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Markets will remain closed on May 01, 2024 on account of Maharashtra Day.

Indian share markets remain buoyant
Mon, 20 Jan 01:30 pm

Indian share markets pared gains but continued to trade above the dotted line in the post-noon trading session. Majority of the sectoral indices are trading in the green with IT, auto and banking stocks being the biggest gainers. However, oil and gas, metal and capital goods stocks are trading in the red.

BSE-Sensex is up 61 points and NSE-Nifty is trading 21 points up. Both BSE Mid Cap and BSE Small Cap indices are trading up by 0.5%. The rupee is trading at 61.6 to the US dollar.

Most of the food stocks are trading in the green with Tata Global Beverages and GlaxoSmithKline Consumer being among major gainers. Godfrey Philips and Golden Tobacco are among the few stocks trading in the red. As per a leading financial daily, ITC announced its results for the quarter ended December 2013. The company clocked a 13% topline growth led by double-digit growth in FMCG and paper business segments. The agri-business grew by 9.5% on better realizations. But the hotel business clocked the slowest growth of 1.9% due to weak economic conditions coupled with high levels of room inventory in major cities. The operating profit margin improved by 0.6% aided by savings in cost of goods sold to sales ratio. The net profit grew by a faster 16% aided by 15% rise in operating profit and a 64% drop in interest charges. The lower interest outgo has been on account of write-back of rates and taxes and interest thereon after a favourable ruling from the High Court. ITC stock is currently trading up by 1.3%.

Barring Infosys, almost all the large sized software stocks are trading on a positive note. TCS, Wipro and HCL Technologies are leading among the pack of gainers. As per a leading business daily, TCS plans to launch couple of reusable software packages in telecom, financial services and data analytics. As per the company the move is aimed at adapting itself towards the changing dynamics in the industry. Reusable software can be customised as per the needs of clients. Notably, IT firms are focusing on customised software platforms for clients in order to improve revenue productivity. But this requires significant initial investment and success is not definite. TCS's management is of the view that companies will not move their core processes to platform. However, the core processes will shape in a different model over the long term.

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