Sensex Opens in Green; TCS Gains 3.4% on Strong Q4 Result

Mon, 15 Apr 09:30 am

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Asian stock markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 1.5% while the Hang Seng is up 0.9%. The Shanghai Composite is trading up by 1.5%. US stocks climbed back to near record highs on Friday after the largest US bank, JPMorgan Chase & Co, soothed worries that the first-quarter earnings season would pour cold water on Wall Street's big rally back from last year's slump.

Back home, India share markets opened mildly higher. The BSE Sensex is trading up by 62 points while the NSE Nifty is trading up by 25 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.4%.

Except IT stocks, all sectoral indices have opened the day in green with metal, realty stocks and FMCG stocks leading the pack of gainers.

The rupee is currently trading at 69.18 against the US$.

After the dream bull market of 2017, 2018 turned out to be a wet blanket.

But since March 2019, the Indian markets have rallied sharply. As a result, India managed to outperform most of the other major economies during the second half of the financial year 2018-19 (H2: 2018-19).

The chart below shows the performance of the some of the major world economies during H2: 2018-19 in dollar terms.

Indian Stock Markets Outperform Most Peers

From October 2018 to March 2019, the BSE Sensex increased by 6.8% in rupee terms and 11.7% in dollar terms.

Brazil, Indonesia and China are the only other major economies that did better than India during this period.

Will the trend continue going forward? Let's wait and watch...

In the news from the IT sector. IT behemoths Tata Consultancy Services (TCS) and Infosys reported strong growth for the March quarter, clocking 2.4% and 2.1% sequential rises, respectively, in constant-currency revenue.

The performance underscores strong execution and strong order inflows. Infosys signed large deals of US$1.6 billion, taking the cumulative size of deals won to US$6.3 billion for the full year. This is twice that of FY18.

TCS also did well, bagging contracts of US$6.2 billion last quarter, higher than the US$5.9 billion of deals it secured in the December quarter.

Further, TCS's operating margin contracted for the second straight quarter. It softened 30 basis points from a year ago to 25.1% in the fourth quarter of FY19. A basis point is 0.01%.

The impact is more pronounced at Infosys, which is behind in digital investments. Its operating margin dropped 3.2 percentage points from a year ago, to 21.5%.

Infosys's 7.5-9.5% constant-currency revenue-growth guidance for FY20 implies no significant acceleration from the year gone by. Its constant-currency revenue grew 9% in FY19.

The company's guidance may be conservative given the backdrop of its strong order book and guidance revision during FY19.

Comparatively, key business segments at TCS have seen notable acceleration in growth rates from the year-ago quarter (Q4 of FY18).

TCS share price opened the day up by 3% while Infosys share price opened down by 3.8%.

Moving on to the news from pharma sector. As per an article in a leading financial daily, Dr Reddy's Laboratories has entered into an agreement to acquire a portfolio of 42 approved, non-marketed Abbreviated New Drug Applications in the US.

The portfolio includes more than 30 generic injectable products which will require to be technology transferred and could be launched in one or two years.

The value of total addressable market in 2018 for these products in the US was about US$645 million, the reports noted.

Reportedly, this transaction will help augment company's injectables product portfolio in the US market and globally.

To know more about the company, you can access to Dr. Reddy's Q3FY19 result analysis and Dr. Reddy's Stock Analysis on our website.

Dr. Reddy's share price opened up by 0.6%.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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