Trendlyne Marketwatch
Trendlyne Marketwatch
11 Nov 2024
Market closes flat, Premier Energies' Q2 net profit grows 3.9x YoY to Rs 206 crore
By Trendlyne Analysis

 

Nifty 50 closed at 24,141.30 (-6.9, 0.0%), BSE Sensex closed at 79,433.81 (-52.5, -0.1%) while the broader Nifty 500 closed at 22,591.40 (-54.3, -0.2%). Market breadth is sharply down. Of the 2,295 stocks traded today, 645 were gainers and 1,628 were losers.

Nifty 50 erased its gains in the afternoon session to close flat. The Indian volatility index, Nifty VIX, declined 1.4% and closed at 14.3 points. Tata Motors’ net profit declines 10% YoY to Rs 3,450 in Q2FY25. Revenue falls 3.5% YoY to Rs 1 lakh crore during the quarter.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red. Nifty IT was among the top index gainers today, while Nifty Healthcare was among the worst-performing indices. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 2.5%.

Asian indices closed lower, except Japan’s Nikkei 225 which closed 0.2% higher. European indices are trading in the green. US index futures traded in the green, indicating a positive start to the trading session, in anticipation of the inflation data to come out this week. Brent crude oil futures are trading in the red.

  • Relative strength index (RSI) indicates that stocks like ITI, Page Industries, and Apollo Hospitals Enterprise are in the overbought zone.

  • Graphite India is falling as its net profit declines 75.7% YoY to Rs 195 crore in Q2FY25. Revenue decreases 18.9% YoY to Rs 643 crore, driven by 25.2% YoY lower sales in the graphite and carbon segment. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Premier Energies' Q2FY25 net profit surges by 3.9x YoY to Rs 205.9 crore due to inventory destocking and a deferred tax return of Rs 20.2 crore. Revenue jumps by 121.4% YoY to Rs 1,553.6 crore, driven by improvements in the cell and module segments. It appears in a screener of stocks with the consistent highest return stocks over the past five years.

  • Keystone Realtors rises to its new all-time high of Rs 801.1 as its net profit rises 14.3X YoY to Rs 66.3 crore in Q2FY25 due to inventory destocking and lower finance cost. However, revenue decreases by 13.7% YoY to Rs 533.1 crore during the quarter. The company appears in a screener of stocks with book value per share improving over the last two years.

  • AMFI data shows that despite a 6% drop in Nifty and heavy FII outflows, mutual fund investors poured Rs 41,886 crore into equities in October, up 22% MoM. Debt funds saw a net inflow of Rs 1.6 lakh crore, reversing the previous month's Rs 1.1 lakh crore outflow. All equity categories saw inflows, with sectoral and thematic funds attracting the highest at Rs 12,278 crore.

  • Concord Biotech is rising as its net profit grows by 18.2% YoY to Rs 95.7 crore in Q2FY25, helped by inventory destocking and lower finance costs. Revenue increases by 18.4% YoY to Rs 320.2 crore during the quarter. It features in a screener of stocks with improving return on equity (RoE) over the past two years.

  • Geojit BNP Paribas upgrades TVS Motor to 'Buy' from 'Accumulate' with a lower target price of Rs 2,774 per share. This indicates a potential upside of 12.3%. The brokerage believes the company's domestic rural demand will remain strong, driven by favourable monsoons and better crop yields, with an expansion in exports for premium and electric vehicles. It expects the firm's revenue to grow at a CAGR of 18.5% over FY25-26.

  • Aarti Industries falls sharply to its new 3-year low of Rs 427 as its net profit misses Forecaster estimates by 29.6% after declining 42.3% YoY to Rs 52.3 crore in Q2FY25. However, revenue rises 11.9% YoY to Rs 1,627.5 crore, driven by a 22% YoY increase in non-energy business volumes during the quarter. The company appears in a screener of stocks underperforming their industry price change in the quarter.

  • Ankit Thakker, CEO of Jupiter Life Line Hospitals, expects a pick up in occupancies as newer capacities mature. He highlights the company achieved a 60% occupancy rate in Indore during Q2, with the overall average occupancy rate for H1FY25 rising to 67.2%, marking a 4.9% YoY increase. Thakker adds that the company is focusing on expanding in western India.

  • Orient Cement's net profit plunges by 90.6% YoY to Rs 2.3 crore in Q2FY25, caused by higher inventory and employee benefits expenses. Revenue declines by 24.2% YoY to Rs 547.6 crore during the quarter. It appears in a screener of stocks with declining net cash flow.

  • Ola Electric Mobility falls to its all-time low of Rs 70.6 per share as its revenue misses Forecaster estimates by 12.8% despite growing by 42.5% YoY to Rs 1,314 crore in Q2FY25, helped by an improvement in the automotive segment. Net loss contracts by 5.5% YoY to Rs 495 crore, driven by inventory destocking. It shows up in a screener of stocks with medium to low Trendlyne momentum scores.

  • KPI Green Energy appoints Alok Das as the new Group Chief Executive Officer (CEO) of KP Group, effective November 11.

  • Chintan Thakkar, CFO of InfoEdge (India), expects double-digit revenue growth in FY25, with the non-IT segment accounting for 45-50%. He also highlights the company’s branch expansion plans in Tier 2-3 towns.

  • Alembic Pharmaceuticals receives approval from the USFDA for its abbreviated new drug application (ANDA) for Diltiazem Hydrochloride extended-release capsules, used to treat hypertension. The capsules are equivalent to Bausch Health’s Cardizem CD extended-release capsules, which have an estimated market size of $105.3 million in the year ending June 2024, according to IQVIA.

