Trendlyne Marketwatch
Trendlyne Marketwatch
10 Jan 2025
Market closes lower, CESC revenue rises 9.8% YoY to Rs 3,561 crore in Q3FY25'
By Trendlyne Analysis

 

Nifty 50 closed at 23,431.50 (-95, -0.4%), BSE Sensex closed at 77,378.91 (-241.3, -0.3%) while the broader Nifty 500 closed at 21,799 (-247.6, -1.1%). Market breadth is highly negative. Of the 2,397 stocks traded today, 358 were in the positive territory and 2,020 were negative.

Indian indices closed lower, with the benchmark Nifty 50 index closing at 23,440 points. The Indian volatility index, Nifty VIX, rose 1.7% and closed at 14.9 points. Tata Consultancy Services closed deep in the green as its net profit grows 3.4% QoQ to Rs 12,380 crore in Q3FY25, revenue decreases marginally QoQ to Rs 63,973 crore.
 
Nifty Smallcap 100 and Nifty Midcap 100 closed in the red. Nifty Media and BSE Power closed lower. According to Trendlyne’s sector dashboard, Software & Services emerged as the best-performing sector of the day, with a rise of 2.3%.

European indices are trading mixed. Major Asian indices closed mixed. US index futures are trading lower, indicating a cautious start to the trading session in anticipation of the unemployment data set to be released later today.

  • Relative strength index (RSI) indicates that stocks like PTC Industries, SRF, Lloyds Metals & Energy, and Navin Fluorine International are in the overbought zone.

  • CESC falls sharply as its net profit declines 5.7% YoY to Rs 265 crore in Q3FY25. Its revenue rises 9.8% YoY to Rs 3,561 crore but misses Forecaster estimates by 2.7%. The company appears in a screener of stocks with profits declining from last two quarters.

  • Shilpa Medicare receives marketing authorization in Portugal, Europe, for Tadalafil Orodispersible Films (20 mg), used to treat erectile dysfunction. The European market for this drug is valued at approximately $400 million (around Rs 3,437.2 crore).

  • Indegene enters a partnership with CliniOps to speed up the process of clinical trials. Under the partnership, Indegene will provide its expertise in patient recruitment and data services, using CliniOps' Unified platform to streamline data collection.

  • IndusInd Bank declines over 4% as Goldman Sachs downgrades its rating to 'Neutral' with a lower target price of Rs 1,090. The brokerage anticipates consolidation in the bank's credit growth and consumer retail for households due to increased leverage. It adds that higher credit costs are a concern, as various loan segments are experiencing a credit downcycle.

  • Delta Corp rises sharply as the Supreme Court stays GST proceedings on Rs 1.1 lakh crore show cause notices to online gaming firms, providing relief until the apex court reaches a final decision.

  • Syrma SGS Technology partners with MSI as its manufacturing partner in India to produce laptops for the Indian market. Under this partnership the company will assemble laptops for MSI at its Chennai facility.

  • Geojit BNP Paribas upgrades PVR INOX to 'Buy' from 'Accumulate' but lowers the target price to Rs 1,437 per share. This indicates a potential upside of 24.9%. The brokerage expects the company's profitability to improve, led by festive demand and the release of blockbuster and franchise movies combined with its initiative to revive footfalls and reduce costs. It expects the firm's revenue to grow at a CAGR of 9.5% over FY25-26.

  • Sundararaman Ramamurthy, CEO of BSE, believes India’s record capital-raising momentum will continue in 2025, driven by a strong pipeline of companies planning to go public. He notes that over 90 companies have already submitted their draft prospectus to the regulator, aiming to raise an estimated Rs 1 lakh crore ($11.7 billion) this year.

  • Hindustan Copper announces the reopening of the Rakha Copper Mine in Jharkhand after over two decades. The mine, along with a new Chapri underground mine and concentrator plant, will be developed by South West Mining (SMWL) under a Rs 2,700 crore project.

  • Aditya Birla Fashion and Retail's board of directors schedules a meeting for January 15 to consider a proposal to raise funds via a qualified institutional placement (QIP) of equity shares or other methods.

  • Neogen Chemicals is falling as the National Company Law Tribunal (NCLT) approves the merger of its subsidiary, Buli Chemicals India, with itself.

  • The National Restaurant Association of India (NRAI) reportedly opposes e-commerce platforms Zomato and Swiggy's "private labelling" efforts as they venture into quick commerce food delivery via separate apps. NRAI plans to file complaints with regulators, claiming that these practices violate fair competition principles and pose a threat to restaurants nationwide.

  • Phoenix Mills rises as its consumption sales rise 21% YoY to Rs 3,998 crore in Q3FY25, driven by a strong festive season performance at PMC Mumbai, PMC Pune, and Phoenix Palassio. Meanwhile, 9MFY25 consumption grows 23% YoY to Rs 10,504 crore.

  • Sona BLW Precision Forgings is rising as it signs a memorandum of understanding (MoU) with NMICPS Technology Innovation Hub on Autonomous Navigation Foundation at IIT Hyderabad (TIHAN-IITH) during CES 2025 in Las Vegas, USA. The agreement involves the development of connected, autonomous, and electric technologies for autonomous ground vehicles (AGVs), drones, and electric vertical take-off and landing vehicles (eVTOLs).

