Most of the large software stocks are trading in the green with HCL Infosys and NIIT being among major gainers whereas Wipro and Moser Baer are trading in the red. As per a leading financial daily, Tata Consultancy Services (TCS) has entered into an agreement with Tokyo-based Mitsubishi Corporation for the formation of a single IT services unit in Japan. As per the agreement, TCS Japan, Nippon TCS Solution Centre (NTSC) and IT Frontier Corporation (ITF), Mitsubishi's 100% IT subsidiary will merge as a single entity. TCS will have a 51% stake in the merged entity that will commence operations from July and is expected to clock revenues of $600 m per annum. This deal is likely to increase the company's scale and range of global capabilities to service corporations in the Japanese market. Titan stock is currently trading up by 1.4%.
Majority of the Retail stocks are trading mixed with Future Retail and Titan Industries being among major gainers whereas Kouton Retail and Provogue are trading in the red. As per a leading financial daily, Titan Industries is aiming to expand to 2.5 folds of its current size over the next five years. Therefore, the company is planning to foray into new segments such as women's wear, accessories and personal lifestyle products and double its retail presence to 2,000 stores by 2019. Titan has outlined a capital expenditure of Rs 10 bn as part of the five-year plan. Presently, jewellery divison is the biggest division contributing more than 60% of overall revenues. This is followed by eyewear, watches and accessories that account for 20% of sales share with the balance coming from precision engineering. TCS derives about 7.5% of its consolidated revenues from the Asia Pacific region. TCS stock is presently trading marginally up.