Asian stock markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.23% while the Hang Seng is up 0.13%. The Shanghai Composite is trading up by 0.12%. US stocks closed lower on Thursday as Wall Street digested earnings from some of the top financial companies.
Back home, share markets in India have opened the day on a firm note. The BSE Sensex is trading higher by 136 points while the NSE Nifty is trading higher by 31 points. The BSE Mid Cap and BSE Small Cap index opened the day up by 0.2% & 0.4% respectively.
Barring FMCG stocks & power stocks, all sectoral indices have opened the day in green with stocks from metal sector and oil & gas sector leading the pack of gainers. The rupee is trading at 65.1 to the US$.
Information technology stocks have opened the day in green with only TCS witnessing selling pressure. TCS share price opened on a negative note after the company’s second-quarter profits dropped 2.2% year-on-year to Rs 64.5 billion. However, the revenues grew 4.3% to Rs 305.4 billion.
The revenue performance was in line with Street expectations, and was helped by improved business from clients, but profits were ahead of analysts’ estimates aided by better margins and other income.
TCS operating profit margins for the September quarter expanded 170 basis points on a sequential basis to 25.1%.
Further, digital revenues continued to increase and accounted for 19.7% of TCS’ overall revenues for the quarter. On a year-on-year basis, digital revenues grew 31%.
India’s most valued firm by market capitalization declared a dividend of Rs 7 per share as its revenues increased 4.3% to Rs 305.4 billion.
While the growth momentum in the second quarter was strong, the fact that the constant currency revenue grew at a slower pace of 1.7% sequentially compared with the reported pace of growth reflects weak demand scenario.
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