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After opening the day on a firm note, Indian stock markets surged in the post noon trading session. Sectoral indices are trading on a positive note with oil and gas and telecommunication sector being the biggest gainers.
The BSE-Sensex is trading up by 200 points. The NSE-Nifty is trading up by 60 points. Both, S&P BSE Midcap and S&P BSE Smallcap are trading higher by 0.8% and 0.7% respectively. The rupee is trading at 66.84 to the US dollar.
As per an article in leading financial daily, Wipro has issued a warning letter in relation to its revenue guidance. The letter states that the recent disruption owing to floods at its Chennai facility will have a material impact on its financials for the December quarter.
The company will incur high one-time costs towards deployment of their business continuity plan which will adversely impact the revenues. The impact of the floods will also affect the operating margins of the company. A similar announcement had been made by Tata Consultancy Services in the previous week.
Wipro is trading down by 0.5%.
As per an article in leading financial daily, National Thermal Power Corporation (NTPC) has received environmental clearance for one of its project in Telangana. The company has received the clearance for its thermal power plant of 1,600 MW. The company is also looking to set up another 4,000 MW thermal plant in Telengana.
The project requires an investment of Rs 8.34 billion for environmental protection measures. The coal requirement for the projects will be met through the Mandakini-B coal mine in Odisha.
Tanushree Banerjee (Research Analyst), Managing Editor of "StockSelect", recently released a detailed research report on National Thermal Power Corporation (Subscription required). In the note, Tanushree explains the current scenario of the power sector and how things can turnaround provided the new reforms are implemented effectively. Further, she also explains how NTPC will be the biggest beneficiary once the sector revives. If you are interested in the stock, then this is a must read!
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!