore in Q2FY25, helped by lower inventory expenses. Revenue increases 6.1% YoY to Rs 310.2 crore, driven by an increase in sales of power tillers, power weeders, and reapers. It features in a screener of stocks with rising net cash flow and cash from operating activities.

  • Solar Industries India bags an order worth Rs 399.4 crore from an international client to supply defence products over the next three years.

  • Tube Investments of India declines as its Q2FY25 net profit falls by 22.3% YoY to Rs 206.8 crore, caused by increased raw materials, inventory, and employee benefits expenses. However, revenue grows by 14.4% YoY to Rs 4,995.2 crore owing to improvements in the engineering, metal-formed products, electric vehicles, gears & gear products, power systems, and industrial systems segments.

  • Niva Bupa Health Insurance Company sets its IPO price band at Rs 70-74 per share. The issue size is Rs 2,200 crore, with a fresh issue worth Rs 800 crore and an offer for sale of around Rs 1,400 crore. The issue opens on November 6.

  • Exide Industries falls sharply as its net profit declines 14.1% YoY to Rs 231.3 crore in Q2FY25 due to higher raw materials, employee benefits, and finance costs. However, revenue increases 1.8% YoY to Rs 4,490.3 crore, driven by improvements in the two-wheeler & four-wheeler replacement and industrial uninterruptible power supply (UPS) & solar segments. It appears in a screener of stocks with increasing trend in non-core income.

  • IDBI Capital upgrades Ami Organics to 'Buy' from 'Hold' with a higher target price of Rs 2,250 per share. This indicates a potential upside of 13.8%. The brokerage expects sustained growth in key molecules, combined with the scale-up of the contract development and manufacturing organization (CDMO) segment, will help improve revenue. It expects the firm's revenue to grow at a CAGR of 31.7% over FY25-27.

  • Bharat Global Developers surges to its 5% upper circuit as it bags an order worth Rs 300 crore from McCain India Agro to supply 2 lakh tonnes of potatoes in the next six months.

  • Umesh Chowdhary, CEO of Titagarh Rail Systems, says the company delivered 900 wagons per month in Q2FY25, and projects it to be over 1,000 wagons/month for FY25. He highlights that the order book stands at Rs 25,000 crore, with 50% coming through JVs. Chowdhary maintains the EBITDA margin guidance at 12% and expects a 300-400 bps jump in the passenger EBITDA.

  • Hatsun Agro Products is falling as its net profit declines by 17.1% YoY to Rs 64.3 crore in Q2FY25, caused by higher employee benefits and finance costs. However, revenue grows by 8.3% YoY to Rs 2,078.7 crore during the quarter. It shows up in a screener of stocks with weak financials.

  • DCM Shriram's Q2FY25 net profit surges 95.2% YoY to Rs 62.9 crore, helped by lower inventory and fuel & power expenses. Revenue increases 11.8% YoY to Rs 3,184 crore driven by improvements in the chloro-vinyl, sugar, Shriram farm solutions, bioseed, and fertilizer segments. It features in a screener of stocks with dividend yield greater than the sector dividend yield.

  • Hero MotoCorp's monthly wholesales rise 18.1% YoY to 6.8 lakh units in October due to higher motorcycle sales and domestic business. Its exports grow by 43% YoY to 21,688 units during the month.

  • Partho Banerjee, Senior Executive Officer, Marketing and Sales at Maruti Suzuki, expects strong sales in November due to “a few lakh” weddings, carrying forward the festive momentum. The company posted retail sales of 2 lakh units in October, driven by festive sales.

  • Bajaj Auto is falling as its domestic wholesales decline by 8% YoY to 3 lakh units in October due to a decrease in two-wheeler and commercial vehicle domestic wholesales by 8% YoY and 6% YoY, respectively. However, the company's exports grow by 24% YoY to 1.8 lakh units during the month.

  • Energy stocks like Indian Oil Corp, Tata Power, Bharat Petroleum Corp, and Coal India fall more than 3% in trade. All constituents of the broader Nifty Energy index are also trading in the red, causing the index to plunge more than 3%.

  • IRB Infrastructure Developers falls sharply as its net profit misses Forecaster estimates by 1.8% despite growing 4.3% YoY to Rs 99.9 crore in Q2FY25. Revenue declines by 6.6% YoY to Rs 1,751.6 crore due to a reduction in the construction segment. It appears in a screener of stocks with high promoter pledges.

  • India’s manufacturing PMI rises to 57.5 in October, compared to the nine-month low of 56.5 in September, driven by robust demand for Indian goods.

