The country’s largest IT services company saw its consolidated net profit expand 6.8 per cent sequentially to Rs 9,624 crore in the September quarter even as revenues grew at a healthy tick of 3.2 per cent.
The government announced the framework for the implementation of Market-based Economic Despatch – Phase 1, a new set of reforms that will nudge the power sector away from power purchase agreements towards market-based price formation.
“The positive upswing for Air India is that we will see Air India first take back whatever it has lost over the last 40 to 50 years -- the routes in Africa, taking full advantage of bilateral, taking full advantage of flights and routes over Southeast Asia, Australia, the Pacific and Latin America. â€
Chambal Fertilizers was in focus of investors after its inclusion in F&O contracts from the next series. The Rakesh Jhunjhunwalal-backed Nazara Technologies also rallied, whereas Piramal Enterprises tanked after the announcement of demerger of its pharma businesses.
The Dow Jones Industrial Average rose 2.63 points, or 0.01 per cent, at the open to 34,757.57.
In the international market, gold was trading higher at USD 1,755 per ounce and silver was flat at USD 22.47 per ounce.
Business updates for many Nifty50 companies suggest strong growth ahead. For example, Titan said its standalone sales grew 78 per cent in the September quarter and it added 45 stores across segments to take the store count to 1,846.
Nifty50 has been consolidating in the past couple of weeks and is currently trading near the upper end of the range.
Nifty50 formed a bullish candle on the weekly chart and has been forming higher lows from 10 weeks in a row.
The country’s largest IT services company by market capitalization also reported 16.8 per cent year-on-year growth in consolidated revenue from operations to Rs. 46,867 crore, which was slightly below Street’s expectations.
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