HCL Technologies on Friday reported 16.31 per cent year-on-year (YoY) rise in consolidated profit at Rs 3,037 crore for the quarter ended December 31. It had posted a net of Rs 2,611 crore in the corresponding quarter last year. Analysts in an ET NOW poll had projected the number at Rs 2,757.90 crore.
Revenue increased 15.5 per cent to Rs 18,135 crore during the quarter under review.
IT major TCS on Friday met Street estimates as it reported 0.20 per cent year-on-year rise in profit at Rs 8,118 crore compared with Rs 8,105 crore net reported for the same quarter last year. Analysts in an ET NOW poll had estimated the number at Rs 8,189 crore.
Nifty traded lackluster and settled almost unchanged, mirroring yesterday’s session.
Participants will react to heavyweights such as Reliance, TCS and HCL Tech results in early trade on Monday. Nifty has been hovering around its record highs and the companies’ results might trigger the next directional move. We reiterate our view that a decisive break above 12,400 in Nifty would trigger the next directional move
As anticipated midcaps and smallcaps are outpacing the broader market due to fall in economic risk and revival in business growth, this catch-up, which will be the theme of the year. Main indices are impacted by SC verdict on AGR, having an effect on telecom & banking sectors, which are already facing NPA problem. Pre-Budget rally has been very solid on a MoM basis, market may consolidate in the short-term and take cues from the actual budget and on-going results
- Vinod Nair, Head of Research, Geojit Financial Services
Sensex rises for second day, gains 13 pts in listless trade; Nifty above 12,350; Airtel jumps 5%, RIL 3%
European shares at record highs as cross-Atlantic trade tensions abate
European shares touched a record high on Friday after EU Trade Commissioner Phil Hogan struck a positive tone on talks with Washington, soothing some concerns over a possible escalation in trade tensions between the cross-Atlantic allies. The pan STOXX 600 index rose as much as 0.8% to a record high of 423.80, and was set to mark its best week since late-December.
Gold prices have taken support around Rs 39,350-39,600 in past few days as the US-China trade deal was already priced in. Going ahead, till the time phase-II deal talks do not start trending or hints of reducing tariffs do not come out, gold can find buyers support as hedging funds will be more interested after the price correction witnessed last week in domestic and comex from Rs 41,000 & $1,595
- Jateen Trivedi, Senior Research Analyst - Commodity & Currency, LKP Securities
With the Supreme Court rejecting a review of its order that put Rs 1.47 lakh crore liability of past dues on telecom firms, Vodafone Idea's ability to compete in the Indian market is likely to weaken and this will provide an opportunity for Bharti Airtel and Reliance Jio to gain market share, Moody's Investors Service said on Friday.
Adani Green jumps 5% as co emerges top bidder for solar tender
Adani Green Energy jumped 5 per cent to Rs 188.35 on BSE. The company along with Azure Power have emerged as successful bidders in Solar Energy Corporation of India's first manufacturing-linked solar tender, a top government official said on Friday. Adani has bid for 1.5 GW solar cell manufacturing capacity and 6 GW generation capacity, MNRE Secretary Anand Kumar said on the sidelines of India Energy Forum-Renewable Energy Summit.
Investors have moved from active investing to passive investing in last 20 years, and they are less attached to the day-to-day news, which is driving the market higher.
- Morgan Housel, Partner, Collaborative Fund
Telecom dues: Curative petitions rarely admitted, say analysts
With just one week left for them to pay over Rs 88,600 crore in past dues, Bharti Airtel and Vodafone Idea are left with last legal remedy of filing a curative petition but such petitions are rarely admitted by the Supreme Court, analysts told PTI. The rules around curative petition are fairly tight as the petitioner has to establish that there was a genuine violation of principles of natural justice, Kotak Institutional Equities said in a note.
Piramal Enterprises jumps 5% as co sells DRG business for $950 million
Price as on 17 Jan, 2020 01:31 PM, Click on company names for their live prices.
Asian shares firm as China's GDP raises hopes of recovery
Asian shares rose on Friday after global stock indexes and Wall Street posted more records, and as China’s economic growth matched expectations in spite of U.S. trade pressures, Reuters reported. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent.
Private bank shares fall; Yes Bank slips 3%
Most of the private banks were trading with losses in Friday's afternoon session.
Shares of Yes Bank (down 2.63 per cent), IDFC BANK (down 2.44 per cent), IndusInd Bank (down 2.32 per cent), Federal Bank (down 1.29 per cent), City Union Bank (down 1.28 per cent), HDFC Bank (down 0.85 per cent) were among the top losers.
Anil Ambani-led companies continue to erode value; down nearly 5%
Price as on 17 Jan, 2020 12:22 PM, Click on company names for their live prices.
Life Insurance Corporation of India (LIC), India’s largest domestic institutional investor, preferred to go with the wind in December quarter, and mostly lapped up largecaps. But it also nibbled at a few midcaps.
The insurance behemoth bought stocks from across sectors – including infrastructure, metals, information technology, ports, NBFC and pharma – during October-December, which saw equity benchmark Sensex surge nearly 7 per cent.
