After opening the day flat share markets in India are trading on a positive note and are presently trading above the dotted line. Sectoral indices are trading on a mixed note, with stocks in the auto sector and stocks in the realty sector witnessing maximum buying interest.
The BSE Sensex is trading up by 680 points (up 2%) and the NSE Nifty is trading up by 213 points (up 2.1%). Meanwhile, the BSE Mid Cap index is trading up by 2.5%, while the BSE Small Cap index is trading up by 2.3%. The rupee is trading at 73.8 to the US$.
In news from stocks in the IT sector. TCS share price is in focus today after the company declared quarterly results.
India's largest software exporter Tata Consultancy Services (TCS) reported a 22.6% rise in its net profit for the quarter ended September 30 to Rs 79 billion, largely backed by the rupee depreciation and improved business sentiment.
TCS' second-quarter revenue rose 20% on YoY basis to Rs 368 billion. This is the first time in eight consecutive quarters that TCS has reported double-digit growth in revenues in constant currency terms.
Large client wins (in retail and banking sectors), especially in the over-US$100 million category, helped TCS grow rapidly during the quarter. Overall, It TCS saw client additions across all the key bands: four in the US$100 million and above band, seven in US$20 million and above, 10 in US$10 million and above band and 11 got added in the US$1 million and above category.
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Digital revenues grew 60% YoY. These accounted for 28% of the overall revenues in Q2, against 25% in Q1.
At the time of writing, TCS share price was trading down by 2%.
Speaking of IT stocks. The IT index seems to have weathered the storm in the Indian markets.
Here's what Kunal Thanvi, Research Analyst, had to say about IT stocks in a recent edition of the 5 Minute Wrapup:
Moving on to news from stocks in the banking sector. Yes Bank share price is in focus today after the bank appointed a third-party firm to help select its new CEO.
Yes bank appointed US-based headhunter Korn Ferry to assist an expert panel searching for a successor to outgoing MD and CEO Rana Kapoor.
The bank had invited a proposal from four global leadership advisory firms specialising in banking and finance sector to assist its five-member expert committee in identifying a new chief executive.
Kapoor, the founder and promoter of the bank, has been asked by the Reserve Bank of India (RBI) to step down after January 2019.
The Search and Selection Committee is headed by Independent Director Brahm Dutt.
Other members include Lt General Mukesh Sabharwal (Retd) -Independent Director, Subhash Chander Kalia, Non-Executive Non-Independent Director, T S Vijayan, former chairman of IRDAI and LIC and O P Bhatt, former chairman, SBI.
At the time of writing, Yes Bank share price was trading up by 3.1%.
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