Trendlyne Marketwatch
Trendlyne Marketwatch
12 Nov 2024
Market closes lower, Hyundai Motor's net profit down 15.5% YoY to Rs 1,375.5 crore in Q2
By Trendlyne Analysis

 

 

Nifty 50 closed at 23.883.45 (-257.9, -1.1%) , BSE Sensex closed at 78,675.18 (-821.0, -1.0%) while the broader Nifty 500 closed at 22,331.05 (-260.4, -1.2%). Market breadth is moving down. Of the 2,256 stocks traded today, 518 were on the uptrend, and 1,715 went down.

Nifty 50 closed lower after extending losses in the afternoon session. The Indian volatility index, Nifty VIX, rose 2.2% and closed at 14.6 points. Britannia Industries fell as its net profit declined 9.6% YoY to Rs 531.5 crore in Q2FY25 due to weak consumer demand amid higher commodity prices.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red. BSE Power and Nifty PSE Index were among the top index losers today. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the worst-performing sector of the day, with a fall of 4.8%.

Asian indices closed in the red, except for Indonesia’s IDX Composite and Sri Lanka’s CSE All-Share, which closed higher. European indices are trading in the red. US index futures are trading in the red as investors assess the potential policies of the incoming Trump administration indicating a negative start to the trading session. Brent crude oil futures are trading higher.

  • Money flow index (MFI) indicates that stocks like ITI, Syrma SGS Technology, and Crisil are in the overbought zone.

  • Alembic Pharmaceuticals is rising as it receives final approval from the USFDA for its abbreviated new drug application (ANDA) for Ivabradine tablets. The drug is a therapeutic equivalent of Amgen's reference-listed drug (RLD), Corlanor tablets, used in the treatment of heart failure. The drug has a market size of $145.3 million for the year ending September 2024, according to IQVIA.

  • Blue Dart Express is falling as its net profit declines by 14% YoY to Rs 62.8 crore in Q2FY25 due to higher freight, handling & servicing, employee benefits, and finance costs. However, revenue grows by 9.6% YoY to Rs 1,457.1 crore during the quarter. It appears in a screener of stocks with declining return on capital employed (RoCE) over the last two years.

  • Hyundai Motor India is falling as its net profit declines by 15.5% YoY to Rs 1,375.5 crore in Q2FY25 due to increased inventory and employee benefits expenses. Revenue decreases by 8.4% YoY to Rs 17,452.6 crore during the quarter. It shows up in a screener of stocks with medium to low Trendlyne momentum scores.

  • M.V. Narasimham, CFO of Dr. Reddy's Laboratories, emphasizes the company's plan to improve its IPM (Indian Pharmaceutical Market) ranking from 10th to 5th within five years. He highlights the growing presence in the chronic segment, including the US-based Sigma acquisition. Narasimham underlines the importance of biosimilars, with upcoming launches of Abatacept, Denosumab, and Rituximab.

  • Azad Engineering's net profit grows 8.1% YoY to Rs 21 crore, driven by inventory destocking and lower finance costs in Q2FY25. Revenue increases 34.6% YoY to Rs 111.5 crore during the quarter. The company secures an order of around Rs 340 crore ($40 million) from Arabelle Solutions, France, to supply key components for the nuclear power industry.

  • EPL rises sharply as its net profit surges by 72.3% YoY to Rs 87 crore in Q2FY25, owing to lower finance costs. Revenue grows by 8.8% YoY to Rs 1,100.2 crore on the back of an improvement in the Africa, Middle East & South Asia (AMESA), East Asia & Pacific (EAP), Americas and European markets. It features in a screener of stocks outperforming their industries in the last quarter.

  • HMA Agro Industries surges to its 10% upper circuit as its net profit surges 5.4x YoY to Rs 51.9 crore in Q2FY25, helped by inventory destocking and deferred tax returns. Revenue increases 22.7% YoY to Rs 1,478 crore during the quarter. It features in a screener of stocks with PEG lower than the industry average PEG.

