Tata Communications on Friday posted an around seven-fold jump in consolidated net profit at Rs 384.81 crore for the September quarter. The company had registered a profit of Rs 54.31 crore in the corresponding period of the preceding fiscal. Consolidated revenue grew 4.5 per cent to Rs 4,477.18 crore during the reported quarter from Rs 4,282.3 crore in the year-ago period, it said in a BSE filing.
“With both transformation experience and an entrepreneurial approach, a possible combination of Liberty Steel and Thyssenkrupp Steel would create a strong group well positioned to tackle the challenges faced by the European steel industry and accelerate the transformation to GREENSTEEL,” the company said in a media statement.
The Dow Jones Industrial Average rose 76.52 points, or 0.27%, at the open to 28,570.72. The S&P 500 opened higher by 10.16 points, or 0.29%, at 3,493.50, while the Nasdaq Composite gained 47.96 points, or 0.41%, to 11,761.83 at the opening bell.
Joseph Thomas, Head of Research at Emkay Wealth Management, said, “After Thursday’s storm all major markets, the domestic market remained calm today. But factors that are providing ammunition to the intermittent volatility still remain active and potent.”
Moody's said, "TML's underlying credit profile has deteriorated to a level weaker than JLR's but the ratings remain the same, thanks to a one-notch uplift to reflect likely support from parent Tata Sons Ltd in times of need."
The country’s third largest software exporter reported a higher sequential growth of 6.4% in the dollar denominated revenue for the September quarter than the 6.1% growth of the second largest Infosys. But, this was largely due to a lower base in the form of HCL Tech’s sharper revenue drop of 7.4% in the previous quarter than the 2.4% fall reported by Infosys.
Jefferies said Hindustan Unilever has historically shown resilience and has even outperformed its peers during disruptions like demonetization and GST rollout.
Here are the top gainers and losers in the tourism and hospitality sector
Price as on 16 Oct, 2020 02:12 PM, Click on company names for their live prices.
The long-term underperformance has increased ITC’s attractiveness from the valuation point of view and we have seen this kind of a cycle play out in many leading companies
- Rajeev Thakkar, CIO, PPFAS MF
Mindtree shares slump over 8%; here's why
Shares of Mindtree declined more than 8 per cent in Friday's session after brokerages downgraded the stock even as it reported an 88 per cent jump in September quarter profit, on lack of big-ticket deals and valuation concerns.
Kotak Institutional Equities downgraded the stock to sell from reduce, citing stretched valuations.
Motilal Oswal too downgraded the stock to neutral from buy as it believes the persistent weakness in the top two–10 client bucket remained a concern given its 20 per cent contribution to the topline.
HCL Tech slumps 4% pos Q2 numbers
Price as on 16 Oct, 2020 01:06 PM, Click on company names for their live prices.
UPL tumbles 5% after KPMG resigns as auditor of Mauritius arm
Shares of UPL dropped nearly 5 per cent on Friday after the company said KPMG resigned as the auditor of its mauritius based subsidiary last week. The agrochemicals company, however, clarified that the resignation of the auditor was a part of reorganisation of the audit process.
“We hereby submit our resignation as auditors of UPL Corporation Limited with immediate effect. There are no circumstances connected with our resignation which we consider should be brought to the notice of the members,” KPMG said in its letter dated October 8 to the UPL subsidiary.
Top 10 gainers from the banking spce
Price as on 16 Oct, 2020 12:31 PM, Click on company names for their live prices.
Indiabulls Housing Finance further sold a portion of stake in Oaknorth for Rs 220 cr
Top 5 gainers from tourism & hospitality space
Price as on 16 Oct, 2020 11:39 AM, Click on company names for their live prices.
DIPAM Secretary: Govt won't do further ETFs
We will not do repeat OFS for the same stock
Strategic disinvestment back on track; several IPOs planned
Govt looks to sell 27% stake in RailTel IPO & up to 25% in IRFC
Drug firm Zydus Cadila on Friday said it has received final approval from the US health regulator to market Fingolimod capsules and Verapamil Hydrochloride Injection. Fingolimod capsules is indicated for the treatment of patients with relapsing forms of multiple sclerosis. While, Verapamil Hydrochloride Injection, is used to rapidly/temporarily restore normal heartbeats in people with certain heart rhythm disorders.
