Ajit Mishra Vice President, Research, Religare Broking:
Markets will first react to TCS numbers in early trade on Friday and then focus would shift to the Infosys results. Besides, the trade talks between the US and China will also remain on the participants’ radar. In short, we expect a volatile session thus we suggest focusing more on trade management and preferring index majors.
Rupee ends flat: Indian rupee ended flat at 71.06 per dollar against Wednesday's closing of 71.07, with domestic equity market ended lower on October 10.
Shrikant S. Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities:
Technically, the market has formed an “Inside body” formation that generally leads to a trending wave. On Friday, 11330 and 11090, would be major levels to watch out and we expect major activity beyond the same.
TCS Q2 misses estimates: Tata Consultancy Services (TCS) on October 10 reported a 1 percent sequential decline in the September quarter profit at Rs 8,042 crore, missing expectations.
Profit in the June quarter stood at Rs 8,131 crore. However, the year-on-year growth was 1.78 percent in bottomline.
GST panel formed for augmenting revenue collection: GST Secretariat has formed a panel to augment GST revenue collection as Finance Ministry had asked the Revenue Department for urgent measures to arrest falling GST collections, CNBC TV18 reported.
The Revenue Secretary will oversee the measures to be suggested by the committee and Central Joint Secretary and ADG level officers will be part of the committee. GST Council has asked other states to join the committee on a volunteer basis.
IndusInd Bank Sept quarter profit falls 3.4% QoQ, NII up 2.3%
IndusInd Bank reported a 3.4 percent sequential decline in September quarter profit, dented by higher provisions and slow net interest income growth. Profit during the quarter declined to Rs 1,383.37 crore compared to Rs 1,432.5 crore reported in June quarter while the year-on-year rise was 69 percent.
Net interest income, the difference between interest earned and interest expended, grew by 2.3 percent quarter-on-quarter (32 percent sequentially) to Rs 2,909.5 crore in Q2.
Not looking to increase stake in Indiabulls Real Estate: Embassy Group
Indiabulls Real Estate recently said its board of directors would consider a share buyback proposal on October 11, but the Embassy Group, a stake holder, has said it has no plans to increase its shareholding in the realty company.
"The share buyback by Indiabulls Real Estate is likely because of cash surplus in the company, but we are not looking at buying additional stake in company," Bengaluru-based Jitendra Virwani, Chairman and Managing Director of Embassy Group, told CNBC-TV18.
Tata global wholesales down 27% in September at 89,912 units
Homegrown auto major Tata Motors on Thursday reported 27 percent decline in its group global wholesales, including that of Jaguar Land Rover, in September at 89,912 units.
Global wholesales of all passenger vehicles in September were at 61,388 units, down 14 percent from the year-ago month, Tata Motors said in a regulatory filing.
The company said its British arm Jaguar Land Rover registered global wholesales of 53,091 units last month. Jaguar wholesales for the month were 13,800 units, while Land Rover wholesales were 39,291 units, it added.