  • Reports suggest that the Centre is considering relaxing quarterly spending limits to meet its capex target for FY25. Federal spending slowed in Q1 due to national elections, with total expenditure through September at 44% of the full-year target. Analysts suggest this weaker spending has contributed to the recent slowdown in India's high-frequency economic indicators.

  • NBCC (India) is rising as it receives work orders worth Rs 448.7 crore. These include a Rs 50 crore order from GAIL for office fit-out works in New Delhi, a Rs 136 crore order from New India Assurance for building demolition and construction in Mumbai, and a Rs 262.7 crore order from the Income Tax Department for constructing Pratyaksha Kar Bhawan and a residential complex in Kanpur.

  • UNO Minda surges as its Q2FY25 net profit grows 9% YoY to Rs 245.2 crore, owing to lower inventory costs. Revenue increases by 17% YoY to Rs 4,247 crore, attributed to improvements in the switches, lighting, and castings segments. It appears in a screener of stocks with high momentum scores.

  • Larsen & Toubro's arm, L&T Energy CarbonLite Solutions, secures a project worth over Rs 15,000 crore from NTPC to set up thermal power plants. The project includes two units of an 800-megawatt (MW) plant at Gadarwara in Madhya Pradesh and three units at Nabinagar in Bihar.

  • JP Morgan upgrades Life Insurance Corp of India to ‘Overweight’ from ‘Underweight’ and raises the target price to Rs 1,075. The brokerage believes the company will sustain its growth momentum, driven by a favourable shift in its product mix. It adds that LIC’s focus on high-ticket products will likely keep delivering strong results.

  • Oil & Natural Gas Corp is rising as its net profit beats Forecaster estimates by 11.1% despite falling by 25% YoY to Rs 10,272.5 crore in Q2FY25 due to higher raw materials, employee benefits, finance, and exploration well costs. However, revenue grows by 8.2% YoY to Rs 1.6 lakh crore, helped by the refining & marketing and petrochemicals segments. It features in a screener of stocks with improving cash flow from operations over the past two years.

  • NMDC is falling as its net profit misses Forecaster estimates by 18% despite growing by 18.1% YoY to Rs 1,211.6 crore in Q2FY25. Revenue increases 22.5% YoY to Rs 4,918.9 crore, driven by higher sales from the iron ore and pellet & other minerals segments. The company appears in a screener of stocks underperforming their industry price change in the quarter.

  • Rail Vikas Nigam is rising as it emerges as the lowest bidder for a project worth Rs 294.9 crore from South Central Railway to double the railway track between Navipet and Indalvai stations, covering 33.7 km. This work is part of the Mudkhed-Medchal doubling project in Telangana.

  • Ajay Patil, VP & Chief Financial Officer of Cummins India, maintains double-digit revenue growth guidance for FY25 and expects a stable demand environment across domestic markets. He notes the company has met demand for CPCB 4+ gensets and anticipates H2FY25 will be a key phase for price discovery. Patil expects the company to maintain its margin profile in H2, though he anticipates increased pricing competition.

  • Triveni Turbine rises sharply as its net profit surges by 41.6% YoY to Rs 90.9 crore in Q2FY25. Revenue increases by 29.4% YoY to Rs 520.7 crore, helped by a 25% YoY growth in orders to Rs 572 crore during the quarter. It features in a screener of stocks with dividend yield greater than the sector dividend yield.

  • L&T Technology Services rises sharply as it acquires a 100% stake in Intelliswift Software Inc and Intelliswift Software (India) for a total consideration of $110 million (approx. Rs 928.3 crore).

  • Sagility India’s shares debut on the bourses at a 3.5% premium to the issue price of Rs 30. The Rs 2,106.6 crore IPO received bids for 3.2 times the total shares on offer.

  • Vikas Gupta, MD-Operations of PG Electroplast, announces increased revenue guidance of Rs 4,250 crore for FY25. He highlights the company's fundraising plans for working capital requirements via the QIP route in FY25. He expects an asset turn of 4-5x & 18-20% ROCE on investments for the upcoming quarter.

