Trendlyne Marketwatch
Trendlyne Marketwatch
14 Nov 2024
Market closes flat, Bharat Forge's net profit grows 13.2% YoY to Rs 243 crore in Q2FY25
By Trendlyne Analysis

 

Nifty 50 closed at 23,532.70 (-26.4, -0.1%) , BSE Sensex closed at 77,580.31 (-110.6, -0.1%) while the broader Nifty 500 closed at 21,963.10 (48.2, 0.2%). Market breadth is in the green. Of the 2,248 stocks traded today, 1,201 were on the uptrend, and 1,030 went down.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 23,532.7 points. The Indian volatility index, Nifty VIX, fell around 4.3% and closed at around 14.8 points. Zinka Logistics Solutions' Rs 1,114.7 crore IPO received bids for 0.3X the available 2.3 crore shares on offer on the second day of bidding. The retail investor quota got bids for 0.9X the available 41.9 lakh shares.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher. Nifty Auto closed in the green, while Nifty PSU Bank closed in the red. According to Trendlyne’s sector dashboard, FMCG emerged as the worst-performing sector of the day, with a fall of 1.6%.

European indices are trading mixed. Major Asian indices closed mixed. US index futures are trading higher, indicating a positive start to the trading session. Walt Disney, Applied Materials, JD.com, and Oklo among others, are set to report their earnings later today. Investors will also be watching Fed Chair Jerome Powell’s economic outlook today, following a 25 bps rate cut earlier this month.

  • PI Industries sees a short buildup in its November 28 futures series, with open interest increasing by 31% and a put-call ratio of 1.3.

  • Ipca Laboratories rises as its Q2FY25 net profit grows by 50.6% YoY to Rs 244.1 crore due to lower net exceptional items and finance costs. Revenue rises 8.9% YoY to Rs 1,810.9 crore during the quarter. The company shows up in a screener of stocks outperforming their industry price change during the quarter.

  • Agro Tech Foods' board of directors approves the acquisition of a 100% stake in Del Monte Foods for a total consideration of Rs 1,300.1 crore.

  • Happiest Minds Technologies falls to its new 3-year low of Rs 732 as its net profit misses Forecaster estimates by 16.9% after declining 3% QoQ to Rs 49.5 crore in Q2FY25 due to higher finance costs. However, revenue increases 12.5% QoQ to Rs 521.6 crore, driven by higher sales from the product & digital engineering services segment during the quarter. The company appears in a screener of stocks underperforming their industry price change in the quarter.

  • S&P expects India's infrastructure spending and private consumption will drive strong economic growth, with GDP projected to expand by 6.5-7% annually during FY25-27. The firm also highlights that the country's positive economic outlook will help sustain the asset quality of banks. S&P forecasts the banking sector's non-performing loans will decline to about 3% of gross loans by March 31, 2025, due to healthier corporate balance sheets, stricter underwriting standards, and enhanced risk management practices.

  • Hindustan Aeronautics is rising as its Q2FY25 net profit grows by 22.1% YoY to Rs 1,510.5 crore, helped by inventory destocking. Revenue increases 6% YoY to Rs 5,976.3 crore during the quarter, while its EBITDA margin increases marginally by 30 bps. The company features in a screener of stocks with growing quarterly net profit and margin (YoY).

  • Zinka Logistics Solutions' Rs 1,114.7 crore IPO receives bids for 0.3X the available 2.3 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 0.8X the available 41.9 lakh shares.

  • National Aluminium is rising as its net profit surges by 5.6x YoY to Rs 1,046 crore in Q2FY25, helped by lower raw materials and power & fuel expenses. Revenue grows by 30.9% YoY to Rs 4073.3 crore due to improvements in the chemicals and aluminium segments. It appears in a screener of strong-performing, under-radar stocks.

