Trendlyne Marketwatch
Trendlyne Marketwatch
17 Jan 2025
Market closes lower, AstraZeneca gets CDSCO approval to import and sell Soliris drug in India
By Trendlyne Analysis

 

Nifty 50 closed at 23,203.20 (-108.6, -0.5%) , BSE Sensex closed at 76,619.33 (-423.5, -0.6%) while the broader Nifty 500 closed at 21,680.25 (-34.3, -0.2%). Market breadth is neutral. Of the 2,394 stocks traded today, 1,205 were gainers and 1,152 were losers.

Indian indices closed lower, with the benchmark Nifty 50 index closing at 23,202 points. The Indian volatility index, Nifty VIX, rose 1.8% and closed at 15.8 points. Infosys' net profit grew 4.6% QoQ to Rs 6,806 crore in Q3FY25, while revenue increased 1.9% QoQ to Rs 41,764 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. S&P BSE Energy and Nifty Oil & Gas closed higher. According to Trendlyne’s sector dashboard, Fertilizers emerged as the best-performing sector of the day, with a rise of 2.3%.

European indices are trading higher. Major Asian indices closed mixed. US index futures are trading in the green, indicating a positive start to the trading session. Truist Financial Corp, Schlumberger NV, Fastenal, and Wipro are set to report their earnings later today.

  • Money flow index (MFI) indicates that stocks like Minda Corp, PTC Industries, and Equitas Small Finance Bank are in the overbought zone.

  • Steel Strips Wheels falls sharply as its revenue declines by 3.2% YoY to Rs 1,074.7 crore in Q3FY25, missing Forecaster estimates by 2.9%. Net profit drops by 19.7% YoY to Rs 477.1 crore during the quarter. It appears in a screener of stocks near their 52-week low.

  • Geojit BNP Paribas maintains its 'Buy' call on Avenue Supermarts with a target price of Rs 4,107 per share. This indicates a potential upside of 13.4%. The brokerage believes the company's strong balance sheet and operational efficiency will support ongoing store expansions, helping revenue growth. It expects the firm's revenue to grow at a CAGR of 17.6% over FY25-27.

  • AstraZeneca Pharma India gets approval from the Central Drugs Standard Control Organisation (CDSCO) to import and sell Eculizumab (Soliris) in India. The drug treats two rare blood disorders that can lead to blood clots, organ damage, kidney failure, and severe complications.

  • OPEC's share of India's crude oil imports increased to 51.5% in 2024, marking its first rise in nine years, while Russia's share remained stable at 36%. India's total oil imports rose by 4.3% YoY to 4.8 million barrels per day. However, Russia's share is expected to decline in 2025 following new US sanctions on Russian producers and tankers.

  • Ganesh Housing Corp's Q3FY25 net profit grows 60% YoY to Rs 160.8 crore, helped by inventory destocking, tax returns of Rs 54.8 crore and lower employee benefits, finance, and depreciation & amortisation costs. Revenue increases 44% YoY to Rs 264.1 crore during the quarter. It features in a screener of stocks with improving return on capital employed (RoCE) over the past two years.

  • Indian Renewable Energy Development Agency (IREDA) rises as it signs an agreement with six entities to execute and operate the 900 MW Upper Karnali hydro-electric power project in Nepal.

  • Aether Industries rises sharply as its net profit surges by 149% YoY to Rs 43.4 crore in Q3FY25, led by inventory destocking. Revenue grows 40% YoY to Rs 233.3 crore, driven by improvements in the large-scale manufacturing, contract manufacturing, and contract research & manufacturing services (CRAMS) segments. It features in a screener of stocks with improving cash flow for the past two years.

  • Umang Nahata, CEO of Mastek, highlights the company's target to boost margins by 200 bps to 19% over the next two years. He anticipates an improvement in performance in Q4, as wage hikes in Q3 impacted margins by 160 bps. Nahata adds that the company is exploring investments in Europe through tuck-in acquisitions.

  • C.E. Info Systems (MapMyIndia) partners with Qualcomm Technologies to develop advanced automotive solutions under the ‘Make in India’ initiative. MapMyIndia will use Qualcomm's Snapdragon auto connectivity platform to create cost-effective telematics, enhancing connectivity and safety for the mass market.

  • Metro Brands is falling as its Q3FY25 net profit declines 3.3% YoY to Rs 94.6 crore, caused by higher employee benefits, finance, and depreciation & amortisation expenses. However, revenue grows 11.5% YoY to Rs 726.3 crore, helped by increased sales due to the festive and wedding season. It appears in a screener of stocks where promoters have reduced their shareholding by more than 2% QoQ.

  • Havells India rises as its revenue grows by 10.8% YoY to Rs 4,889 crore in Q3FY25, driven by an increase in switchgear, cables, lighting & fixtures, electrical consumer durables, and Lloyd consumer segments. However, net profit falls by 3.3% YoY to Rs 278.3 crore due to higher raw material, employee benefits, and depreciation & amortisation expenses. It appears in a screener of stocks where mutual funds increased their holding in the past quarter.

  • The World Bank, in its Global Economic Prospects report, states that India will continue to be the world's fastest-growing economy over the next two years despite a slowdown. It maintains its previous growth forecast of 6.7% for FY26. The report also highlights that GDP growth in the broader South Asian region will likely reach 6.2% in 2025 and 2026, primarily driven by India's strong performance.

  • AIA Engineering's board of directors approves setting up two Hi-Chrome Grinding Media manufacturing facilities in China and Ghana with a capacity of 50,000 million tonnes per annum (MTPA) each and a capex of $50 million (~ Rs 432.9 crore) through its subsidiary, Vega Industries (Middle East). The company is also considering setting up similar facilities in Indonesia and other locations.

