With TCS kicking off the earnings season for the IT sector and WhatsApp complying with data localisation guidelines, here's what happened in the week gone by.
The IT sector kicked off earnings last week, even as data localisation continued to be a thorny issue with the finance industry.
Tata Consultancy Services (TCS) reported its second quarter numbers on October 11 with double digit revenue growth after two years. CEO Rajesh Gopinathan said the company is confident of retaining the same growth for the second half of the FY18-19.
Overall, in the September quarter, midcaps are expected to benefit more from the falling rupee given that they have greater exposure to the US market.
Further, the deadline issued by Reserve Bank of India’s (RBI's) to financial institutions to store data locally would end on October 15.
WhatsApp, which is testing its payment service in India said last week that it has developed a system to store data locally, a move that is likely to put pressure on companies like Google and Amazon to follow suit.
It will be interesting to see how the move pans out post Monday, given that several foreign and domestic players are looking at the payments platform as a means to drive growth in India.
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