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Indian equity markets remain in red
Fri, 31 May 11:30 am

Indian equity markets have remained weak during the previous two hours of trade. Barring the IT sector, all other sectors are trading in red.

The BSE-Sensex is down by 235 points and NSE-Nifty is down by 80 points. BSE Mid Cap index and BSE Small Cap index are both trading lower by 0.4%. The rupee is trading at 56.53 to the US dollar.

power shares are trading on a mixed note with Tata Power and CESC Ltd leading the gains while Reliance Infra and Jaiprakash Power are leading the losses. Tata Power has reported its results for the fourth quarter and year ended March 2013. The company has recorded a net profit of Rs 1.8 bn for the quarter ended March 2013, against a net loss of Rs 6.3 bn in the corresponding period last year. The company's fourth quarter revenue has risen by 25 per cent to Rs 90.3 bn on a year-on-year basis. For the full financial year, 2013, the company has reported a consolidated loss of Rs 854 m, against a net loss of Rs 11 bn in 2011-12, as provisioning related to the Mundra ultra mega power project (UMPP) has fallen sharply. Revenue for the year has risen by 27 per cent to Rs 330.3 bn, owing to additional sales from the Mundra UMPP and higher volume traded at Tata Power Trading.

Software shares are trading on a mixed note with HCL Tech and Infosys Ltd leading the gains while CMC Ltd and Info Edge are leading the losses. Tata Consultancy Services (TCS), a leading IT services, business solutions and outsourcing firm, is reportedly foraying into the government vertical in the US. The company has already made some headway into the city taxation space in the US through which cities collect taxes on behalf of the federal, state and local governments and is currently implementing tax automation systems in seven cities across the US. Besides India, the company has also worked with a few countries in East Africa, including Uganda, Zambia and Kenya, in automating their taxation systems. Although this business unit has up till now been a single-digit contributor to company's overall revenues, the company aims to turn this unit to a double-digit revenue contributor in the next three years. TCS's share is trading up by 0.1%.

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Feb 23, 2018 03:35 PM