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Thu, 19 Nov 09:30 am

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The major Asian stock markets have opened the day in green with stock markets in Singapore (up 1.1%) and Hong Kong (up 1%) being the top gainers. Major stock indices in Europe ended their previous session in red. However benchmark indices in US ended their previous session on an encouraging note. The rupee is trading at 66.11 per US dollar.

Indian stock markets too have opened the day on a positive note. BSE-Sensex is trading higher by 150 points (up 0.7%) and NSE-Nifty is trading higher by 43 points (up 0.6%). Both S&P BSE Midcap and S&P BSE Smallcap have surged upwards and are trading higher by 0.8% and 0.9% respectively. Major sectoral indices have opened the day on an encouraging note. Stocks from capital goods & engineering and fast moving consumer goods (FMCG) sector are witnessing maximum buying interest.

The government made certain important announcements to give a boost to their reform agenda. In one of the reforms, The National Highway Authority of India (NHAI) has been allowed to grant an extension of concession period to the developer. The extension can be granted, provided there is no fault of the developer. This move will benefit the infrastructure companies and benefit 34 stalled projects.

Till data, infrastructure projects went through multiple stages of examination by different ministries, departments and committees which caused delays. However, now a single window clearance mechanism is executed to provide quick approvals for the development projects.

Further, certain reforms were announced to boost the exports. An interest equalisation scheme is introduced. The scheme will enable the labour intensive and small scale sectors to avail themselves of loans from banks at a 3% lower rate for the purpose of exports. This will give a boost to exports of sectors like handicrafts, agriculture products, food processing ventures and also the small and medium enterprises that were not able to access foreign loans and were dependent on high cost domestic loan.

Further, Cabinet Committee on Economic Affairs approved the disinvestment of 10% stake in Coal India. Currently, government holds 78.65% stake in the firm. The stake sale will help the government to meet its Rs 695 bn divestment target for 2015-16. Reportedly, stake sale could fetch around Rs 211.3 bn.

As per an article in Livemint, Infosys, Wipro and Tata Consultancy Service (TCS) are facing contraction of business from their biggest clients.

Wal-Mart has delayed one of its projects and the brunt for the same is being faced by Infosys. Similar is the case for Wipro, where Cisco is looking for open source software than proprietary software. Further, Citibank too is outsourcing incremental technology work to its own captive centers, thereby limiting the growth for TCS.

The management of Wipro has stated that they expect business from the big clients to increase only from the third quarter of the next financial year. Reportedly, the delayed project from Walmart may impact Infosys quarterly revenues to the tune of more than 1%.

As a large chunk of the revenue growth comes from the largest client, business from them will be the key things to watch out for going forward.

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