  • India’s WPI inflation rises to a four-month high of 2.4% in October, up from 1.8% in September, driven by a sharp increase in the prices of food items. Food articles inflation surged to 13.4% during the month, up from 11.5% in September.

  • Lumax Auto Technologies is rising as its net profit beats Forecaster estimates by 17.5% as it grows 56.5% YoY to Rs 42.9 crore in Q2FY25 due to lower cost on purchases of traded goods. Revenue increases 20.3% YoY to Rs 842.9 crore during the quarter. The company appears in a screener of stocks with book value per share improving over the past two years.

  • Banco Products surges to its 20% upper circuit as its Q2FY25 net profit surges by 109.8% YoY to Rs 138.7 crore, helped by inventory destocking. Revenue rises 23.8% YoY to Rs 888.8 crore during the quarter. The company's board of directors approves a bonus issue of shares to equity holders in the ratio of 1:1.

  • Vodafone Idea falls to its 52-week low of Rs 7.3 per share as its net loss misses Forecaster estimates by 11.5% despite contracting by 17.9% YoY to Rs 7,175.9 crore in Q2FY25 due to lower network & IT outsourcing and marketing, content, customer acquisition & service expenses. Revenue grows by 4.5% YoY to Rs 11,232.2 crore, helped by improvements in service revenue. It shows up in a screener of stocks with high interest payments compared to earnings.

  • Ceigall India reportedly plans to sell five road projects under the hybrid annuity model (HAM) in a deal valued at $540 million (approximately Rs 4,500 crore). Two projects are underway, while the other three are still pending clearances. The company plans to sell the assets once all five projects are completed.

  • Thermax rises sharply as its Q2FY25 net profit grows by 24.9% YoY to Rs 197 crore. Revenue increases by 12.8% YoY to Rs 2,671.4 crore, led by improvements in the industrial products, industrial infra, Groon Solutions, and chemical segments. It features in a screener of stocks with improving return on equity (RoE) over the past two years.

  • Deepak Nitrite's subsidiary, Deepak Chem Tech (DCTL), enters an agreement with Trinseo's German units to acquire polycarbonate resin technology and manufacturing assets, relocating them to Dahej, India, for a Rs 5,000 crore project producing 165,000 MT annually.

  • Rashtriya Chemicals & Fertilizers is rising as its net profit grows 52.2% YoY to Rs 78.6 crore in Q2FY25 due to lower cost of materials and inventory destocking. Revenue increases 3.2% YoY to Rs 4,289.6 crore, driven by higher sales from the trading segment during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers, expects FY25 revenue growth to align with H1FY25 levels, with margins around 6.5%. He believes the company’s market share will improve to double digits compared to 7% currently. Kalyanaraman notes that demand remains strong even post-festive season.

  • Apollo Tyres' rises sharply as its Q2FY25 revenue increases by 2.5% YoY to Rs 6,437 crore, driven by growth in Asia Pacific, Middle East & Africa (APMEA) and Europe markets. However, net profit declines 37.3% YoY to Rs 297.5 crore due to higher raw materials and employee benefit expenses. The company appears in a screener of stocks with book value per share improving over the last two years.

  • Niva Bupa Health Insurance Co’s shares debut on the bourses at a 5.6% premium to the issue price of Rs 74. The Rs 2,200 crore IPO received bids for 1.8 times the total shares on offer.

  • Dilip Buildcon is falling as its revenue declines by 12.9% YoY to Rs 2,520 crore in Q2FY25, impacted by the engineering, procurement, & construction (EPC) projects & road infrastructure maintenance segments. However, net profit surges 242.8% YoY to Rs 235.2 crore, helped by lower raw materials and employee benefits expenses. It appears in a screener of stocks with high promoter stock pledges.

  • Pavitra Shankar, MD of Brigade Enterprises, anticipates strong demand in the luxury segment over the medium to long term. She notes that realizations have increased by 35% on a like-for-like basis over the past 18-24 months, while gross debt is around Rs 4,500 crore, with 90% of it securitized. The company continues to experience strong demand for real estate nationwide, particularly in the premium housing segment. Shankar highlights that the company filed the DRHP for its hospitality business on Oct 30th.

