The market is likely to open higher on positive Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 20 points at the opening bell. Shares of TCS will react to its Q1 June result which was declared after market hours yesterday, 9 July 2015. Asian stocks edged higher today, 10 July 2015 as Chinese equities rebounded a second day and Greece submitted a bailout plan, easing concern that the two countries' crises could infect global markets. Among macro-economic data, India's Index of Industrial Production (IIP) data for the month of May is due today, 10 July 2015.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 254.10 crore yesterday, 9 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 79.08 crore yesterday, 9 July 2015, as per provisional data.
On a consolidated basis, TCS' net profit rose 53.1% to Rs 5684 crore on 6% increase in revenue at Rs 25668 crore in Q1 June 2015 over Q4 March 2015. Operating income grew 76.5% to Rs 6724 crore in Q1 June 2015 over Q4 March 2015.
During the quarter, TCS posted the incremental revenues of $136 million driven by strong growth across core markets led by North America, UK, Europe, MEA and Asia Pacific. Growth among industry segments was led by retail, life sciences, BFSI and telecom. Asset-leveraged solutions led the growth among service lines followed by infrastructure, assurance and BPS.
Commenting on the Q1 performance, CEO and MD, N Chandrasekaran said: "Demand from our core markets like North America and greater traction for 'Digital' solutions in key verticals like Financial Services, Retail and Life-Sciences has driven volumes and growth in Q1. Our significant investments in IP and platforms, digital capabilities and our execution track record gives us a firm foundation to capture growth in the current financial year."
Chandrasekaran added: "Given the strong pipeline and market adoption of digital across industries, we are investing to train over 100,000 professionals this year in all relevant technologies."
Rajesh Gopinathan, Chief Financial Officer, said: "Our disciplined approach to all aspect of operations have helped maintain operating margins within our stated range despite hedging volatility and the impact of our annual cycle of salary hikes and promotions. We continue to focus on optimizing our cash conversion ratios and investing in people and technologies ahead of our business needs."
Wipro announced after market hours yesterday, 9 July 2015, that Wipro Digital, its digital business unit, intends to acquire Designit, an award winning and global strategic design firm specializing in designing transformative product-service experiences. This investment marks a further stage in Wipro's move to evolve the digital offer it takes to market, combining its reputation and heritage in deep engineering and transformative technology with human centered-design methods.
Designit's capabilities and proven record in strategic design, user experience (UX), interaction design (IxD) and product innovation result in meaningful product-service experiences that help people live smarter, healthier and more productive lives. Designit's expertise in experience-driven design complements Wipro Digital's capabilities in technology, digital strategy, design, and digital architecture. Together, the two organizations become a comprehensive and scalable global digital transformation partner for the entire C-suite, helping to improve customer experience while radically digitizing business operations, Wipro said in a statement.
Infosys said it will offer the Finacle suite of software solutions on Verizon Cloud. The fully integrated Finacle Core and Digital banking solutions, currently serving over 547 million consumers worldwide, are now available in a Software-as-a-Service (SaaS) model for community financial institutions in the US. The announcement was made after market hours yesterday, 9 July 2015.
The Finacle solutions provide a single real-time view of customers, members, products and transactions and enable the creation of bespoke services for customers. These help banks and credit unions to enhance operational efficiency, accelerate speed-to-market for new offerings, and reduce time and cost of compliance. The new SaaS offerings of Finacle will empower financial institutions to deliver a multichannel experience to customers, without major capital investment and with greater flexibility and ease, Infosys said in a statement.
Maruti Suzuki India said its bestseller Celerio clocked sale of over 1 lakh units. Launched at Delhi Auto Expo 2014, Celerio is credited with introducing Auto Gear Shift Technology in the Indian automobile industry. By offering the convenience of automatic transmission at an affordable cost and with fuel efficiency at par with manual transmission, Celerio has delighted customers by fulfilling a latent need. Sensing the customer need, Maruti Suzuki introduced the Celerio Diesel in June 2015, the company said in a statement. The announcement was made after market hours yesterday, 9 July 2015.
