IT shares are trading on a mixed note with HCL Tech and Wipro leading the gains while Moser-Baer India and Info Edge are leading the losses. According to a leading financial news medium, Wipro, the country's third-largest IT services exporter is planning to ramp up operations in its largest market, the US, by creating more local jobs and hiring Americans green-card holders and citizens for strategic roles. This move has been taken on account of slowing US economy and immigration issues. For 1QFY14, Wipro has generated 49.7% of its revenue from the US market, lower than its peers, TCS and Infosys. During the same period, TCS has got 54.1% of its revenue from the US while it has been 61.4% for Infosys.
On a consolidated basis, Wipro has registered a rise of 2.7% in its net profit after taxes, minority interest at Rs 16,233 m for the quarter ended June 2013 as compared to Rs 15,802 m for the same quarter in the previous year. Total income of the Company, on a consolidated basis, has increased by 6.1% at Rs 100,693 m for quarter ended June 2013 as compared to Rs 94,889 m for the quarter ended June 2012.
All except three auto shares, Escorts, Maruti Suzuki and Tube Investments are trading in red with Bajaj Auto and Force Motors facing the maximum selling pressures. Maruti Suzuki, the country's largest carmaker is planning to foray into the light commercial vehicles (LCV) segment in the coming two years. It has bagged its Board of Directors' approval for the project in the last week. These new LCVs will be for both domestic and export markets. The Company's engineers have started working on adapting the diesel engine (1.3L) that it has licensed from Fiat to be used in the proposed vehicle. The new LCVs will be pure goods carrier and will be available in both diesel and compressed natural gas variants. The new product will compete with LCVs already in the market such as Mahindra & Mahindra's Genio and Maxximo Plus, Tata Motors' Ace and Ashok Leyland's Dost.