Trendlyne Marketwatch
Trendlyne Marketwatch
18 Nov 2024
Market closes lower, Ashoka Buildcon wins contracts worth Rs 2,791 crore from NHAI
By Trendlyne Analysis

 

 

Nifty 50 closed at 23,453.80 (-78.9, -0.3%) , BSE Sensex closed at 77,339.01 (-241.3, -0.3%) while the broader Nifty 500 closed at 21,899.40 (-63.7, -0.3%). Market breadth is in the red. Of the 2,289 stocks traded today, 843 were on the uptrend, and 1,423 went down.

Indian indices closed in the red, with the benchmark Nifty 50 index closing at 23,453.8 points. The Indian volatility index, Nifty VIX, increased by 2.7% and closed at 15.2 points. Ashoka Buildcon secured two contracts worth Rs 2,791 crore from the National Highways Authority of India (NHAI).

Nifty Midcap 100 closed flat, while Nifty Smallcap 100 closed in the red, following the benchmark index. BSE Metal and Nifty Metal were among the top index gainers today. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 3.2%.

Asian indices closed in the red while European indices are trading mixed. US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures are trading in the green. Nvidia is set to release its Q3 results on Wednesday. Analysts expect Nvidia's Q3 revenue to grow over 80%, reaching $32.9 billion.

  • Relative strength index (RSI) indicates that stocks like Delhivery, Aurobindo Pharma, AIA Engineering, and Asian Paints are in the oversold zone.

  • Ashoka Buildcon secures two contracts worth Rs 2,791 crore from the National Highways Authority of India (NHAI). The projects involve developing 4-lane economic corridors in West Bengal under hybrid annuity mode (HAM) and covering sections of NH-116A from Kharagpur to Chandrakona & Bowaichandi to Guskara.

  • Suraj Estate Developers’ net profit grows by 87.7% YoY to Rs 31.8 crore in Q2FY25, helped by lower operating & projects expenses and finance costs. Revenue grows 5.4% YoY to Rs 109.1 crore during the quarter. However, EBITDA margin declines by 260 bps YoY to 58.4%.

  • Rail Vikas Nigam receives a letter of acceptance (LoA) for a Rs 294.9 crore engineering, procurement, and construction (EPC) contract from South Central Railway. The project involves track doubling, electrification, and signaling in Telangana, with completion expected in 24 months.

  • Anuj Sethi, Senior Director at Crisil Ratings, expects Indian tyre makers will achieve revenue growth of 7-8% in FY25, driven by a 3-4% increase in prices and volume. He notes the price increase will be gradual as tyre manufacturers incrementally raise prices to offset the rise in natural rubber costs, which account for about half of their raw material needs.

  • Ahluwalia Contracts' revenue grows 18.1% YoY to Rs 1,011.5 crore in Q2FY25, helped by an improvement in the contract work segment. However, net profit declines 29.8% YoY to Rs 38.67 crore due to higher raw materials, construction, sub-contract work, and employee benefits expenses. It appears in a screener for stocks where mutual funds decreased their shareholding in the past quarter.

  • Zinka Logistics Solutions' Rs 1,114.7 crore IPO receives bids for 1.2X the available 2.3 crore shares on offer on the last day of bidding. The retail investor quota gets bids for 1.4X the available 41.9 lakh shares.

  • Crompton Greaves Consumer Electricals is rising as its net profit increases 28.5% YoY to Rs 124.9 crore in Q2FY25, beating Forecaster estimates by 5%. Revenue grows 6.4% YoY to Rs 1,896 crore in Q2FY25 due to improvements in the electric consumer durables and lighting products segments.

  • Metal stocks like Hindalco, Vedanta, and Nalco are rising as China announces the removal of export tax rebate on aluminum and copper products, effective December 1. Previously, these exports received a 13% tax rebate. The move, aimed at curbing the oversupply of Chinese aluminum in global markets, has led to a significant rise in aluminum prices.

  • Apar Industries plans to expand its production capacity from 7,350 MT to 20,490 MT by Q3FY26, with 5,160 MT operational by March 2025. The company will invest Rs 72.6 crore to add 7,980 MT to its production capacity.

  • Brainbees Solutions is rising as its net loss narrows 47% YoY to Rs 62.9 crore in Q2FY25. Revenue increases 26.4% YoY to Rs 1,905.2 crore during the quarter, helped by improvements in the India multi-channel, international, and Globalbees segments. It features in a screener of companies where mutual funds increased their shareholding over the past two months.

  • Muthoot Finance rises sharply as its revenue grows 36.7% YoY to Rs 4,928.8 crore in Q2FY25, beating Forecaster estimates by 28.1%. Net profit increases 20% YoY to Rs 1,271 crore during the quarter. It appears in a screener of stocks with increasing revenue every quarter for the past eight quarters.

  • Morgan Stanley maintains its 'Overweight' rating on Zomato with a higher target price of Rs 355. The brokerage revises its target citing factors like the growing share of quick commerce in India's retail market, strong execution in food delivery/quick commerce, a solid balance sheet, and an expected large profit pool by 2030. It projects margins of 2.2% by FY27 and 5.1% by FY31, suggesting an annual profit pool of nearly $1 billion.

  • Bharat Global Developers surges to its 5% upper circuit as its board of directors approves a bonus issue of shares to equity holders in the ratio of 8:10. The board also approves the sub-division (stock split) of its existing equity shares from one equity share with a face value of Rs 10 into ten equity shares with a face value of Rs 1.