  • Biocon falls sharply as it reports a net loss of Rs 16 crore in Q2FY25 compared to a net profit of Rs 125.6 crore in Q2FY24 due to higher inventory, employee benefits, and deferred tax expenses. Revenue remains flat at Rs 3,622.9 crore as gains in the biosimilars segment were offset by declines in the generics and research services segments. It shows up in a screener of stocks with RSI indicating price weakness.

  • Larsen & Toubro's Q2FY25 net profit grows 13% YoY to Rs 703.6 crore. Revenue increases 20.1% YoY to Rs 62,655.9 crore owing to improvements in the infrastructure projects, energy projects, hi-tech manufacturing, IT & technology services, and financial services segments. It features in a screener of stocks with high momentum scores.

  • Tata Power is falling as its net profit misses Forecaster estimates by 12.3% despite growing by 5.8% YoY to Rs 926.5 crore in Q2FY25 owing to lower fuel and raw material costs. Revenue rises by 11.9% YoY to Rs 16,219.8 crore, attributable to the transmission & distribution segments. It appears in a screener of stocks with increasing debt.

  • DAM Capital initiates a ‘Buy’ rating on Bharti Airtel with a target price of Rs 1,907. The brokerage expects strong multi-year growth in the home broadband segment and steady expansion in the B2B business. It projects the company’s wireless subscribers to grow by more than 2% annually, with average revenue per user rising 7% every year for the next decade.

  • Afcons Infrastructure’s shares debut on the bourses at an 8% discount to the issue price of Rs 463. The Rs 5,430 crore IPO received bids for 2.6 times the total shares on offer.

  • Bondada Engineering rises as its Q2FY25 net profit surges by 142.2 % YoY to Rs 36 crore, helped by lower raw material expenses. Revenue jumps by 62.7% YoY to Rs 483.4 crore, driven by the engineering, procurement & construction (EPC) segment. It features in a screener of stocks with improving return on equity (RoE) over the past two years.

  • Narayana Hrudayalaya is falling as its net profit declines by 12.3% YoY to Rs 198.6 crore in Q2FY25 due to higher raw materials and employee benefits expenses. However, revenue grows by 7.6% YoY to Rs 1,423.6 crore, helped by the medical & healthcare-related services segment. It shows up in a screener of stocks with growing costs YoY from long-term projects.

  • Welspun Corp is rising as it bags two orders worth approx. Rs 1,300 crore from the US to supply coated helical submerged arc welding (HSAW) pipes for natural gas pipelines.

  • Nifty 50 was trading at 24,128.25 (-176.1, -0.7%), BSE Sensex was trading at 79,573.72 (-150.4, -0.2%) while the broader Nifty 500 was trading at 22,636.30 (-187.3, -0.8%).

  • Market breadth is overwhelmingly negative. Of the 2,050 stocks traded today, 526 were in the positive territory and 1,468 were negative.

Riding High:

Largecap and midcap gainers today include Info Edge (India) Ltd. (7,722.75, 3.4%), Max Healthcare Institute Ltd. (1,036.60, 2.9%) and Punjab National Bank (103.65, 2.6%).

Downers:

Largecap and midcap losers today include Rail Vikas Nigam Ltd. (446.20, -5.3%), Solar Industries India Ltd. (9,887.65, -4.9%) and Star Health and Allied Insurance Company Ltd. (488.80, -4.5%).

Volume Rockets

23 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Fine Organic Industries Ltd. (5,133.10, 5.8%), Rainbow Childrens Medicare Ltd. (1,630.35, 5.2%) and Galaxy Surfactants Ltd. (3,050, 4.0%).

Top high volume losers on BSE were Sun Pharma Advanced Research Company Ltd. (205.13, -5.0%), PVR INOX Ltd. (1,498, -4.9%) and KIOCL Ltd. (321.50, -4.1%).

Shoppers Stop Ltd. (658.50, -3.5%) was trading at 17.9 times of weekly average. Hatsun Agro Products Ltd. (1,068, -3.8%) and Welspun Corp Ltd. (731.70, -0.2%) were trading with volumes 7.3 and 6.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

9 stocks hit their 52 week highs, while 2 stocks hit their 52 week lows.

Stocks touching their year highs included - City Union Bank Ltd. (178.45, 0.4%), Crisil Ltd. (5,479.90, 0.3%) and Federal Bank Ltd. (204.29, 0.1%).

Stocks making new 52 weeks lows included - Astral Ltd. (1,750.80, -1.5%) and Birlasoft Ltd. (549.80, -1.3%).

3 stocks climbed above their 200 day SMA including Macrotech Developers Ltd. (1,194.95, -1.0%) and Hatsun Agro Products Ltd. (1,068, -3.8%). 29 stocks slipped below their 200 SMA including Craftsman Automation Ltd. (4,997.60, -4.0%) and Star Cement Ltd. (203.56, -3.9%).

 
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