  • Britannia Industries is falling as its net profit misses Forecaster estimates by 11.6% as it declines 9.6% YoY to Rs 531.5 crore in Q2FY25 due to weak consumer demand amid higher commodity prices. However, revenue rises 5.3% YoY to Rs 4,667.6 crore during the quarter. The company appears in a screener of stocks with declining profits every quarter for the past three quarters.

  • Jubilant Foodworks rises sharply as its net profit beats Forecaster estimates by 9.2% despite falling by 34.1% YoY to Rs 64 crore in Q2FY25 due to higher raw material, inventory, employee benefits, and finance costs. Revenue grows by 44.3% YoY to Rs 1,984.9 crore, driven by improvements in Domino's and emerging business segments. It appears in a screener of stocks with improving revenue for the past four quarters.

  • Bank of India is rising as its net profit grows 61.6% YoY to Rs 2,373.7 crore in Q2FY25. Revenue increases 16% YoY to Rs 17,354.6 crore, driven by improvements in the treasury, wholesale, and retail banking segments during the quarter. The bank's asset quality improves as its gross and net NPAs contract by 143 bps and 60 bps YoY, respectively.

  • Hindalco Industries rises as its net profit surges by 78% YoY to Rs 3,909 crore in Q2FY25, helped by lower power & fuel and finance costs. Revenue grows by 8.5% YoY to Rs 59,278 crore, attributed to an improvement in the Novellis, upstream & downstream aluminium, and copper segments. It features in a screener of companies reducing their debt.

  • Nifty 50 was trading at 24,219.20 (77.9, 0.3%), BSE Sensex was trading at 79,706.03 (209.9, 0.3%) while the broader Nifty 500 was trading at 22,680.85 (89.5, 0.4%)

  • Market breadth is surging up. Of the 1,896 stocks traded today, 1,245 were gainers and 612 were losers.

Riding High:

Largecap and midcap gainers today include UNO Minda Ltd. (1,002.60, 8.8%), Jubilant Foodworks Ltd. (636.85, 5.8%) and Macrotech Developers Ltd. (1,240.95, 4.5%).

Downers:

Largecap and midcap losers today include Britannia Industries Ltd. (5,027.55, -7.5%), Samvardhana Motherson International Ltd. (166.04, -5.0%) and Bosch Ltd. (33,278.50, -4.9%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included KIOCL Ltd. (402.15, 12.2%), UNO Minda Ltd. (1,002.60, 8.8%) and Jubilant Foodworks Ltd. (636.85, 5.8%).

Top high volume losers on BSE were BASF India Ltd. (6,702.75, -14.8%), Jyothy Labs Ltd. (441.35, -7.6%) and Britannia Industries Ltd. (5,027.55, -7.5%).

Triveni Turbine Ltd. (647.95, 3.6%) was trading at 25.1 times of weekly average. The Ramco Cements Ltd. (910, 4.5%) and MMTC Ltd. (79.42, 1.8%) were trading with volumes 15.2 and 11.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks overperformed with 52 week highs, while 10 stocks tanked below their 52 week lows.

Stocks touching their year highs included - eClerx Services Ltd. (3,312.20, -2.0%), Federal Bank Ltd. (207.27, -0.2%) and Fortis Healthcare Ltd. (643.20, 3.1%).

Stocks making new 52 weeks lows included - Asian Paints Ltd. (2,474.85, -2.7%) and Birla Corporation Ltd. (1,103.65, -3.2%).

17 stocks climbed above their 200 day SMA including Macrotech Developers Ltd. (1,240.95, 4.5%) and HBL Power Systems Ltd. (556.85, 3.3%). 27 stocks slipped below their 200 SMA including Britannia Industries Ltd. (5,027.55, -7.5%) and Great Eastern Shipping Company Ltd. (1,124.90, -4.7%).

 
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