  • KPI Green Energy rises sharply as its board of directors considers and recommends a bonus issue of shares to equity holders in the ratio of 1:2. This means that each shareholder will receive two fully paid-up equity shares for every share they hold on the record date.

  • ACME Solar Holdings surges in trade as its arm, ACME Sun Power, secures a Rs 3,753 crore term loan financing from REC for the development and construction of a 320 MW firm and dispatchable renewable energy (FDRE) project in collaboration with SJVN.

  • Muthu Murugappan, CEO of EID Parry (India), anticipates distillery volumes of more than 17 crore litres for FY25. He expects a high single-digit EBITDA margin and strong growth in the company's consumer products group (CPG) segment over the next decade. Murugappan also highlights the launch of operations at the Haliyal plant, a project valued at Rs 2,166.7 crore.

  • Honasa Consumer plunges to its 20% lower circuit as it reports a net loss of Rs 18.6 crore in Q2FY25, missing Forecaster estimates of a Rs 3.7 crore profit. Revenue declines 6.9% YoY to Rs 461.8 crore during the quarter. It features in a screener of stocks with medium to low Trendlyne Momentum Score.

  • IT stocks like Tata Consultancy Services, Infosys, HCL Technologies, Wipro, and LTIMindtree are falling in trade. All constituents of the broader Nifty IT index are also trading in the red, causing it to decline by over 2.8%.

  • Swan Energy's revenue falls 15.6% YoY to Rs 1,032.2 crore in Q2FY25, impacted by the textile, energy, construction, and distribution & development segments. Net profit declines 39.4% YoY to Rs 51.3 crore during the quarter. It shows up in a screener of stocks with declining revenue over the past three quarters.

  • Jefferies downgrades Indraprastha Gas and Mahanagar Gas to 'Underperform' with lower target prices of Rs 295 and Rs 1,130, respectively, following a second consecutive cut in domestic gas allocations from GAIL India. This decline is expected to significantly impact profitability in the coming years. The brokerage also warns the firms could face a complete halt in domestic gas supplies by mid-2025, further squeezing their margins.

  • Lemon Tree Hotels is falling as its net profit misses Forecaster estimates by 1.7% despite growing by 30.9% YoY to Rs 29.6 crore. Revenue grows 24% YoY to Rs 284 crore in Q2FY25 during the quarter. It shows up in a screener of companies with high debt.

  • Bharat Dynamics' revenue falls 12.2% YoY to Rs 535.5 crore in Q2FY25. Net profit declines 16.7% YoY to Rs 122.5 crore, missing Forecaster estimates by 6.4%. It shows up in a screener of stocks underperforming their industry price change during the quarter.

  • Bharat Forge is falling as its Q2FY25 net profit misses Forecaster estimates by 23.3% YoY despite growing by 7.2% YoY to Rs 243.6 crore. Revenue declines 2.3% YoY to Rs 3,688.5 crore, impacted by the forgings segment. It features in a screener of companies with declining revenue every quarter for the past two quarters.

  • Hero MotoCorp's Q2FY25 revenue increases 9.8% YoY to Rs 10,482.9 crore, beating Forecaster estimates by 2.3%. Net profit grows 5.7% YoY to Rs 1,063.7 crore during the quarter. The company appears in a screener of stocks with an improving book value per share over the past two years.

  • Nifty 50 was trading at 23528.20 (-4.5, 0.0%) , BSE Sensex was trading at 77863.54 (283.2, 0.4%) while the broader Nifty 500 was trading at 21962.15 (-1.0, 0%)

  • Market breadth is in the red. Of the 2,059 stocks traded today, 885 were in the positive territory and 1,125 were negative.

Riding High:

Largecap and midcap gainers today include Muthoot Finance Ltd. (1,885.65, 6.2%), Varun Beverages Ltd. (609.85, 5.9%) and Suzlon Energy Ltd. (59.26, 4.5%).

Downers:

Largecap and midcap losers today include Indraprastha Gas Ltd. (325.05, -19.9%), Gujarat Gas Ltd. (452.50, -6.9%) and Oracle Financial Services Software Ltd. (11,272.25, -4.2%).

Movers and Shakers

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

Top high volume gainers on BSE included Garware Technical Fibres Ltd. (4,690.15, 18.7%), Godrej Industries Ltd. (1,023.80, 9.9%) and National Aluminium Company Ltd. (239.93, 9.1%).

Top high volume losers on BSE were Indraprastha Gas Ltd. (325.05, -19.9%), Mahanagar Gas Ltd. (1,130, -13.9%) and Gujarat State Petronet Ltd. (324.50, -7.6%).

Muthoot Finance Ltd. (1,885.65, 6.2%) was trading at 14.0 times of weekly average. Gujarat Gas Ltd. (452.50, -6.9%) and Sammaan Capital Ltd. (144.59, 7.2%) were trading with volumes 6.1 and 4.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

2 stocks made 52 week highs, while 27 stocks hit their 52 week lows.

Stocks touching their year highs included - DCM Shriram Ltd. (1,322, 1.5%) and Garware Technical Fibres Ltd. (4,690.15, 18.7%).

Stocks making new 52 weeks lows included - AIA Engineering Ltd. (3,411.95, -0.6%) and Astral Ltd. (1,713.15, -1.0%).

19 stocks climbed above their 200 day SMA including Varun Beverages Ltd. (609.85, 5.9%) and KNR Constructions Ltd. (314, 3.8%). 24 stocks slipped below their 200 SMA including Emami Ltd. (615.30, -4.3%) and Vinati Organics Ltd. (1,761.15, -4.0%).

 
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