Top Sensex contributors at this hour
IDBI Bank surges 12% as govt seeks CCEA approval to pare stake in bank
Shares of IDBI Bank rallied 12 per cent in Friday's trade after ET reported that the government will seek an in-principle approval from the Cabinet Committee on Economic Affairs (CCEA) on lowering its 47.11 per cent stake in IDBI Bank, after which the structure of the sale will be determined.
HCL Tech Q2 results: Net profit at Rs 3,142 crore
HCL Tech posted a profit of Rs 3,142 crore for the Sepetmber quarter.
Analysts at an ET NOW poll had estimated the profit figure of Rs 3,033 crore.
Revenue for the quarter stood at Rs 18,594 crore, ET NOW reported.
The company board announced an interim dividend of Rs 4 per share.
LIC IPO unlikely before march: Govt sources
Voda Idea, Tata Motors, YES Bank among most active stocks on NSE
Price as on 16 Oct, 2020 09:34 AM, Click on company names for their live prices.
Oil prices fell on concerns that major producers will move ahead with plans to ease their supply cuts even as a spike in COVID-19 cases in Europe and the United States is curtailing demand in two of the world's biggest fuel consuming regions. Brent crude futures for December dropped 22 cents, or 0.5%, to $42.94 a barrel, while US WTI crude futures for November delivery slid 16 cents, or 0.4%, to $40.8 a barrel.
Q2 results today
Federal Bank, HCL Technologies, Bajaj Consumer Care, LKP Securities, Shoppers Stop, Tata Communications and Uniply are slated to announce their financial results for the September quarter on Friday.
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 66.5 points, or 0.57 per cent higher at 11,761.50, in signs that Dalal Street was headed for a positive start on Friday.
Trump offers to raise stimulus package size
US President Donald Trump on Thursday said he is willing to raise his offer of $1.8 trillion for a COVID-19 relief deal with Democrats in the U.S. Congress, but the idea was shot down by his fellow Republican, Senate Majority Leader Mitch McConnell. It helped narrow Wall Street losses, though many investors still believe a deal is unlikely before the November 3 election.
Tech View: Nifty forms Bearish Engulfing candle
Aditya Agarwala, Senior Technical Analyst at YES Securities, said the ‘Bearish Engulfing’ pattern at the top was something very similar to what Nifty50 witnessed on August 31 at the 11,800 level. August’s candle was followed by a significant decline in the index towards the 10,800 level, he said.
Asian stocks fall in early trade
Asian stocks were mixed on Friday as investors sought safe havens, such as the US dollar, fearing that a resurgence in coronavirus cases and a lack of additional US fiscal stimulus would hobble the world economy. Australia's S&P/ASX 200 was down 0.02 per cent while Japan's Nikkei 225 fell 0.01 per cent. Hong Kong's Hang Seng index rose 0.58 per cent. E-mini futures for the S&P500 added 0.04 per cent.
US stocks settled lower
Wall Street's major averages finished lower as uncertainty over a fresh U.S. coronavirus relief package unnerved investors.On Thursday, the Dow Jones Industrial Average fell 19.80 points, or 0.07 per cent, to 28,494.20. The S&P 500 declined 5.33 points, or 0.15 per cent, to 3,483.34. The Nasdaq Composite Index decreased 54.86 points, or 0.47 per cent, to 11,713.87.
Rupee pares early gains, settles 5 paise lower at 73.36 against US dollar
The rupee pared its initial gains and settled 5 paise lower at 73.36 (provisional) against the US dollar on Thursday tracking heavy selling in domestic equities and strengthening American currency. At the interbank forex market, the rupee opened at 73.32 against the greenback, and after witnessing a volatile trading session closed at 73.36, lower by 5 paise from its previous close of 73.31.
Sensex, Nifty on Thursday
Snapping its 10-session winning run, equity benchmark Sensex plunged 1,066.33 points on Thursday as investors pressed the exit button amid a massive selloff in global markets. The 30-share BSE index plummeted 1,066.33 points or 2.61 per cent to end at 39,728.41. The broader NSE Nifty crashed 290.70 points or 2.43 per cent to 11,680.35.
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