Trendlyne Marketwatch
Trendlyne Marketwatch
06 Nov 2024
Market closes higher, Trident's Q2FY25 net profit declines 8.3% YoY to Rs 83.2 crore
By Trendlyne Analysis

 

Nifty 50 closed at 24,484.05 (270.8, 1.1%), BSE Sensex closed at 80,378.13 (901.5, 1.1%) while the broader Nifty 500 closed at 23,031.20 (351.4, 1.6%). Market breadth is ticking up strongly. Of the 2,289 stocks traded today, 1,826 were in the positive territory and 443 were negative.

Indian indices closed in the green, with the benchmark Nifty 50 index closing at 24,484.1 points, in response to the US election results. The Indian volatility index, Nifty VIX, fell around 7.8% and closed at around 14.9 points. Swiggy's Rs 11,327.4 crore IPO received bids for 0.1X the available 16 crore shares on offer on the first day of bidding. The retail investor quota got bids for 0.5X the available 2.9 crore shares.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher. Nifty FMCG and Nifty Auto closed in the green. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 4.9%.

European indices are trading mixed. Major Asian indices closed mixed. US index futures are trading higher, indicating a positive start to the trading session, as Donald Trump claims victory in the presidential election. Novo Nordisk, Toyota Motor, Qualcomm, Honda Motor, and CVS Health among others, are set to report their earnings later today.

  • Relative strength index (RSI) indicates that stocks like Gillette India, Deepak Fertilisers & Petrochemicals Corp, and Syrma SGS Technology are in the overbought zone.

  • Trident's Q2FY25 net profit declines by 8.3% YoY to Rs 83.2 crore, caused by higher employee benefits and finance costs. Revenue falls 4.8% YoY to Rs 1,724.3 crore due to a reduction in the towel and paper & chemicals segments. It appears in a screener of stocks with high market cap and lower public shareholding.

  • IT stocks like Tata Consultancy Services, Infosys, HCL Technologies, Wipro, and LTIMindtree are rising in trade. All constituents of the broader Nifty IT index are also trading in the green.

  • Rites is falling as its net profit declines by 27.8% YoY to Rs 73 crore in Q2FY25, caused by increased employee benefits expenses. Revenue decreases by 7.7% YoY to Rs 562.1 crore due to a reduction in the consultancy and turnkey projects segments. It appears in a screener of stocks with declining return on capital employed (RoCE) over the past two years.

  • Sandeep Garg, MD of Welspun Enterprises, highlights the company’s target to achieve an order book of around Rs 17,000-20,000 crore by the end of FY25. He expects orders worth Rs 3,000-4,000 crore from the Department of Telecommunications. Garg also maintains the revenue guidance of Rs 4,000 crore for the year.

  • Axis Direct retains its 'Buy' call on Steel Strips Wheels with a lower target price of Rs 265 per share. This indicates a potential upside of 23.9%. The brokerage expects the company's revenue will grow due to increasing tractor volumes, alloy wheel order growth, expansion into aluminium knuckles & two-wheeler electric motor hub-wheels, and higher demand in the US and European markets. It expects the company's revenue to grow at a CAGR of 9.5% over FY25-27.

  • Swiggy's Rs 11,327.4 crore IPO receives bids for 0.1X the available 16 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.4X the available 2.9 crore shares.

  • Granules India rises sharply as its net profit beats Forecaster estimates by 2.6% despite falling by 4.8% YoY to Rs 97.2 crore in Q2FY25 due to higher employee benefits expenses. Revenue declines by 18.6% YoY to Rs 969.9 crore, caused by a reduction in the North American, Europe, Latin America (LATAM), India, and the rest of the world (ROW) markets. It shows up in a screener of stocks with an increasing trend in non-core income.

  • RBI Governor Shaktikanta Das anticipates higher inflation in October compared to September. He hihglight that the central bank remains agile, with no immediate pressure for a rate cut. Das also notes that economic activity remains strong, with the services sector performing well.

  • Triveni Engineering & Industries is falling as it reports a net loss of Rs 19.2 crore in Q2FY25 compared to a net profit of Rs 29.1 crore in Q2FY24 due to higher raw materials, inventory, excise duty, employee benefits, and finance costs. However, revenue grows by 8.1% YoY to Rs 1,762 crore, helped by improvements in the sugar and distillery segments. It shows up in a screener of stocks with weak financials.

  • Waaree Renewable Technologies surges to its 5% upper circuit as its net profit grows by 160.2% YoY to Rs 53.5 crore in Q2FY25. Revenue rises by 249.7% YoY to Rs 527.9 crore, driven by improvements in the engineering, procurement & construction (EPC) and power segments. It appears in a screener of stocks with improving cash flow from operations over the past two years.

  • Berger Paints' Q2FY25 net profit declines by 7.5% YoY to Rs 269.7 crore, caused by higher inventory and employee benefits expenses. However, revenue increases by 0.5% YoY to Rs 2,795.7 crore during the quarter. It shows up in a screener of stocks with prices below short, medium, and long-term moving averages.

  • Anthony Cherukara, CEO of VST Tillers Tractors, expects to maintain the EBITDA margins at around 13% in H2FY25, and 11-13% in FY25, due to positive sentiment post a good monsoon. He anticipates revenue growth driven by small farm machines, tractors, and distribution segments.

  • Oil India rises sharply as its net profit surges by 4.8x YoY to Rs 2,016.2 crore in Q2FY25, helped by reduced raw materials, excise duty, inventory, employee benefits, and statutory levies expenses. However, revenue decreases by 3.4% YoY to Rs 8886.9 crore, impacted by the crude oil, natural gas, and refinery products segments. It features in a screener of stocks with the highest recovery from their 52-week lows.

