Benchmark indices end marginally but at new closing highs on Thursday with Nifty
comfortably above the 10,650 levels led by blue chips like ICICI Bank and ONGC
Coal India rose to its highest in 10 months after the company raised prices of non-coking coal across all its units. It expects an incremental revenue of about Rs 19.56 billion ($308 million) for the rest of the current fiscal year.
Investors, however, remained wary as four senior sitting judges of the complain that Supreme Court as administration of the country's top court was not in order.
At a hurriedly called press conference at the residence of Justice J Chelameswar, the No 2 in the apex court hierarchy, they said it was with "no pleasure" that they had been compelled to make public what they were upset with.
"Hallmark of democracy is independent and fair judiciary. We tried to convince Chief Justice that things are not in order. Unfortunately, our attempts failed," said Justice Chelameswar. "It is s with no pleasure that we have been compelled to do this, administration of SC is not in order," he said. "
Sentiment was also affected ahead of Infosys earnings later today and the federal budget next month.
Globally, Asian stocks resumed their ascent on Friday, supported by US earnings optimism and a rise in oil prices while the euro edged higher as the European Central Bank signalled an end to its massive stimulus.
3:50 PM Infosys Q3
Infosys retains FY18 CC revenue growth guidance of 5.5-6.5%
3:45 PM Infosys Q3
Dollar revenue at $2755 million
3:44 PM Infosys Q3
PAT at Rs 51.29 billion
3:43 PM Infosys ends flat ahead of Q3 results
3:36 PM Sensex top gainers and losers
Markets at Close
The benchmark indices ended the day flat but at new closing highs on earnings optimism. The S&P BSE Sensex ended at 34,592, up 88 points while the broader Nifty50 index settled the day at 10,681, up 30 points
TCS bags $2 bn deal to transform Transamerica's insurance & annuities admin
Tata Consultancy Services (TCS) on Thursday announced that it has entered into an agreement with Transamerica, a leading provider of life insurance, retirement and investment solutions, to enable the transformation of administration of its US insurance and annuity business lines.
The partnership enables Transamerica to rapidly enhance its digital capabilities, simplify the service of more than 10 million policies into a single integrated modern platform, and drive greater sustainable growth opportunities through superior customer experiences. The multi-year agreement is worth more than $2 billion in revenues, and is expected to be completed by the second quarter of 2018. Read more
Logistics shares gain; Mahindra, Snowman, Future Supply hit 52-week high
Shares of logistics companies were in focus with trading higher by up to 10% in intra-day trade in otherwise range-bound market.
Mahindra Logistics, Tiger Logistics and Snowman Logistics up in the range of 8% to 9%, while Future Supply Chain Solutions, Patel Integrated Logistics, Blue Dart Express, Gati and Gateway Distriparks up between 1% and 3% on BSE. READ MORE
Budget bonanza: Govt likely to do away with dividend distribution tax
The finance ministry is likely to do away with the dividend distribution tax (DDT) in the upcoming Union Budget. Sources in the know have said there have been considerable discussions on the topic among various stakeholders.
At present, if a company gives dividend to its shareholders, it has to pay DDT of 20.36% (15% plus surcharge and cess).
Two stakeholders, who met Finance Minister Arun Jaitley and Finance Secretary Hasmukh Adhia separately for pre-Budget consultations, told Business Standard that the issue of DDT came up in the meetings that took place between industry representatives and Adhia. READ MORE
HT Media has reported a 36.1% growth in profit at Rs 1.24 billion for October-December quarter, compared to Rs 914 million in year-ago, driven by operational performance.
Revenue during the quarter declined 3.8% to Rs 6.25 billion from Rs 6.49 billion YoY while operating profit jumped 21.9% to Rs 1.34 billion and margin expanded to 21.53% from 17% YoY.