Companies and Markets

Companies & Markets

TCS net profit falls 5.9% in Q1, misses estimates

Hit by currency fluctuations and continued sluggishness in BFSI and retail businesses, India’s largest software services exporter Tata Consultancy Services on Thursday reported a 5.9 per cent drop in net profit to Rs 5,945 crore in the first quarter of FY18.
The company’s revenue rose a paltry 1 per cent to Rs 29,584 crore during the period, much below the street expectations.
The currency-wage double whammy shaved off the IT giant’s operating margins by 2.30 percentage points to 23.4 per cent, missing the 26-28 per cent target.

Market poised for RECORD INFLOWS

The Indian stock market could see record inflows from domestic and foreign institutional players this year.
Experts say both FPI and domestic mutual funds are flushed with funds. Domestic asset management companies (AMCs) have seen an inflow of over Rs 28,000 crore into their equity funds in April-June 2017, a surge of nearly three times the flow of the year-ago period, underscoring the growing investor confidence in the market.

High leverage a cause of concern for markets

Even as the market is touching new highs, the leverage ratios of Indian companies is not as enthusing. Our survey based on annual interim financials of 2,300 companies show that for the second year in a row, there has been progress, albeit modest, in deleveraging corporate balance sheets.

Sensex breaches 32k-mark, Nifty at a fresh high too

Breaking boundaries, the benchmark Sensex breached the 32,000 mark for the first time and the NSE Nifty hit a new peak of 9,879 today on strong buzz that a policy rate cut may be on the anvil after inflation touched a "record low".
A positive lead from Asia after US Federal Reserve chief indicated a gradual approach to raising US interest rates made investors here go in for fresh bets.
The 30-share index zoomed 215.60 points, or 0.67 per cent, to hit a new peak of 32,020.42, surpassing previous intra-day record of 31,885.11 reached on July 11.

Sensex at new record high,Nifty tops 9,800 ahead of macro data

The benchmark Sensex today advanced by 57 points to end at all-time high of 31,804.82 and the Nifty closed above the 9,800-mark for the first time as banking, oil & gas and auto stocks advanced.
Optimistic buying in blue-chip stocks ahead of release of industrial production data for May and retail inflation for June drove stocks higher.
The BSE Sensex had opened on a better note at 31,813.24 and rose to the day's high of 31,865.69 in early trade. However, some profit booking in recent gainers pulled the index down to a day's low of 31,731.43 points.

Sensex climbs 73 pts, Nifty tops 9,800-mark

The benchmark Sensex advanced over 73 points and the Nifty reclaimed the 9,800 level as investors looked forward to release of key macroeconomic data due today amid a mixed trend in Asia.
The 30-share index went up 73.03 points, or 0.23 percent, at 31,820.12. The gauge gained 386.45 points in the previous two sessions to close at a fresh record high of 31,747.09 yesterday.
All the sectoral indices led by oil and gas, realty, PSU, bank and auto turned green.
The NSE index Nifty recaptured the key 9,800 mark by rising 27.10 points, or 0.27 percent, at 9,813.15.

NSE likens outage to black swan event

After the cataclysmic events at NSE, which rattled the investor community on Manic Monday, the NSE operated normally on Tuesday, a day after a technical glitch caused a three-hour disruption in trading, but harried traders demanded the country’s biggest exchange to quickly take measures to prevent a recurrence. Fortunately, all trading systems at the NSE, including price quotations for individual stocks, were operating normally, with share volumes recovering and the broader NSE Nifty rising as much as 0.6 per cent to a second consecutive record high.

IndusInd Bank posts 26% jump in Q1 net profit

Mid-tier private sector lender Indus-Ind Bank on Tuesday reported a 26 per cent increase in the June quarter net at Rs 836.55 crore, helped by a healthy rise in the core interest income.
The bank had reported a post tax profit of Rs 661.38 crore for the April-June period last year.
Its core net interest income jumped 31 per cent to Rs 1,774.06 crore for the reporting period, while the non- interest income grew 20 per cent to Rs 1,167.26 crore helped by a 25 per cent rise in fee income at Rs 974.04 crore.

Telecom stocks fall after Jio comes out with revised plans

Telecom stocks crashed on the bourses after Reliance Jio announced a set of revised tariff plans on Tuesday. The BSE Telecom Index fell 1.79 per cent, the most among the BSE sectoral indices.
Top telecom stocks that fell on the BSE were Bharti Airtel, down 2.59 per cent, Idea Cellular (3.54 per cent), Reliance Communications, (0.82 per cent), MTNL (1.85 per cent) and Tata Teleservices (Maharashtra) (5.58 per cent).

The $150 billion bad debt overhang

In January, Innoventive Industries, a speciality steelmaker based in western India, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve India’s $150 billion bad debt overhang.
The company, which makes steel tubes and auto parts for customers including Ford, Volkswagen and Tata Motors, posted its third straight annual loss in 2016, prompting ICICI, one of its lead lenders, to trigger bankruptcy proceedings early this year.