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Sensex Opens Flat; IT Stocks Fall
Fri, 14 Oct 09:30 am

Asia markets traded mixed in early trade, after a weaker-than-expected Chinese trade data dragged global risk sentiment lower. Japan's Nikkei is up 0.07%, while the Hang Seng is up 0.55%. The Shanghai Composite is down by 0.53%.

Meanwhile, Indian stock markets have opened the day on a flat note. The BSE-Sensex is trading higher by 36 points and NSE-Nifty is trading lower by 2 points. Meanwhile, both S&P BSE Mid Cap and S&P BSE Small Cap are trading higher by 0.4% and 0.5% respectively. Barring IT sector, all the sectoral indices have opened in the green. Energy and Capital goods sector lead the gains. The rupee is trading at 66.68 against the US$.

Tata Consultancy Services (TCS) reported a muted topline growth for the quarter ended September 2016. TCS reported a consolidated profit of Rs 65.86 billion, a rise of 4.3% QoQ. Moreover, the firm reported an increase in operating margins at 26%, up 95 basis points sequentially. Gross margins also rose 80 basis points QoQ.

CEO & MD of TCS, said that Q2FY17 was an 'unusual' quarter for the firm as growing uncertainties in the environment were creating caution among customers, which resulted in holdbacks in discretionary spending.

The company reportedly added one new client in US$50 million-plus category and six others in US$20 million-plus category.

TCS also reported some softness in verticals such as retail, but other verticals such as utilities, life sciences and telecom did well. The company reported a negative surprise in India with orders worth Rs 1.8 billion being delayed to Q3FY17.

While the North America market grew 1.8% sequentially, UK revenues were flat in constant currency terms. TCS opened the day down by 0.4% on the BSE.

Moving on to news from stocks in the energy sector. According to an article in The Economic Times, oil production at ageing onshore fields of ONGC has marginally climbed in the first half of FY17. The oil production reverses a four-year declining trend that has mainly contributed to falling output at ONGC.

Onshore oil production rose 2% to 2.95 million metric tonne (MMT) in the six months to September. In the first half of 2015-16, the decline was 6.5%, while the average annual decline in the first half of the preceding four years was about 6%. The last time ONGC's onshore production expanded in the first half of the fiscal year was in 2011-12 when it grew 1.7% to 3.75 MMT.

The company is also working on introducing new production enhancement technologies to boost production.

In another development, according to an article in Livemint, ONGC and Hong Kong-listed United Energy Group Ltd. are among the bidders for Bangladesh natural gas assets being sold by Chevron Corp. The gas fields, which could fetch as much as US$2 billion, have also drawn interest from Brightoil Petroleum Holdings Ltd.

ONGC also recently inked a preliminary agreement to take an operating stake in Gujarat government firm Gujarat State Petroleum Corp (GSPC)'s KG basin gas block.

ONGC opened the trading day up by 1.5% on the BSE. The share price of ONGC has surged 30% in the last six months.

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Apr 25, 2017 (Close)

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