Follow Us:
Monday, July 23, 2018

Sensex soars 105 pts on TCS earnings

Sensex rose by in opening trade today on fresh spell of buying by funds and retailers.

Written by Agencies | Mumbai | Published: July 13, 2012 10:12:33 am

The BSE benchmark Sensex rose by over 105 points in opening trade today on fresh spell of buying by funds and retailers after Tata Consultancy Services (TCS) posted better-than-estimated earnings for Q1 2013.

The 30-share barometer,which lost 385.80 points in the previous two sessions,rebounded by 105.75 points,or 0.61 per cent,to 17,338.30 with technology,banking and metal sector stocks leading the recovery.

Similarly,the wide-based National Stock Exchange index Nifty was trading 30.75 points,or 0.59 per cent,higher at 5,266.00.

Brokers said trading sentiment turned better after the country’s largest software exporter TCS posted nearly 38 per cent jump in consolidated net profit at Rs 3,317.68 crore for the April-June period of FY 2013.

The company had announced the results yesterday after the market hours.

TCS shares were up 3.01 per cent to trade at Rs 1,273.25 on a flurry of buying.

Infosys,which had also announced results yesterday,remained under pressure and shed another 0.63 per cent to Rs 2,251 as company’s earning failed to impress investors.

A firming trend on the other Asian bourses also influenced the trading sentiments here,traders said.

In the Asian region,Japan’s Nikkei was up by 0.28 per cent,while Hong Kong’s Hang Seng index gained 0.26 per cent in early trade. The US Dow Jones Industrial Average ended 0.25 per cent lower in yesterday’s trade.

Stocks More on Manappuram Finance

Company INFO More on Sintex

STOCKS/PRE-OPEN: Indian stocks to watch-July 13en


* The Nifty futures in Singapore Exchange fell 0.08 percent,but the MSCI Asia-Pacific index excluding Japan rose 0.6 percent.

* U.S. stocks fell on Thursday,hit by more warnings in the technology sector,while a rally in Procter & Gamble helped the blue-chip Dow cut its loss.

* Asian shares and the Australian dollar jumped on Friday after China’s second-quarter gross domestic product data landed in line with forecasts.


* India bank lending,forex reserves data. (1130 GMT)

* Earnings on Friday: HDFC Bank,Sintex Industries ,Andhra Paper Mills,Sabero Organics



* Tata Consulting Services on Thursday beat market expectations with a 38 percent rise in its fiscal first-quarter profit,helped by a weaker rupee and increase in demand for outsourcing.

TCS posted net profit of 32.8 billion rupees ($589 million) for the quarter ended June,compared with 23.8 billion rupees a year earlier.


* India’s monsoon rains were above average in the past week for the first time in the current season,the weather office said,as the downpours resumed after a worrying fortnight-long pause over the central part of the country.

* Drought-like conditions in some parts of the country have prompted the government to recommend contingency crop measures for states such as Rajasthan,Gujarat,Maharashtra,Andhra Pradesh,Madhya Pradesh,Karnataka and Tamil Nadu.

* Reliance Industries’ demand for tripling of KG-D6 gas price from April 1,2014,will be referred to a high-powered ministerial panel for a decision,a top oil ministry source said.

* The Uttar Pradesh government has put on hold a proposal of the Anil Dhirubhai Ambani group to set up new units totaling 1,980 MW capacity at its Rosa thermal power project in Shahjehanpur,citing lack of enough coal that can be allotted to the plant at the moment.

* Talks between Naveen Jindal’s Jindal Steel Bolivia and the Bolivian government continued on Wednesday,with the latter offering to revise deadlines for project milestones.

* Jindal Steel & Power has raised 35 billion rupees from a consortium of lenders for a steel project it is setting up in Odisha.

* Essar Africa Holdings,an international subsidiary of the Essar Group,may be asked to bring in a local partner in Zimbabwe for reviving a steel mill and to develop an iron ore mine that Essar had acquired last year for $750 million.

The mines ministry in Zimbabwe,which controls the iron ore mines,has written to the industry ministry on the need for a local partner,in line with the country’s laws on indigenisation and ownership of resources,according to two people connected with the development.

* India’s biggest buyer of Iranian oil MRPL may only import one-fifth of the 3.3 million barrels of crude it had scheduled for July due to insurance and shipping difficulties caused by European Union sanctions on Tehran,industry sources said.

