IT stocks will be watched after global rival Cognizant Technology Solutions Corp's Q1 March 2014 earnings and guidance disappointed.
Cognizant matched its revenue growth forecast of $2.42 billion in Q1 March 2014 and maintained its annual sales guidance, but it fell short of expectations from analysts who anticipated stronger topline expansion.
In the March quarter, Cognizant reported a net profit of $348.90 million compared with $284.20 million a year ago. Revenue climbed 19.9% to $2.42 billion. Profit was up 7.6% from the preceding quarter.
Multi Commodity Exchange of India (MCX) and Financial Technologies (India) (FTIL) will be on traders' radar after the chairman of FTIL, Jignesh Shah, was arrested on Wednesday, 7 May 2014, as part of an investigation of fraud at a commodity exchange owned by the bourse operator.
Shares of IDFC will be watched after the Reserve Bank of India (RBI) on Wednesday, 7 May 2014, notified that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 52.25% of the paid up capital of IDFC under the Portfolio Investment Scheme (PIS). IDFC has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for decreasing the limit for the purchase of its equity shares and convertible debentures by FIIs. Further the Reserve Bank notified that IDFC will remain included in the ban list for FIIs.
Syndicate Bank said its board has approved to raise equity capital of Rs 1500 crore, including premium to be decided as per the guidelines, by way of qualified institutional placement (domestic & foreign financial institutions)/rights issue /follow on public /or any other mode approved by Reserve Bank of India/Government of India, at an appropriate time. The board also approved to raise Basel III Complaint Tier II Capital requirements upto Rs 1150 crore, as per eligibility at an appropriate time.
Glenmark Pharmaceuticals and Union Bank of India will announce their January-March 2014 quarter results on Thursday, 8 May 2014.
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Net profit of Procter & Gamble Hygiene and Health Care rose 55.04% to Rs 80.76 crore in the quarter ended March 2014 as against Rs 52.09 crore during the previous quarter ended March 2013. Sales rose 20.09% to Rs 500.35 crore in the quarter ended March 2014 as against Rs 416.63 crore during the previous quarter ended March 2013.
Net profit of Brigade Enterprises rose 73.42% to Rs 49.25 crore in the quarter ended March 2014 as against Rs 28.40 crore during the previous quarter ended March 2013. Sales rose 27.81% to Rs 345.11 crore in the quarter ended March 2014 as against Rs 270.01 crore during the previous quarter ended March 2013.
Net profit of Paper Products rose 9.22% to Rs 16.47 crore in the quarter ended March 2014 as against Rs 15.08 crore during the previous quarter ended March 2013. Sales rose 14.22% to Rs 268.60 crore in the quarter ended March 2014 as against Rs 235.16 crore during the previous quarter ended March 2013.
Net profit of GIC Housing Finance rose 49.55% to Rs 24.90 crore in the quarter ended March 2014 as against Rs 16.65 crore during the previous quarter ended March 2013. Operating income rose 12.4% to Rs 164.09 crore in the quarter ended March 2014 as against Rs 146.03 crore during the previous quarter ended March 2013.
OnMobile Global said that Mr. Chandramouli Janakiraman has stepped down as MD and CEO of the company.
Simplex Projects said it has received an approval from the Government of Libya for resumption of its project for construction of 2000 housing units, service buildings and related infrastructure at Ghira, Shabiyat of Ashati, Libya which was stalled due to political unrest in Libya since February 2011. In view of the revised agreement the project is to be completed within a period of 900 days from the date of initial payment of outstanding dues.
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