Indian stock markets started on a positive note on Friday with Sensex and Nifty beginning at record highs after India’s largest IT firm TCS beaten the analyst estimates in its third-quarter earnings. The global indicator of NSE Nifty, SGX Nifty Futures was trading 0.33% higher at 10,693. Shares of Infosys will be in close watch today as the IT major is scheduled to release its Q3 earnings report card. Other major companies which are also lined up with their respective third-quarter results are 3i Infotech, HT Media, Karnataka Bank, Reliance Industrial Infrastructure, and Sintex Industries.
TCS: India’ IT major TCS reported a flat growth in earnings, as net profit came in at Rs 6,531 crore against Rs 6,778 crore in the comparable quarter last fiscal, beating street estimates. Notably, revenue in rupee terms rose 4% percent sequentially to Rs 30,904 crore from Rs 29,735 crore in the last fiscal. In the last quarter, the company had reported a 4.3% rise in revenue to Rs 30,541 crore. Volume rose 1.4% on a quarterly basis. EBIT margin came in at 25.2% as against a CNBC TV18 poll of 25.8%. In constant currency terms, revenue growth was 6.2% on year basis while 1.3% on quarter.
Indiabulls Real Estate: Indiabulls Real Estate announced that it will acquire a prime commercial building in Gurgaon having a leasable area of 2.5 lakh sq ft for an undisclosed amount.
Motilal Oswal Securities: Markets regulator Sebi imposed a fine of Rs 2 lakh on Motilal Oswal Securities in a case related to alleged unauthorised trading through the use of forged Power of Attorney (PoA).
Indian Oil Corp: Indian Oil Corp bought its third shipload or cargo of US crude oil as it looks at cheaper alternatives that have emerged due to the global supply glut, PTI reported.
Dredging Corporation: Dredging Corporation of India said it has secured a contract worth Rs 88.51 crore for dredging of channels at Cochin Port.
Shree Cement: Shree Cement reported a 41.58 per cent increase in its standalone net profit at Rs 333.33 crore for the quarter ended December, mainly on account of higher income.
The Indian rupee on Thursday: The rupee settled lower by 6 paise to 63.66 against the US dollar.
Indian stock markets on Thursday
Indian stock markets closed at record highs on Thursday after trading in red until morning session with the blue-chip shares of Infosys, Bharti Airtel, Indiabulls Housing Finance, HDFC, Kotak Mahindra Bank, Eicher Motors, Tech Mahindra, HUL, Yes Bank rising the most. Sensex rose about 70 points to settle at a fresh lifetime peak of 34,503 while Nifty rose 19 points to end at a record high of 10,651.2. In the intraday trade, 30-share barometer Sensex added 125.81 points to hit the day’s high of 34,558.88 while Nifty 50 surged 32.4 points to hit an all-time high of 10,664.6.
US stock markets on Thursday
Wall Street closed at record highs on Thursday as rising oil prices lifted energy stocks and investors bet on a strong U.S. corporate earnings season, Reuters said in a report. The S&P energy index closed up 2 percent as Brent crude went above $70 a barrel for the first time since December 2014. The Dow Jones Industrial Average rose 205.6 points, or 0.81 percent, to 25,574.73, the S&P 500 gained 19.33 points, or 0.70 percent, to 2,767.56 and the Nasdaq Composite added 58.21 points, or 0.81 percent, to 7,211.78.