The benchmark indices traded with small losses in morning trade. The Nifty held above the 11,950 mark. At 10:21 IST, the barometer index, the S&P BSE Sensex, was down 55.71 points or 0.14% at 40,739.03. The Nifty 50 index lost 17.75 points or 0.15% at 11,953.30.
The benchmarks corrected after rising for past ten sessions. The Sensex gained 7.43% while the Nifty rose 6.67% in the past ten days.
The broader market was posiitve. The S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index added 0.41%.
The market breadth was strong. On the BSE, 1203 shares rose and 796 shares fell. A total of 138 shares were unchanged.
New Listing:
Shares of Likhitha Infrastructure were trading at Rs 136.60 at 10:21 IST on the BSE, a premium of 13.83% over the initial public offer (IPO) price of Rs 120.
The stock was listed at Rs 130.10, a premium of 8.42% to IPO price. So far, the stock hit a high of Rs 136.6 and low of 125. On the BSE, 2.11 lakh shares were traded on the counter.
The IPO of Likhitha Infrastructure was subscribed 8.43 times. The issue was open between 29 September to 7 October 2020. The price band was set at Rs 116-120.
Buzzing Segment:
The Nifty Realty index rose 1.49% to 217.90. The index has added 2.6% in two sessions.
Godrej Properties (up 4.03%), The Phoenix Mills (up 2.71%), Brigade Enterprises (up 2.25%), Sobha Developers (up 2.04%), Indiabulls RE (up 1.53%) and Sunteck Realty (up 1.47%) advanced.
Stocks in news:
Infosys shed 0.92% to Rs 1125.65. The IT major's consolidated net profit jumped 20.5% to Rs 4,845 crore on a 8.6% rise in revenues to Rs 24,570 crore in Q2 September 2020 over Q2 September 2019.
Sequentially, consolidated net profit rose 14.4% and revenue increased 3.8% in Q2 September 2020 (Q2FY21) over Q1 June 2020 (Q1FY21). Operating profit jumped 16.1% to 6,228 crore in Q2 FY21 over Q1 FY21. Operating margin stood at 25.3% in Q2 FY21, higher than 22.7% in Q1 FY21.
The company has revised FY21 growth guidance upward to 2% to 3% in constant currency term. Operating margin for FY21 is also revised upward in the range of 21% to 23%.
The company announced large deal wins worth $3.15 billion during the quarter. Infosys' Q2 revenue grew year-on-year by 3.2% in dollar terms and grew by 2.2% in constant currency. Digital revenues were at $1,568 million (47.3% of total revenues), year-on-year growth of 25.4% in constant currency.
Infosys declared an interim dividend of Rs 12 per equity share. It fixed 26 October 2020 as record date for interim dividend and 11 November 2020 as payment date.
Tata Elxsi rose 3.02% to Rs 1501 after the company's consolidated net profit jumped 58.4% to Rs 78.88 crore on 11.5% rise in net sales to Rs 430.18 crore in Q2 September 2020 over Q2 September 2019.
The company's revenue from the software development & services business segment stood at Rs 420.53 crore (up 12.7% YoY). The revenue from the system integration & support services segment was at Rs 9.65 crore (down 23.3% YoY) in the second quarter.
Manoj Raghavan, CEO and managing director, said: "We are going into the second half of FY21 with a strong deal pipeline across geos and verticals, and a significant number of large deals that we are pursuing. We are back to our pre-COVID momentum and expect this momentum to continue into H2 FY21."
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