Asian stock markets have opened on a firm note with stock markets in Japan (up 1.3%) and Singapore (up 0.5%) leading the gains. Only stock market in Taiwan is trading marginally lower (down 0.01%). The Indian stock markets too have opened the day on a positive note. Barring stocks from FMCG sector, all the sectoral indices have opened in green with software and realty stocks witnessing maximum buying interest.
As per the financial daily, the long awaited Centre's proposed goods and services tax (GST) once again saw resistance from states in the recently held meeting. The States rejected the revised draft saying it does not address their concerns, particularly on entry tax and taxation of petroleum products. Reportedly, finance ministry officials claimed some breakthrough, and also added that they would try to present the Bill before Parliament in the current session. The GST roll-out has missed several deadlines due to lack of consensus among states and the center.
Majority of Software stocks have opened the day on a firm note, with Moser Baer India and Infosys being the leading gainers. As per a leading financial daily, Tata Consultancy Services (TCS), India's largest information-technology services player, is undergoing a restructuring exercise. As per the restructuring process, the workforce optimisation programme is expected to be over in February 2015. Reportedly, every vertical has been asked to identify senior staff that have not been very productive. Employees who have been put under the scanner are above the rank of consultant - senior consultant, principal consultant, vice-presidents, etc. Approx 25,000 employees with around 20 years experience fall in this category. They would be reviewed during the process which will get over by February 2015. Experts view this development as routine, since such events also takes place in other IT companies likes of Wipro and Infosys.