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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AstraZeneca's Covid-19 prevention therapy reduced the risk of infection in patients with weaker immunity in a late-stage trial, meeting its primary goal, the drugmaker said on Thursday.
The long-acting antibody therapy called sipavibart showed a "statistically significant reduction" in symptomatic Covid-19 cases among immunocompromised patients, the company said.
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Holding a roadshow in the Odisha capital in support of party candidates, BJP president J P Nadda on Thursday asserted that people of the state have "decided to give rest" to Chief Minister Naveen Patnaik by electing the saffron party to power.
Nadda, who was standing in a saffron-coloured open-hood vehicle flanked by Bhubaneswar's BJP MP and candidate Aparajita Sarangi and Ekamra-Bhubaneswar assembly seat's party nominee Babu Singh, was seen waving at crowds on both sides of the road during the roadshow from Mausina Chhak to Lingaraj temple.
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IT company Tech Mahindra on Thursday said it has collaborated with IBM to assist businesses worldwide in responsibly accelerating the adoption of generative AI (GenAI).
Under the partnership, TechM amplifAI and IBM watsonx will integrate to bring new GenAI and governance capabilities to enterprises, according to a company statement.
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Congress veteran Bhupinder Singh Hooda on Thursday said people are looking at his party with great hope and it is set for a clean sweep in Haryana in the Lok Sabha elections.
The former chief minister said the Congress is receiving overwhelming public support.
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The State Bank of India (SBI) has hiked interest rate on retail term deposits by 25-75 basis points for deposits up to 1 year, giving further push to competition for raising resources.
The revised rates for deposits came into effect from May 15, 2024.
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