BSE-Sensex is trading up by 65 points and NSE-Nifty is trading up by 19 points. The BSE Mid Cap index is trading up 1.2% and the BSE Small Cap index is trading up 0.9%. The Rupee is trading at 61.9 to the US Dollar.
Finance stocks are trading positive today. SREI Infra Finance and Prime Securities are leading the gainers. IDFC Ltd's 2QFY14 results have crossed street expectations. The company's consolidated operating income rose 5% YoY to Rs 8.9 bn. Its Net interest income (NII) grew 7% YoY to Rs 6.9 bn. The interest income from loans increased by 8% YoY to Rs 6.4bn. However, its treasury income declined by 5% YoY. The company's net interest margin (NIM) declined to 4.1% in 2QFY14 as compared to 4.4% last year on account of rising interest costs and slow growth in NII. Its capital adequacy ratio was about 24% at the end of 2QFY14 (Tier-1 ratio of 21.6%). Net non performing loans were 0.2 % of total loan dues. IDFC is trading higher by 4.5% today.
Most Information technology stocks (IT) are trading higher today. HCL Tech and Wipro are among the stocks leading the gainers. India's largest software firm Tata Consultancy services has announced a partnership with a leading Insurance rating agency in the US, the Workers Compensation Insurance Rating Bureau of California (WCIRB). The partnership aims to develop a new operating system for WCIRB called STAR. The operating system which looks to incorporate Big Data Analytics tools, would collate, analyse and audit large amounts of statistical data for the insurance industry. This program would be transformational in nature for WCIRB and TCS would have to complete it within a year. The financial details of the project were not disclosed by the company. TCS has been winning an increasing number of such large transformational deals in recent times which require significant technological skill and deep domain knowledge. In 2QFY14 the Banking, Financial Services and Insurance (BFSI) vertical contributed 43.1% of sales while the Healthcare vertical contributed 5.7% of sales for the company. TCS is trading flat today.