  • Torrent Power is falling as its net profit misses Forecaster estimates by 16.9% as it declines 8.5% YoY to Rs 481 crore in Q2FY25 due to reduced merchant power sales and renewable output. However, revenue increases 3.1% YoY to Rs 7,175.8 crore during the quarter. The company appears in a screener of stocks where mutual funds decreased their shareholding last quarter.

  • Godrej Industries rises sharply as its net profit surges by 229.5% YoY to Rs 287.6 crore in Q2FY25, helped by lower inventory costs. Revenue grows by 20.3% YoY to Rs 5,118.2 crore, driven by improvements in the chemicals, estate & property development, finance & investments, and dairy segments. It features in a screener of stocks with the highest consistent returns over the past five years.

  • Garden Reach Shipbuilders & Engineers is rising as its net profit beats Forecaster estimates by 12.7% as it grows 21.1% YoY to Rs 97.8 crore in Q2FY25 due to lower cost of products for resale. Revenue increases 28.4% YoY to Rs 1,152.9 crore during the quarter. The company appears in a screener of stocks with improving ROE over the past two years.

  • Eicher Motors rises sharply as its net profit grows 8.3% YoY to Rs 1,100.3 crore in Q2FY25, led by inventory destocking. Revenue increases by 5.2% YoY to Rs 4,616.9 crore during the quarter. It appears in a screener of stocks with the highest FII holding.

  • Nifty 50 was trading at 23,579.05 (20, 0.1%), BSE Sensex was trading at 77,636.94 (-54.0, -0.1%) while the broader Nifty 500 was trading at 21,972.50 (57.6, 0.3%).

  • Market breadth is highly positive. Of the 1,920 stocks traded today, 1,311 were gainers and 577 were losers.

Riding High:

Largecap and midcap gainers today include Eicher Motors Ltd. (4,883.70, 6.4%), Jio Financial Services Ltd. (318.35, 6.3%) and Deepak Nitrite Ltd. (2,638.50, 5.8%).

Downers:

Largecap and midcap losers today include Torrent Power Ltd. (1,559, -5.2%), PI Industries Ltd. (4,250, -4.4%) and Indraprastha Gas Ltd. (405.80, -3.3%).

Movers and Shakers

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

Top high volume gainers on BSE included Network18 Media & Investments Ltd. (84.82, 8.8%), Eicher Motors Ltd. (4,883.70, 6.4%) and Jio Financial Services Ltd. (318.35, 6.3%).

Top high volume losers on BSE were SKF India Ltd. (4,518.55, -7.4%), Torrent Power Ltd. (1,559, -5.2%) and PI Industries Ltd. (4,250, -4.4%).

Mishra Dhatu Nigam Ltd. (320.30, 4.5%) was trading at 23.5 times of weekly average. Westlife Foodworld Ltd. (705.90, -2.8%) and Godrej Industries Ltd. (931.95, -0.1%) were trading with volumes 9.1 and 7.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

1 stock took off, crossing 52 week highs, while 18 stocks were underachievers and hit their 52 week lows.

Stock touching their year highs included - HCL Technologies Ltd. (1,858.95, -0.3%).

Stocks making new 52 weeks lows included - Birla Corporation Ltd. (1,085.30, 0.1%) and IndusInd Bank Ltd. (1,017.15, -1.9%).

21 stocks climbed above their 200 day SMA including Deepak Nitrite Ltd. (2,638.50, 5.8%) and Zydus Wellness Ltd. (1,961, 5.0%). 39 stocks slipped below their 200 SMA including Crompton Greaves Consumer Electricals Ltd. (371.05, -3.6%) and Devyani International Ltd. (163.96, -3.0%).

 
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