Cipla announced after market hours yesterday, 9 July 2015, that its board approved divestment of its consumer healthcare business to a wholly-owned subsidiary (proposed to be incorporated) on a going-concern basis by way of a slump sale for a consideration of Rs 10.5 crore.
The aforesaid divestment would enable the company to participate in the attractive & growing over-the-counter ("OTC") market. This business requires a specialised FMCG kind of focus. A separate subsidiary would enable the company to attract right talent and provide the focus and attention required for this business, Cipla said in a statement.
The amount and percentage of the turnover contributed by the OTC division of the company, during the last financial year 2014-15 was Rs 34.88 crore or approximately 0.3% of the Total Income (Audited Consolidated) of the company for fiscal year (FY) 2014-2015. The net worth of OTC division of the company as on 31 March 2015 was Rs 6.45 crore contributing 0.06% of the net worth of the company. The sale agreement is yet to be finalized. The transaction is expected to be completed in the third quarter of FY 2015-2016, subject to receipt of necessary approvals.
None of the persons belonging to Promoter / Promoter Group(s) of the company has any interest in the transaction. The transaction is a related party transaction and it is being done on an arm's length basis, Cipla said.
Tata Steel's crude steel production rose 0.5% to 2.35 million tonnes in Q1 June 2015 over Q1 June 2014. Tata Steel's production of hot metal rose 2.4% to 2.59 million tonnes in Q1 June 2015 over Q1 June 2014. The company made announcement after market hours yesterday, 9 July 2015.
Aurobindo Pharma said that the shareholders at the extraordinary general meeting of the company held on 9 July 2015 approved issue of one bonus equity share for every one equity share held in the company as on the record date. The announcement was made after market hours yesterday, 9 July 2015.
Among macro-economic data, India's Index of Industrial Production (IIP) data for the month of May is due today, 10 July 2015. IIP rose at an accelerated pace of 4.1% in April 2015 over a year ago compared with the revised growth of 2.5% in March 2015.
Asian stocks edged higher today, 10 July 2015 as Chinese equities rebounded a second day and Greece submitted a bailout plan, easing concern that the two countries' crises could infect global markets. Key benchmark indices in China, Singapore, Hong Kong, Japan, Indonesia and South Korea rose by 0.28% to 6.72%.
US stocks closed with modestly gains yesterday, 9 July 2015 as Chinese equities rebounded the most since 2009, easing concern over economic growth. Shares pared an early rally as Greece approached a deadline for securing a bailout.
Investors will get further clues on the Fed's outlook when Chair Janet Yellen speaks today, 10 July 2015. Fed officials in June forecast they would raise rates twice this year, signaling that September is the most likely month for liftoff, while lowering their outlook for subsequent increases.
In Europe, the government of Greek Prime Minister Alexis Tsipras sought a three-year bailout loan of at least 53.5 billion euros ($59.2 billion), in a last-ditch effort to keep the country in the euro. In exchange, it offered a package of reforms and spending cuts, including pension savings and tax increases, similar to the one presented by creditors last month. The proposal was submitted to European institutions late yesterday, 9 July 2015 and will be presented to the Greek Parliament today, 10 July 2015. It is set to be discussed at a summit of European Union leaders on Sunday, 12 July 2015 to determine whether Greece gets a new bailout, or be forced to leave the single currency.
Greece offered measures that almost mirrored a proposal from creditors on 26 June 2015, which was rejected by voters in a 5 July 2015 referendum. In return, it asked for its long-term debt to be made more manageable to allow it to rebound from a crisis that has erased a quarter of its economy.
Meanwhile, the International Monetary Fund yesterday, 9 July 2015 cut its forecast for global growth this year, citing a weaker first quarter in the US and expressed confidence financial-market turbulence from China to Greece won't cause widespread damage.
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