* JSW Steel plans to set up a 2.3-million tonne per annum cold-rolling mill complex to manufacture high-grade automotive steel at Toranagallu in Bellary district,Karnataka.


* India’s cumulative exports are expected to drop by less than two percent for April to June 2012,trade minister Anand Sharma said in a statement on Thursday.

* Net foreign direct investment is estimated to have declined over 37 percent to $3.2 billion during April-May,2012,compared to over $5 billion a year ago,according to the latest data released by the Reserve Bank of India.

* The Reserve Bank of India is planning to introduce financial products with returns that match the earnings from gold investments. The move is aimed to discourage gold imports,which will help in reducing the current account gap. (Business Standard)

* Royal Bank of Scotland is excluding its Indian units from the sale of some Asia Pacific operations to Malaysia’s CIMB Group Holdings Bhd,Malaysia’s second-biggest lender said on Thursday,citing unspecified legal obstacles.

* Banks have mobilised more than $10 billion from overseas Indians through non-resident rupee deposit schemes since December when the Reserve Bank of India liberalised the interest rates banks could offer on such deposits.


* The panel of ministers headed by home minister P Chidambaram on Thursday decided to allow mobile phone companies to mortgage airwaves,a move that will allow telecoms to use spectrum as collateral and raise funds from banks for the upcoming auctions.

* The Telecom Regulatory Authority of India on Thursday told the government that its recommendations on spectrum pricing will push up call charges on average by only 5-10 paise,amid indications that the Empowered Group of Ministers will go with the regulator’s suggestion on the reserve price for spectrum.

* State-run Mahanagar Telephone Nigam has allocated capital expenditure of 8 billion rupees in 2012-13 for increasing capacity and coverage,a senior MTNL official told Business Standard.


* Major international airlines operating out of India have dragged Delhi International Airport to court,challenging the steep increase in airport charges and seeking to nullify the April order,passed by the airport economic regulator.

* Ailing national carrier Air India has invited banks to bid for underwriting roles in a sale of 74 billion rupees ($1.34 billion) government-guaranteed bonds,a document showed.

* Daimler India said it would roll out six products across various ranges,under its ‘Bharat Benz’ truck brand this year.

* Chairman and managing director of Larsen & Toubro A M Naik said that slowdown in the economy has not affected the company’s plans.

* Larsen & Toubro is ready to commission its 47 billion rupees shipyard-cum-port complex at Kattupalli near Chennai,but is facing a roadblock as the Central Board of Excise and Customs has not granted it custom clearing facilities at the port.

* Kamat Hotels,the hospitality group that runs The Orchid near the Mumbai airport,is negotiating with banks to restructure more than 5 billion rupees worth of loans as optimistic expansion amid slowing economy pushed it to the verge of default,two people familiar with the matter said.

* LKP Merchant Financing sold 10 million shares of Kingfisher Airlines for more than 100 million through an open market transaction,according to exchange information.

* Hyundai Motor seems to have put its plans for a diesel engine plant in India on hold because of lack of clarity on the Government’s fuel pricing policy,said Bo Shin-seo,Managing Director of Hyundai Motor India


* Kitchen appliances manufacturer TTK Prestige said its manufacturing plant being set up in Gujarat would commence production in January 2013.


* UB Group is considering the option of divesting non-core assets including its IPL team Royal Challengers Bangalore (RCB),said a source from the company who did not want to be named.

* Titan Industries Ltd,the Bangalore-based publicly-held retailer of watches,jewellery and eyewear,has spun off its third-party premium watch retailing arm into a separate business unit in a bid to put it on an aggressive expansion drive.

* Manappuram Finance expects its growth to either remain unchanged or decline marginally this fiscal mainly because of the central bank’s new guidelines on the business,MD I. Unnikrishnan said in a phone interview on Thursday.


* U.S. business process outsourcing company Sutherland Global Services is close to signing a 8.75 billion rupees deal to purchase rival Apollo Health Street,owned by the Reddys of Apollo Hospitals,sources privy to the development said.


* Italy downgrade weighs on euro as China risk looms

* Brent ends above $101 on US Iran sanctions,supply woes * Foreign institutional investor flows

Mutual Funds Check for top funds

For all the latest News Archive News, download Indian Express App