  • Capital Infra Trust’s shares debut on the bourses at a 1% discount to the issue price of Rs 100. The Rs 1,578 crore IPO received bids for 2.8 times the total shares on offer.

  • Hatsun Agro Products falls sharply as its Q3FY25 net profit declines 28.7% YoY to Rs 40.9 crore due to higher employee benefits, finance, and depreciation & amortisation expenses. However, revenue grows 6.4% YoY to Rs 2,012 crore during the quarter. It shows up in a screener of stocks near their 52-week lows.

  • UBS upgrades APL Apollo Tubes to a 'Buy' rating with a higher target price of Rs 1,900. The brokerage believes the company could positively surprise the market with sustained demand momentum. It also notes that hot rolled coils (HRC) prices, which are typically inversely correlated with APL volumes, have dropped around 14% YoY in the last 6 months, which is positive for the company’s volume growth.

  • HFCL secures an advance work order worth Rs 2,501.3 crore from Bharat Sanchar Nigam (BSNL) for BharatNet Phase III in Punjab. The project involves design, construction, and maintenance and has a three-year construction timeline.

  • Bajaj Healthcare surges more than 10% as it receives exclusive rights from Threotech to manufacture, distribute and sell the finished formulation of Magnesium L Threonate. The drug is used to treat depression, Alzheimer's disease, and age-related memory loss and has a market size of $438 million.

  • Bharat Petroleum Corp rises as it finalises a Rs 31,802 crore loan from an SBI-led consortium to fund a petrochemical complex and expand refinery capacity at Bina, Madhya Pradesh. The consortium includes the State Bank of India, Punjab National Bank, Union Bank of India, Canara Bank, Bank of India, and Export-Import Bank of India.

  • Citi initiates a 'Buy' rating on Aadhar Housing Finance with a target price of Rs 565. The brokerage expects steady growth in assets under management (AUM) at a 16% CAGR over the next 4-6 years and highlights its diversified distribution. Meanwhile, it points out the risks of promoter dilution and the increasing share of informal self-employed borrowers.

  • LTIMindtree is falling sharply as its net profit declines 13.2% QoQ to Rs 1,085.4 crore in Q3FY25, helped by lower finance costs. Revenue grows 1.5% QoQ to Rs 9,873.4 crore, led by improvements in the banking, financial services, & insurance (BFSI), manufacturing & resources, consumer business, and healthcare, life sciences & public services segments. It shows up in a screener of stocks where insiders sold their stakes.

  • Reliance Industries is rising as its revenue grows by 7% YoY to Rs 2.4 lakh crore in Q3FY25, driven by improvements in the oil to chemicals (O2C), retail and digital services segments. Net profit rises 7.4% YoY to Rs 18,540 crore, surpassing the Forecaster estimates by 3.1%. It features in a screener of stocks outperforming their industry price change in the quarter.

  • Axis Bank is falling sharply as its Q3FY25 net profit misses Forecaster estimates by 2.6%, despite growing 3.8% YoY to Rs 6,303.8 crore. Revenue increases 10.2% YoY to Rs 36,926.1 crore, helped by improvements in the treasury, corporate, and retail banking segments. The bank's asset quality improves as its gross NPA declines by 12 bps YoY.

  • Infosys' net profit grows 4.6% QoQ to Rs 6,806 crore in Q3FY25. Revenue increases 1.9% QoQ to Rs 41,764 crore, attributed to improvements in the financial services, retail, communication, energy, utilities, resources & services, manufacturing, hi-tech, and life sciences segments. It features in a screener of stocks with increasing net profit and profit margin (QoQ).

  • Nifty 50 was trading at 23,184.10 (-127.7, -0.6%), BSE Sensex was trading at 77,069.19 (26.4, 0.0%) while the broader Nifty 500 was trading at 21,609.95 (-104.6, -0.5%).

  • Market breadth is sharply down. Of the 1,902 stocks traded today, 616 were on the uptrend, and 1,232 went down.

Riding High:

Largecap and midcap gainers today include IDBI Bank Ltd. (84.01, 5.5%), Hindustan Aeronautics Ltd. (4,116.60, 5.1%) and Macrotech Developers Ltd. (1,176.95, 4.3%).

Downers:

Largecap and midcap losers today include Infosys Ltd. (1,815.45, -5.9%), PB Fintech Ltd. (1,724.40, -4.9%) and Axis Bank Ltd. (991.05, -4.5%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included BLS International Services Ltd. (501.85, 11.2%), NBCC (India) Ltd. (95.31, 8.5%) and Gujarat State Fertilizer & Chemicals Ltd. (208.86, 7.4%).

Top high volume losers on BSE were Axis Bank Ltd. (991.05, -4.5%), Aether Industries Ltd. (821.65, -3.8%) and Sonata Software Ltd. (571, -2.5%).

Gujarat State Petronet Ltd. (364, 3.7%) was trading at 53.8 times of weekly average. Go Digit General Insurance Ltd. (290.70, -0.4%) and Bharat Dynamics Ltd. (1,276.25, 6.2%) were trading with volumes 14.1 and 4.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

1 stock made 52 week highs, while 4 stocks were underachievers and hit their 52 week lows.

Stock touching their year highs included - Biocon Ltd. (393.70, 0.1%).

Stocks making new 52 weeks lows included - Axis Bank Ltd. (991.05, -4.5%) and Relaxo Footwears Ltd. (579.75, 0.5%).

17 stocks climbed above their 200 day SMA including Bharat Dynamics Ltd. (1,276.25, 6.2%) and Manappuram Finance Ltd. (193.75, 5.8%). 11 stocks slipped below their 200 SMA including Kotak Mahindra Bank Ltd. (1,758.60, -2.6%) and Tata Consultancy Services Ltd. (4,124.30, -2.0%).

 
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