After opening firm, the gains in the benchmark Indian indices were mainly driven by modest recovery in rupee from its all time low yesterday. The key indices continued to gain ground in the past two hours of trade. All the sectoral indices are trading in the green except the realty index.
BSE-Sensex is trading up by 242 points and NSE-Nifty is trading up by 63 points. BSE Mid Cap is trading up by 0.68% and BSE Small Cap index is trading up by 0.60%. The rupee is trading at 67.8 to the US dollar at the time of writing.
Most of the retail stocks are trading positive today. Titan Industries and Provogue Ltd. are leading the gainers. Titan Industries has rechristened itself to Titan Company Ltd. The company also unveiled its new logo- Titan Star. After successfully venturing into watches, jewellery, eyewear and accessories; the company is set to make its foray into other accessories such as helmets and fragrances. The company plans to invest Rs 4 bn this fiscal in capex for product and capacity expansion in the current factories as well as setting up new factories. The stock of Titan is trading 2.7% up today.
IT stocks are trading mixed today. TCS is up 1.6% and HCL Tech is up 0.9%. On the other hand Wipro is down 0.7% and Infosys is down 0.8% today. In yet another high profile exit from the top management of Infosys, the company said on Wednesday that board member and global head of manufacturing and engineering services Ashok Vemuri, has resigned. He was with the firm for 14 years and will now join iGate as CEO. He will be replaced by Sanjay Jalona, currently the regional head for manufacturing in North America. Like other Indian IT firms, the North American market accounts for a major portion of Infosys' revenues. For the quarter ended June 2013, revenues from this market stood at Rs 11.3 bn (61.4% of revenues).
The development comes amid an organisational restructuring that co-founder and Chairman NR Narayana Murthy is now overseeing after he returned to revive the sagging fortunes of the company in June. Last week, Infosys Vice President and financial services head for the Americas Sudhir Chaturvedi had put in his papers. He has joined smaller rival NIIT Technologies as the Chief Operating Officer. In July, former global sales head of Infosys, Basab Pradhan, announced his decision to resign.