  • Jupiter Wagons falls sharply as its Q2FY25 net profit misses Forecaster estimates by 22.9% despite growing by 9.3% YoY to Rs 89.7 crore, helped by inventory destocking. Revenue rises by 15.1% YoY to Rs 1,018.8 crore, driven by improvements in the railway wagons, CMS crossing, containers, wheels, axles, wheelsets, brake discs, and axle box segments.

  • Fortis Healthcare is rising as its net profit grows by 1.6% YoY to Rs 176.5 crore in Q2FY25. Revenue increases by 12.2% YoY to Rs 2,001.6 crore, driven by an improvement in the healthcare and diagnostics segments. It appears in a screener of stocks with rising net cash flow and cash from operating activities.

  • Goldman Sachs initiates coverage on United Spirits with a 'Buy' rating and a target price of Rs 1,650. The brokerage notes that India’s spirits market is experiencing a premiumisation trend, a shift the company is well-positioned to capitalise on. It adds that the India-UK trade deal could reduce Scotch import tariffs, potentially driving further growth in the category.

  • Asian Paints falls sharply to its new 3-year low of Rs 2,506 as its net profit misses Forecaster estimates by 36.8% after declining 42.4% YoY to Rs 694.6 crore in Q2FY25. Revenue decreases 5.3% YoY to Rs 8,027.5 crore, driven by muted consumer sentiments and extended rains and floods in some parts of the country during the quarter. The company appears in a screener of stocks with declining profits every quarter for the past two quarters.

  • Shipping Corp of India surges as its net profit grows by 4.4x YoY to Rs 291.4 crore in Q2FY25. Revenue increases 28.3% YoY to Rs 1,491.2 crore, driven by improvements in the liner, bulk carrier, tanker, and technical & offshore segments. It features in a screener of stocks with relative outperformance versus industry over the past week.

  • DCX Systems is rising as it receives an export order worth approximately Rs 460.3 crore ($54.8 million) from Lockheed Martin Global, USA, to supply electronic assemblies. The order is set for execution within 12 months.

  • Viren Prasad Shetty, Executive Vice Chairman and COO of Narayana Hrudayalaya announces the completion of capex for Health City Cayman Islands (HCCI), with its impact expected over the next 4-6 quarters. He anticipates government approval for the company's IP business in Cayman in the coming weeks. Shetty highlights that restricted inflows from Bangladesh were offset by strong performance in India, where the company will focus moving forward.

  • Welspun Corp falls sharply as its net profit declines by 25.4% YoY to Rs 287 crore in Q2FY25 due to higher employee benefits and finance costs. However, revenue grows by 19.2% YoY to Rs 3,364.2 crore, attributed to a reduction in the steel products segment. It appears in a screener of stocks with promoters decreasing their shareholding.

  • Life Insurance Corp of India is falling as its Q2FY25 net profit grows by 3.8% YoY to Rs 7,728.7 crore due to higher tax provisions. However, revenue grows by 11.7% YoY to Rs 2.3 lakh crore, driven by improvements in first-year premium, new business premium, and assets under management (AUM). It shows up in a screener of stocks with weak financials.

  • Solar Industries India receives an export order worth Rs 580 crore from an international client to supply defence products; to be delivered over the next five years.

  • Tata Motors’ net profit declines 10% YoY to Rs 3,450 in Q2FY25, missing Forecaster estimates by 30.1%. Revenue declines 3.5% YoY to Rs 1 lakh crore during the quarter. It features in a screener of stocks with declining revenue every quarter for the past two quarters.

  • Markets opened on a low note. Nifty 50 was trading at 24,061.20 (-87, -0.4%), BSE Sensex was trading at 79,034.15 (-452.2, -0.6%) while the broader Nifty 500 was trading at 22,518 (-127.7, -0.6%).

  • Market breadth is moving down. Of the 2,018 stocks traded today, 471 showed gains, and 1,504 showed losses.

Riding High:

Largecap and midcap gainers today include Biocon Ltd. (348.70, 8.5%), Power Finance Corporation Ltd. (481.85, 7.2%) and Power Grid Corporation of India Ltd. (329.80, 4.3%).

Downers:

Largecap and midcap losers today include Asian Paints Ltd. (2,543.10, -8.2%), UPL Ltd. (515.15, -7.6%) and Tube Investments of India Ltd. (3,620.20, -7.0%).

Movers and Shakers

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

Top high volume gainers on BSE included Biocon Ltd. (348.70, 8.5%), ITI Ltd. (327.35, 7.6%) and Power Finance Corporation Ltd. (481.85, 7.2%).

Top high volume losers on BSE were Asian Paints Ltd. (2,543.10, -8.2%), UPL Ltd. (515.15, -7.6%) and Aarti Industries Ltd. (439.75, -7.3%).

Devyani International Ltd. (174.60, 2.2%) was trading at 7.9 times of weekly average. Tube Investments of India Ltd. (3,620.20, -7.0%) and Chalet Hotels Ltd. (885.85, -0.7%) were trading with volumes 6.7 and 6.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks took off, crossing 52 week highs, while 7 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Federal Bank Ltd. (207.73, 0.5%), Indian Hotels Company Ltd. (729.75, -0.4%) and Coforge Ltd. (8,068, 1.4%).

Stocks making new 52 weeks lows included - Asian Paints Ltd. (2,543.10, -8.2%) and Astral Ltd. (1,713.55, -4.2%).

8 stocks climbed above their 200 day SMA including ITI Ltd. (327.35, 7.6%) and Power Finance Corporation Ltd. (481.85, 7.2%). 34 stocks slipped below their 200 SMA including C.E. Info Systems Ltd. (1,889.50, -8.2%) and UPL Ltd. (515.15, -7.6%).

 
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