Stock markets in other parts of Asia ended the day on a mixed note with China closing marginally higher, while Japan and Hong Kong closed lower by about 0.4% and 0.5% respectively. The rupee was trading at Rs 60.49 to the dollar at the time of writing.
Stocks of information technology companies ended the day on a weak note with Wipro, HCL Technologies and Infosys leading the pack of losers. As per a leading business daily, Tata Consultancy Services (TCS) has won a multi-million deal from GDF Suez, one of global leaders in the energy sector. It is believed that the deal has been won by its newly integrated entity which came out of its acquisition of Alti SA in July 2013. The scope of work is to improve GDF's strategic objective in making its business efficient and more competitive in Europe and as well as other global region. TCS has been operating in France since 1992 and has over 50 clients that include several of the CAC 40 index companies. Though the financial details for the deal have not been disclosed, it is considered to be a landmark deal for the company in the region. The stock of TCS ended with marginal losses today.
Stocks of textile companies ended the day on a firm note led by Arvind Limited, Welspun India and Grasim Industries. As per a leading business daily, Arvind Limited is looking to expand its denims portfolio in the premium category as it has brought in the brand 'Calvin Klein' under its stable. The denim market in India is believed to have a size of Rs 65 bn and is expected to rise to Rs 130 bn by 2017. It is believed that the mid to premium denim category forms about 15% of the market, while the luxury segment contributed to about 16%. As reported by the Hindu Business Line, the unbranded segment forms about 58% of the overall market. This is a positive development for the company as it would allow it to expand its presence in the premium category of the segment. The stock of Arvind Limited closed higher by about 5.8% today.