Companies and Markets

Companies & Markets

Sensex extends rally, up 107 pts on positive macro data

The benchmark Sensex zoomed about 107 points to 27,354.08 in early trade today, continuing its rally for the fourth straight session, on the back of positive macro-economic data and encouraging corporate earnings.

Besides, a firming trend on other Asian bourses also buoyed sentiment here. The 30-share barometer, after spurting to 27,459.75 at the outset, was trading 106.92 points, or 0.39 per cent, higher at 27,354.08 with all the sectoral indices, led by IT, teck, oil&gas and metal rising by up to 0.88 per cent.

Group stocks have taken a beating over spat

Tata Group stocks have suffered significant value erosion since the removal Cyrus Mistry as Tata Sons chairman and the subsequent atmosphere of confrontation surrounding the group. Now that a replacement for Mistry was found in N Chandrasekaran, the uncertainty that loomed over the group is likely to recede and this should reflect in the stock prices of listed group companies.

His ability to take tough decisions critical

In all likelihood, Dalal Street will react positively to the elevation of N Chandrasekaran. Reason: his appointment takes away one uncertainty which all listed Tata companies has been facing since Cyrus Mistry’s removal as Tata Sons chairman. The Street has been rooting for an in-house candidate to fill the vacuum, and it has got what it wanted.

The marathon man

The new boss of Tata Sons is a long-distance runner. During the course of a couple of hours on Wednesday, the former CEO and MD of TCS, Natarajan Chandrasekaran, went on to become the executive chairman of Tata Sons, the all-encompassing $103 billion holding company, which takes into its ambit all listed Tata group companies.
It is a business empire ranging from the Jaguar Land Rover and steel mills to aviation and salt pans.

TCS surprises street, Q3 profit crosses $1b

Tata Consultancy Services’ third quarter financial performance met Street estimates with a US dollar revenue growth of 0.3 per cent quarter-on-quarter at $4,387 million while in rupee terms the QoQ revenue grew at 1.5 per cent to Rs 29,735 crore.
The company reported 2.9 per cent higher consolidated profit on a year-on-year basis in Q3 and for the first time, profit touched the $1-billion mark to Rs 6,814 crore from Rs 6,125 crore in the year-ago period.

SpiceJet inks Rs 55,000 cr deal with Boeing to buy 100 jets

Low-cost airline SpiceJet is learnt to have concluded a deal with aircraft manufacturer Boeing to purchase 90-100 jets worth about Rs 55,000 crore at list prices.
The airline had been negotiating with the planemaker for quite some time now as it is expanding its fleet and network to tap the growing air travel demand.

SpiceJet inks Rs 55,000 cr deal with Boeing to buy 100 jets

Low-cost airline SpiceJet is learnt to have concluded a deal with aircraft manufacturer Boeing to purchase 90-100 jets worth about Rs 55,000 crore at list prices.
The airline had been negotiating with the planemaker for quite some time now as it is expanding its fleet and network to tap the growing air travel demand.

Chandra is Bombay House boss

Over two months after the ouster of Cyrus Mistry, $103-billion Tata group on Thursday named TCS chief N Chandrasekaran as the new chairman of Tata Sons, the holding company of the salt-to-software conglomerate. Chandrasekaran is the first non-Parsi chairman of Tata Sons.
Chandrasekaran, popular as Chandra, will take the reins of Tata Sons at Bombay House headquarters from February 21.

Sensex, Nifty edge higher for 3rd day; power, IT stocks rally

Market continued its bull run for the third straight session, with Sensex rising nearly 107 points to close at an over 2-month high of 27,247.16 and Nifty crossing the key 8,400-level, led mainly by power, IT and banking stocks, ahead of key macro-economic data due today.

Besides, a positive start of the earnings season also fuelled the domestic market sentiment.

Market rally continues; Nifty tops 8,400

NSE Nifty breached the crucial 8,400-mark and BSE Sensex gained 113 points in early trade today on sustained buying by domestic investors ahead of key macroeconomic data to be released later in the day.

Besides, a positive start of the earnings season and firming trend on other Asian bourses also fuelled the domestic market sentiment.

Investors cheered better-than expected Q3 numbers in IndusInd Bank. TCS shares rose 0.82 per cent to Rs 2,342.00 ahead of Q3 earnings to be released later today.

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