  • eClerx Services surges to its all-time high of Rs 3,291 per share as its net profit grows by 25.7% QoQ to Rs 140.2 crore in Q2FY25. Revenue increases 14.8% QoQ to Rs 845 crore during the quarter. It features in a screener of stocks with prices above short, medium, and long-term moving averages.

  • Hindustan Zinc falls sharply as its promoter, the Government of India plans an offer for sale (OFS) of 5.3 crore shares (or a 1.3% stake) of the company at a floor price of Rs 505 per share. In case of an oversubscription, the promoter plans to increase the offer size to a 2.5% stake in the company.

  • India’s services PMI increases to 58.5 in October from a 10-month low of 57.7 in September, driven by growth in output and consumer demand. The PMI reading, however, stays above the 50 mark for the 39th consecutive month.

  • Indian Energy Exchange's electricity volume rises 4% YoY to 9,642 million units (MU) in October. IEX Green Market achieves a volume growth of 364% YoY to 872 MU.

  • JK Tyre & Industries is falling as its net profit declines by 44.2% YoY to Rs 135 crore in Q2FY25 due to higher raw materials and finance costs. Revenue decreases by 6.7% YoY to Rs 3.643.2 crore, caused by a reduction in the Indian and Mexican markets. It shows up in a screener of stocks where promoters decreased shareholding by more than 2% QoQ.

  • GAIL (India) rises sharply as its net profit grows by 10.2% YoY to Rs 2,689.7 crore in Q2FY25, helped by reduced inventory, employee benefits, and finance costs. Revenue increases by 3% YoY to Rs 34,258 crore, attributable to improvements in the transmission services, natural gas marketing, petrochemicals, LPG & liquid hydrocarbons, and city gas segments. It features in a screener of stocks with rising net cash flow and cash from operating activities.

  • Retail sales for the automotive industry increase 32.1% YoY to 28.3 lakh units in October, shows data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales are up 36.3%% YoY, while cars grow by 32.4% YoY. FADA expects the upcoming wedding season will boost demand for 2W and cars.

  • Swiggy raises Rs 5,085 crore from anchor investors ahead of its IPO by allotting 13 crore shares at Rs 390 each. Investors include Fidelity Investments, Blackrock, HSBC, Nomura, Government Pension Fund Global, Citadel, Mirae Asset India, Nippon Mutual Fund, and Axis Mutual Fund.

  • Dr Reddy's Laboratories is rising as its revenue grows by 16.5% YoY to Rs 80,162 crore in Q2FY25, driven by improvements in the pharmaceutical services & active ingredients and global generics segments. It appears in a screener of stocks with improving book value over the past two years.

  • Mankind Pharma surges to its all-time high of Rs 2,874 crore as its net profit grows 30.4% YoY to Rs 653.5 crore in Q2FY25. Revenue increases 15.1% YoY to Rs 3,185.9 crore, driven by improvements in the domestic and international markets. It features in a screener of stocks with RSI indicating price strength.

  • Titan is falling as its net profit declines by 23.1% YoY to Rs 704 crore in Q2FY25 due to higher raw materials, inventory, employee benefits, finance, and advertisement expenses. However, revenue grows by 15.8% YoY to Rs 14,656 crore, driven by improvements in the watches & wearables, jewelry, and eyecare segments. It appears in a screener of stocks with weakening technicals and share price decline.

  • Nifty 50 was trading at 24,262.90 (49.6, 0.2%), BSE Sensex was trading at 79,736.87 (260.2, 0.3%) while the broader Nifty 500 was trading at 22,764.10 (84.3, 0.4%).

  • Market breadth is overwhelmingly positive. Of the 1,952 stocks traded today, 1,523 were gainers and 390 were losers.

Riding High:

Largecap and midcap gainers today include Dixon Technologies (India) Ltd. (15,647.60, 8.6%), Supreme Industries Ltd. (4,683.95, 7.4%) and GAIL (India) Ltd. (208.92, 6.4%).

Downers:

Largecap and midcap losers today include Hindustan Zinc Ltd. (513.10, -8.3%), ICICI Prudential Life Insurance Company Ltd. (716.25, -2.2%) and Tube Investments of India Ltd. (4,096.80, -2.1%).

Movers and Shakers

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

Top high volume gainers on BSE included Kaynes Technology India Ltd. (5,872.95, 10.6%), Dixon Technologies (India) Ltd. (15,647.60, 8.6%) and eClerx Services Ltd. (3,284.85, 8.1%).

Top high volume losers on BSE were Hindustan Zinc Ltd. (513.10, -8.3%), Timken India Ltd. (3,350, -2.2%) and Titan Company Ltd. (3,177.05, -1.7%).

CCL Products India Ltd. (719.75, 7.5%) was trading at 79.4 times of weekly average. Granules India Ltd. (579.65, 5.3%) and Medplus Health Services Ltd. (670, 2.1%) were trading with volumes 6.6 and 6.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks overperformed with 52 week highs,

Stocks touching their year highs included - City Union Bank Ltd. (179.38, 0.3%), Deepak Fertilisers & Petrochemicals Corporation Ltd. (1,391.65, 5.3%) and eClerx Services Ltd. (3,284.85, 8.1%).

34 stocks climbed above their 200 day SMA including GAIL (India) Ltd. (208.92, 6.4%) and Adani Energy Solutions Ltd. (1,076.30, 6.0%). 3 stocks slipped below their 200 SMA including Indus Towers Ltd. (342.05, 0.0%) and ABB India Ltd. (7,164.05, 0.4%).

 
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