Infosys, TCS outperform in a subdued market
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Markets continue to trade in a narrow range as losses in financials and auto shares offset gains in the technology pack. Meanwhile, release of the macroeconomic numbers CPI and IIP due to be released tomorrow coupled with weakness in Rupee after China devalued yuan by nearly 2% hurt the sentiments.
At 10:40 am, the Sensex is down 10 points at 28,092 and the Nifty has slipped 5 points to trade at 8,521.
From the IT pack, Infosys and TCS are trading higher by 2% and 1% each on the back of a weakened rupee. Infosys and TCS have placed their competitive bid for the setting up the IT backbone for the GST Network.
Shares of Cipla turn ex-dividend today for dividend of Rs 2 per share for the year ended 31 March 2015. The stock is up 1.5%.
SBI is up 1.3% ahead of the quarterly results due today.
Vedanta has climbed 0.3% fter the company announced the reopening of Codli, its largest mine in Goa, marking the resumption of iron ore mining in the state after nearly three years.
Metal stocks are losing sheen in today’s trade after after China devalued the yuan on Tuesday after a run of poor economic data. Hindalco and Tata Steel are down 1.5% each. Tata Steel is due to release its numbers today.
eClerx Services has rallied 11% to Rs 1,768, also its record high on the BSE, after reporting a better-than-expected consolidated net profit at Rs 73.24 crore for the first quarter ended June 30, 2015 (Q1).
Shares of IL&FS Transportation Networks (ITNL) has plunged 9% to Rs 128, also its 52-week low on the BSE, after the company reported a sharp 98% year-on-year (Y-o-Y) declined in consolidated net profit at Rs 2.90 crore for the quarter ended June 30, 2015 (Q1), due higher interest and raw material cost.
Shares of Engineers India dipped by 5% to Rs 224 on the BSE after the company reported 29% year-on-year (Y-o-Y) decline in net profit at Rs 56.80 crore for the first quarter ended June 30, 2015 (Q1), due to lower operational income. The state-owned company had posted a profit of Rs 80.40 crore in the year-ago quarter.
Other Latest News
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Maharashtra Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.
Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.
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Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood's son Sohail Iqbal as accused, officials said on Monday.
The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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