BSE Capital Goods index up; Grindwell Norton gains 3%
The S&P BSE Capital Goods index was up in Friday's afternoon session.
Shares of Grindwell Norton (up 2.57 per cent) , Lakshmi Machine Works (up 2.4 per cent) , Kalpataru Power Transmission (up 2.32 per cent) , HEG (up 2.0 per cent) , Siemens (up 1.88 per cent) , Graphite India (up 1.66 per cent) , Havells India (up 1.56 per cent) , Bharat Electronics (up 1.52 per cent) , Sadbhav Engineering (up 1.08 per cent) were among the top gainers.
Apollo Micro Systems gains 7% on bagging order from Bharat Dynamics
Price as on 17 Jan, 2020 11:35 AM, Click on company names for their live prices.
Moody's places Yes Bank's ratings under review; direction uncertain
Moody's Investors Service has placed Yes Bank's long-term foreign currency issuer rating of B2 under review, with the direction uncertain, citing "slowness in raising new capital". "The placing of Yes Bank's deposit rating of B2 under review reflects Moody's expectation that the bank's standalone viability is getting increasingly challenged by its slowness in raising new capital," the US-based agency has said in a statement.
Jet Airways drops 5%; airline operator to sell Netherlands biz to KLM
Bankrupt Jet Airways plans to sell its Netherlands business to KLM Royal Dutch Airlines, according to a regulatory filing. The domestic full-service carrier, which shuttered operations last April, is undergoing insolvency resolution process. The insolvency resolution professional managing the affairs of Jet Airways said various options are being explored for the "company's resolution and maximising the value for its stakeholders", as per the filing on Friday.
Kalpataru Power gains 2% as company commissions Alipurduar–Siliguri line
Kalpataru Power Transmission gained 2 per cent in Friday's trade as its wholly-owned subsidiary successfully connected Alipurduar–Siliguri Line with the interconnection facilities of the grid. Alipurduar Transmission Ltd (ATL) has connected the Alipurduar - Siliguri line with the interconnection facilities of the grid, the EPC company engaged in power transmission and distribution, said in a regulatory filing. Alipurduar Transmission Ltd (ATL) has connected the Alipurduar - Siliguri line with the interconnection facilities of the grid, the EPC company engaged in power transmission and distribution, said in a regulatory filing.
YES Bank, IndusInd, SBI and PNB face risk from Rs 91,000 cr telecom debt
Price as on 17 Jan, 2020 11:12 AM, Click on company names for their live prices.
Govt open to hear telecos' suggestions to help ease AGR payments: Sources to ET NOW
#JUSTIN| Govt open to hear suggestions from Telecom firms for relief on dues : Agencies | https://t.co/8oUsP89vNs https://t.co/x6W2XC6Aed
Price as on 17 Jan, 2020 09:54 AM, Click on company names for their live prices.
OPENING BELL: Sensex drops 50 pts, Nifty slips below 12,350; Bharti Airtel jumps 4%, Voda Idea plunges 10%
Pre-open session: Sensex flat, Nifty slips below 12,350; rupee trades at 70.98 against dollar
Singapore trading sets stage for tepid start
Nifty futures on the Singapore Exchange traded 12 points, or 0.10 per cent, lower at 12,359.50, indicating a tepid start for Dalal Street.
Tech view: Nifty forms indecisive candle
Nifty50 advanced on Thursday to hit a fresh record high of 12,389 in intraday trade but witnessed some selling pressure, as investors turned indecisive at higher levels. This eventually led the index to form a ‘Spinning Top’ candle on the daily chart. Before closing 0.09 per cent higher at 12,356, the index shuttled between a high and low of 12,389 and 12,315, respectively.
Asian stocks mirror gains in US stocks
Asian shares inched higher on Friday after global stock indexes and Wall Street posted more records, with strong corporate earnings and upbeat US economic data adding to optimism after China and the US signed a partial trade deal. In early trade before Chinese markets opened, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.19 per cent, taking gains for the month to 3.4 per cent. Japan's Nikkei added 0.55 per cent.
US stocks ended at record high levels
Wall Street rallied to fresh record highs with the S&P500 index topping the 3,300 mark for the first time on Thursday, driven by a slew of strong earnings reports and economic data. All three benchmarks finished at record highs. The Dow Jones Industrial Average index jumped 267.42 points, or 0.92 per cent, to close at 29,297.64. The S&P500 index increased 27.52 points, or 0.84 per cent, to 3,316.81.
RIL, TCS & HCL Tech to announce Q3 nos today
Reliance Industries is expected to report a 10-14 per cent yearly rise in profit for the December quarter. Retail and telecom businesses may do well, but petchem business may show some weakness. TCS is expected to report a flat profit growth on slowdown in banking & financial services and retail segments. Another IT firm HCL Technologies is expected to report modest rise in profits.
Oil prices steady ahead of China data
Oil prices were steady on Friday as investors braced for data expected to show China's economic growth last year slid to its slowest pace in 29 years, holding on to gains for now after Washington and Beijing inked a long-awaited trade deal. Brent was 3 cents higher at $64.65, after gaining nearly 1% on Thursday.
FPIs sell Rs 395 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 395 crore on Thursday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 185 crore, data suggests.
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