  • Indian Overseas Bank is falling as it reportedly plans to sell its non-performing assets (NPA) portfolio, consisting of 46 non-performing loans, for Rs 11,500 crore, through an e-auction.

  • Macquarie initiates coverage on IRCTC with an 'Outperform' rating and a target price of Rs 900. The brokerage highlights the company has a monopoly in Indian Railways' e-ticketing and catering services, offering a dominant market position. It sees the potential for 2x returns, driven by IRCTC's strategic role in India's railways and high-margin business model.

  • Adani Total Gas announces a 20% rise in administered price mechanism (APM) gas allocation, effective January 16, following communication from GAIL (India). This update reverses earlier reductions announced in October and November 2024.

  • Vodafone Idea is falling as its board of directors approves allotting 169.3 crore shares to its promoters, Omega Telecom Holdings and Usha Martin Telematics, for Rs 1,910 crore.

  • Adani Wilmar falls sharply as its promoter, Adani Commodities, announces plans to sell 17.5 crore shares (13.5% stake) through an offer for sale (OFS) on the stock exchange at a floor price of Rs 275 per share.

  • Jefferies expects CY25 to be a key year for earnings growth in the contract development and manufacturing organization (CDMO) sector. However, it also warns that potential slippages could impact the sector's high valuations. The brokerage names Piramal Pharma its top pick and retains a 'Buy' rating with a target price of Rs 310. It upgrades Syngene Int. to a 'Hold' rating and downgrades Gland Pharma to 'Underweight' with target prices of Rs 890 and Rs 1,630, respectively.

  • Polyplex Corp's board of directors approves the capacity expansion of its biaxially oriented polyethylene terephthalate (BOPET) film manufacturing plant by 52,400 million tonnes per annum (MTPA) with a capex of $65 million (~ Rs 558 crore).

  • Tata Elxsi plunges to its 52-week low of Rs 5,929.9 per share as its net profit declines by 13.3% QoQ to Rs 199 crore in Q3FY25. Revenue decreases by 4% QoQ to Rs 979 crore, impacted by the software development & services and system integration & support services segments. It appears in a screener of stocks with a QoQ degrowth in revenue, profits, and operating profit margin in recent results.

  • Ceinsys Tech rises to its 5% upper limit as it receives a letter of intent (LoI) for an order worth Rs 381.2 crore from Vidarbha Irrigation Development Corporation (VIDC). The order involves a detailed survey, hydrology study, design, and estimation of key infrastructure such as canals, pipelines, tunnels, and other structures for the Wainganga-Nalganga River Link Project. The project spans districts in Maharashtra, including Nagpur, Wardha, and Yavatmal.

  • Tata Consultancy Services is rising as its net profit grows 3.4% QoQ to Rs 12,380 crore in Q3FY25, driven by lower employee benefit expenses. Revenue decreases marginally QoQ to Rs 63,973 crore. The company appears in a screener of stocks with improving return on equity over the past two years.

  • Nifty 50 was trading at 23,561.05 (34.6, 0.2%), BSE Sensex was trading at 77,682.59 (62.4, 0.1%) while the broader Nifty 500 was trading at 22,015.95 (-30.6, -0.1%).

  • Market breadth is moving down. Of the 1,930 stocks traded today, 510 were gainers and 1,371 were losers.

Riding High:

Largecap and midcap gainers today include Tata Consultancy Services Ltd. (4,265.65, 5.6%), LTIMindtree Ltd. (6,124.40, 4.9%) and Tech Mahindra Ltd. (1,705.60, 3.8%).

Downers:

Largecap and midcap losers today include Adani Wilmar Ltd. (291.10, -10%), General Insurance Corporation of India (427.50, -8.0%) and Indian Renewable Energy Development Agency Ltd. (201.15, -6.9%).

Volume Rockets

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

Top high volume gainers on BSE included Ramkrishna Forgings Ltd. (957.10, 5.9%), Tata Consultancy Services Ltd. (4,265.65, 5.6%) and Anand Rathi Wealth Ltd. (4,154.35, 5.3%).

Top high volume losers on BSE were Adani Wilmar Ltd. (291.10, -10%), Tata Elxsi Ltd. (6,000.60, -6.8%) and Piramal Pharma Ltd. (221.25, -6.7%).

Indian Railway Catering & Tourism Corporation Ltd. (779.15, 2.0%) was trading at 7.2 times of weekly average. Aadhar Housing Finance Ltd. (422.95, 0.1%) and Sterling and Wilson Renewable Energy Ltd. (447.55, 2.0%) were trading with volumes 6.1 and 4.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks overperformed with 52 week highs, while 35 stocks hit their 52 week lows.

Stocks touching their year highs included - HCL Technologies Ltd. (1,995.10, 3.1%), Lloyds Metals & Energy Ltd. (1,449.65, 1.0%) and PTC Industries Ltd. (17,083.15, -1.8%).

Stocks making new 52 weeks lows included - Bank of India (94.27, -4.5%) and Can Fin Homes Ltd. (679.35, -2.0%).

7 stocks climbed above their 200 day SMA including Tata Consultancy Services Ltd. (4,265.65, 5.6%) and Procter & Gamble Health Ltd. (5,250.25, 3.5%). 48 stocks slipped below their 200 SMA including Indian Renewable Energy Development Agency Ltd. (201.15, -6.9%) and Techno Electric & Engineering Company Ltd. (1,399.05, -5.8%).

 
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