The BSE-Sensex is trading up 70 points and the NSE-Nifty is trading up 19 points. The BSE Mid Cap index is trading up 0.7% and the BSE Small Cap index is trading up 0.6%. The rupee is trading at 61.98 to the US dollar.
Most software stocks are trading lower today. HCL Tech and Tech Mahindra are among the stocks leading the losses. As per a leading news daily, India's second largest software firm, Infosys, is looking to intensify its efforts at reducing its operating costs. The company is currently undertaking pilot projects with selected clients, to increase the offshore component of its service delivery. The company is looking at the possibility of increasing the offshore delivery up to 85-90% from the current levels of 74-75%. The company would employ this strategy across its client base if the pilot projects are successful. Infosys is attempting to get back to an industry level growth rate and at the same time, improve its margins. This move would certainly help with the latter, as onsite employee costs have increased significantly in the last few years for the company. Infosys is trading up 0.2% today.
The Reserve Bank of India (RBI) has issued a circular regarding the issue of withdrawal of all pre-2005 currency notes. The RBI has increased the deadline for exchanging such notes to Jan 1st 2015. The RBI in its Jan 23rd 2014 circular had asked the public to approach bank branches to exchange all pre-2005 notes after 31st March 2014. The RBI has said that this deadline is being extended after a review of the matter. The notes will continue to remain legal tender. After Jan 1st 2015, such notes will not be available for circulation. The RBI has requested co-operation from the public.