TCS zooms 5.5%, m-cap crosses Rs 7.5L cr-mark

The shares of software giant Tata Consultancy Services touched a new 52-week high and closed with 5.47 per cent gain as investors cheered faster revenue growth in the first quarter and earnings beat.

The stock closed at Rs 1,979.60, up Rs 102.60, on the BSE and its market cap rose above Rs 7.50 lakh crore for the first time to Rs 757,904.45 crore, making it far bigger than any other listed Indian company. TCS added Rs 39,281 crore to its market cap on Wednesday.

TCS Q1 net profit up 23%, beats estimates

Arevival in the core client segment and key operational geographies, along with some help from currency gains, helped TCS to report a 23 per cent jump in its June quarter net at Rs 7,340 crore.

The Tata Group flagship and India’s largest software exporter on Tuesday said its total income clipped at 15.8 per cent to Rs 34,261 crore under the new accounting standards.

The emerging digital segment saw a massive 44 per cent spike in revenue compared to the preceding quarter and now contributes a fourth of the total income.

3-day meet format of MPC to continue

The Reserve Bank of India on Tuesday said it will continue with the three-day meeting format of the Monetary Policy Committee (MPC) which decides on the key interest rate. The MPC, headed by RBI Governor Urjit Patel, used to meet for two-days, but last the meeting was stretched to three days owing to “certain administrative exigencies”.

The RBI said that the MPC “has decided to continue the practice of a three-day meeting format commencing on July 30, 2018 as was adopted in the meeting for the Second Bi-monthly Monetary Policy Statement of June 6, 2018”.

Pharma may post 17% revenue growth in Q1

The pharmaceutical industry is likely to report a 17 per cent revenue growth in the June quarter, driven by strong domestic growth and currency tailwinds, said a report.

“Overall revenue for the pharma sector is likely to grow 17 per cent YoY and PAT 50 per cent YoY,” Edelweiss Securities said in its report. “Domestic sales are likely to spike 26 per cent on the back of a low base due to GST-related disruption,” it added.

Crash of high & mighty on the street

Profit taking, simmering US-China trade war and caution ahead of first quarter earnings led to blue chips and sectoral market leaders crashing on the stock market on Thursday.

Infosys fell 4.47 per cent while Reliance Industries was down 2.53 per cent. Tata Steel dropped 2.71 per cent, Sun Pharmaceuticals -2.31 per cent and Vedanta -3.09 per cent. Tata Motors fell 2.06 per cent after the company-owned Jaguar Land Rover warned the British government that a "bad" Brexit deal could jeopardise its investment plans and may even force it to exit from the UK.

Ambani showers ‘Monsoon Hungama’ to exchange feature phone with Jio Phone for Rs 501

To make further inroads into the intensely competitive Indian telecom market, billionaire Mukesh Ambani on Thursday annou-nced ‘JioPhone Monsoon Hungama’, offering to replace old feature phone with JioPhone for just Rs 501.

Speaking at the 41st annual general meeting of Reliance Industries, Ambani also outlined a target of garnering 100 million JioPhone users in the “shortest possible time”.

He also announced added capabilities and functionalities for JioPhone, an internet-enabled feature phone that offers 4G connectivity.

Bank credit grows at 12.84%, deposits 7.59%

Bank credit grew by 12.84 per cent to Rs 86,16,408 crore in the fortnight ended June 22, according to the Reserve Bank of India (RBI) data. In the year-ago fortnight, bank loans stood at Rs 76,35,689 crore. The growth in advances was slightly higher than the growth registered in the previous fortnight ended Jun 8. It had risen by 12.67 per cent to Rs 85,98,703 crore.