Indian share markets open firm

Fri, 13 Jul 09:30 am

   Previous Close   

   Pre-Open   

   11:30 am   

   01:30 pm   

   Closing   

Asian equity markets have opened the day on a mixed note with markets in South Korea (up 1.1%) and Indonesia (up 0.7%) leading the gains in the region. However, markets in Taiwan (down 0.1%) and Malaysia (down 0.1%) are facing selling pressure. The Indian equity market indices have opened the day on a firm note. Stocks in the capital goods, banking and metal space are leading the pack of gainers.

The Sensex today is up by around 94 points (0.5%), while the NSE-Nifty is up by around 28 points (0.5%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.9% and 1.2% respectively. The rupee is trading at Rs 55.82 to the US dollar.

Information technology stocks have opened the day on a firm note with Tata Consultancy Services (TCS) and Computer Management Consulting Ltd (CMC) leading the pack of gainers. However, Infosys Ltd is trading in the red. India's leading software firm TCS has announced its financial results for the first quarter of the financial year 2012-2013 (1QFY13). Consolidated revenues increased by 12.1% quarter-on-quarter (QoQ) to Rs about 148.7 bn during the quarter. As per the company's CEO and Managing Director, the rise in the topline was driven by growth across all service lines and industry segments led by retail, telecom and banking, financial services and insurance. The company witnessed strong volumes in key markets of North America, Europe and the UK. At the bottomline level, TCS reported consolidated net profits of about Rs 33.2 bn, a rise of 11.9% QoQ. During the quarter, TCS added 29 new clients. During the same period, it added 13,831 (gross) and 4,962 (net) employees, taking its total headcount to 243,545.

As per a leading financial daily, Titan Industries, the leading retailer of watches, jewellery and eyewear, has spun off its third-party premium watch retailing arm Helios into a separate business unit. The main reason for the move is furthering its expansion plans. Titan retails close to 40 global premium and luxury lifestyle watches under the Helios brand. The business of Helios was developed nearly three years ago in a bid to grow the organised watches market in India. Helios retails watches such as Tommy Hilfiger, Tag Heuer, Pierre Cardin, Emporio Armani, DKNY, Fossil, FCUK and Espirit. During the financial year 2011-12 (FY12), Titan added 19 Helios stores and sales grew by almost four times. The company is aiming to double the number of such stores to 50. As per Titan, the size of the Indian watches market is about Rs 50 bn with volumes of 53 million units. The organised market accounts for about 23 million units. Of this, Titan has about 65% market share. The stock of Titan is trading in the green.