Bharti Airtel was the biggest gainer in the Sensex pack, rising 1.63 per cent, followed by Tata Steel, ICICI Bank, Titan, Asian Paints and Ultratech Cements. On the other hand, M&M, NTPC, Tata Motors, TCS and PowerGrid were the major losers.
A sharp rise can be attributed to the significant changes in India's share buyback tax regime, which will come into effect from October 1, 2024.
Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.
TCS is tapping an emerging opportunity called IT modernisation, which potentially could be a growth driver for the entire IT services industry for the next two to three years, says Raghu Krishnan.
Revenue grew 5.1 per cent in the quarter under review to Rs 39,946 crore from Rs 38,010 crore in the corresponding period last fiscal.
Campus recruits can also aim to double the existing entry level package by proving their skills through the TCS national qualifier tests.
With a deployment of Rs 2,720 crore in July, MFs' total investment in HDFC Bank in calendar year 2024 (till now) surged to Rs 48,820 crore.
'Even last time, when I defeated Shatrughan Sinha, I did not take his name.'
This could fundamentally transform the industry that had been a major source of employment in countries like India and the Philippines.
Companies now require more than just academic marks; they seek students with internship experience or extra certification courses.
'It is not that employee work is not happening if you don't see it.'
Revenue of the Mumbai-based firm grew 6.7 per cent in the quarter under review to Rs 39,854 crore from Rs 37,338 crore in the corresponding period of the last fiscal.
TCS CEO and MD Rajesh Gopinathan said the company believes the coronavirus impact has "bottomed out" and that TCS should now start tracing its path to growth.
In the domestic m-cap ranking, TCS was at number one position followed by RIL, HDFC Bank (Rs 666,533.49 crore), HUL (Rs 400,325.83 crore) and HDFC (Rs 378,236.52 crore).
The buyback, at Rs 2,100 per equity share, entails up to 7.61 crore shares or 1.99 per cent of the total paid up equity share capital.
The candidates will be selected through a National Qualifier Test. The top 1,000 will be offered a much higher salary -- almost double of that being offered to peers.
TCS, which, plans to earn $1 bn in 3-7 years will explore segments such as cyber security, internet of things, analytics of IoT, and cloud application and infrastructure.
While TCS will see demand in the US and Europe, its local business is likely to be hit on poor IT spending.
Move to keep pace with tech landscape; senior employees might be affected
IndusInd Bank, L&T, ITC, HUL, Reliance Industries and Sun Pharma were among the gainers. On the other hand, HCL Tech, Axis Bank, Asian Paints, UltraTech Cement and Infosys were among the laggards.
The country's largest software exporter on Thursday reported an 8.2 per cent growth in net profit for the December quarter at Rs 11,735 crore. The company said its revenue for the reporting quarter grew 4 per cent to Rs 60,583 crore driven by strong double-digit growth in emerging markets, led by India.
Stock crashes 6.5%; top 5 firms lose Rs 33,883 crore in market cap
State-owned Life Insurance Corporation (LIC) announced on Monday that it had signed up tech giant Infosys to develop a next-generation digital platform that will act as the foundation for new high-value business applications, such as customer and sales super apps, portals, and digital branches. The financial terms of the deal remain undisclosed. The tie-up with Infosys is part of LIC's "long-drawn" strategy, said a senior executive of India's biggest insurer, who noted that the IT giant "won the bid to develop the next-generation platform through a request for proposal (RFP) process".
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
The buyback offer saw subscription of approximately 1.47 times the maximum number of equity shares proposed to be bought back
Shares of RIL on Monday opened at Rs 1,206.50, then gained further ground and touched its 52-week high level of Rs 1,238.05, up 2.87 per cent over its previous closing price.
In the second quarter, attrition for the IT firm hit an all-time low of 8.9 per cent, a fall of 120 basis points on quarter-on-quarter basis.
Among the Sensex pack, Tata Consultancy Services climbed nearly 7 per cent after the country's largest IT services player reported 8.7 per cent growth for the June quarter net profit at Rs 12,040 crore. Infosys, HCL Technologies, Tech Mahindra, Axis Bank, Reliance Industries, JSW Steel, Bajaj Finance and Larsen & Toubro were the other major gainers. Maruti, Asian Paints, Titan, Kotak Mahindra Bank, Bharti Airtel and ICICI Bank were among the laggards.
Among the Sensex pack, HCL Technologies, ICICI Bank, Tata Motors, Sun Pharmaceuticals, Tata Consultancy Services, Infosys, Kotak Mahindra Bank and Mahindra and Mahindra were the gainers. In contrast, HDFC Bank, Bajaj Finance, Larsen & Toubro, Tech Mahindra, UltraTech Cement and IndusInd Bank were among the laggards.
Despite lower growth scenario; companies say reworking strategy
TCS was recognised as a leader in all the categories, namely overall, efficiency, consulting, transformation and digital focus
Even after the recent developments at Infosys, both companies are expected to deliver similar revenue growth in FY17
Sectorally, metal, auto and IT stocks were leading gainers amid sustained foreign fund inflow.
IT major nears $100 bn m-cap, accounts for 61% of the group's combined valuation.
While the current headcount reduction has more to do with slowing demand, the rise of artificial intelligence will impact jobs in the future.
TCS is setting up a large BPO operation in Varanasi next year, some staff could be absorbed there
Partnership will ensure that Intel's chips sell better in systems that are used by large enterprises
Trading sentiment in the equity markets this week will be guided by global cues, Covid-19 trends and quarterly earnings by market heavyweight TCS, analysts said. Investors will also monitor movement of rupee and crude oil as well as progress of monsoon, they added.
Gopinathan is aware of the challenges and opportunities that lie ahead.
