Indian markets open flat

Wed, 14 Oct 09:30 am

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Major Asian stock markets have opened the day on a negative note, with indices in Japan (down 1.9%) and Hong Kong (down 0.6%) witnessing maximum selling pressure. The major stock indices in Europe and US ended their previous session in red. The rupee is trading at 65.1 per US dollar.

Indian stock markets have opened the day on a flattish note. BSE Sensex is trading lower by 60 points (down 0.2%) and NSE-Nifty is trading lower by 21 points (down 0.3%). BSE Mid Cap and BSE Small Cap are trading marginally higher by 0.05% and 0.2% respectively. Major sectoral indices have opened the day on a mixed note with stocks from oil & gas and metals sector being the top gainers in the pack. However stocks from the automobile and information technology sector are the top losers in the pack.

The tussle between European Union (EU) and India over generic drugs does not seem to be ending. Just some time back, EU had imposed a ban on the sale of around 700 pharma products which were clinically tested by the GVK Biosciences. Now as per the latest development, the EU regulator has proposed new 'Trademark Rules'. These rules allows EU customs official to seize the goods in transit. The goods could be seized on the grounds of suspected trademark violations. India has opposed the proposed European 'Trademark rule' and the government has written to the EC regarding the same. According to an article in Livemint, the proposed legislation could come into force from the beginning of 2016. Reportedly, there have also been some occasions in past, where the EU authorities have seized the drugs at their ports. Such proposals will lead to loss of business, for the Indian generic companies from these countries.

India's leading software company, Tata Consultancy Service (TCS) has declared its September quarter results yesterday. The company's revenue grew by 5.8% on a QoQ basis to Rs 271.65 bn. The volumes were up by 4.9% on a QoQ basis. The dollar revenue grew by 3% to US$ 4.15 bn. In constant currency terms the revenues grew by 3.9%. The consolidated profit grew by 6.1% on a QoQ basis for the quarter.

TCS has stated that its overall order book in Q2 was the highest ever. Reportedly, company added 3 customers in $100 m+ bracket and 6 clients in $10m+ bracket during July-September quarter. There was a gross addition of 25186 employees during the quarter. The employee attrition rate for the last twelve months came in at 16.2% during the last twelve months.

Rahul Shah, Managing editor of The Microcap Millionaires, recently released an update of the company's results (subscription required) for the quarter ending September 2015.