In overseas markets, Asian stocks were mixed today, 14 October 2016. Meanwhile, China's producer price index edged up 0.1% in September from a year earlier, reversing a 0.8% on-year drop in August, the National Bureau of Statistics said. US stocks finished in the red yesterday, 13 October 2016, as investors grew jittery following the Federal Reserve's latest meeting minutes as well as weak Chinese economic reports. The number of Americans filing for unemployment benefits held at a 43-year low last week, pointing to sustained labor market strength that could pave the way for the Federal Reserve to raise interest rates in December. Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 246,000 for the week ended 8 October 2016, the lowest reading since November 1973, the Labor Department said.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 911.53 crore yesterday, 13 October 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 679.49 crore yesterday, 13 October 2016, as per provisional data.
Among corporate news, IT major Infosys declares its Q2 September 2016 results today, 14 October 2016.
IT major TCS reported a 4.3% growth in its consolidated net profit at Rs 6586 crore on 0.1% decline in revenue to Rs 29284 crore in Q2 September 2016 over Q1 June 2016. The result was announced after market hours yesterday, 13 October 2016.
Commenting on the company's Q2 performance, CEO and MD, N Chandrasekaran said it has been an unusual Q2 for TCS. Growing uncertainties in the environment is creating caution among customers and resulted in holdbacks in discretionary spending this quarter, he said. In addition, volatility in markets like India and Latin America also muted revenue growth, he said. It has been a good quarter from a profitability perspective where despite multiple headwinds the company's disciplined approach and focus on operations has helped it deliver a strong margin performance, Chandrasekaran said.
Rajesh Gopinathan, Chief Financial Officer of TCS said that Q2 September 2016 has been a quarter of good financial performance with sequential improvement in profitability and strong cash generation despite multiple headwinds including global currency and market volatility through the quarter.
Karnataka Bank has fixed 25 October 2016 as record date for issue of shares on rights basis. The announcement was made after market hours yesterday, 13 October 2016.
Key benchmark indices suffered sharp losses yesterday, 13 October 2016, due to subdued index of industrial production (IIP) data for August 2016 and weak global stocks. The barometer index, the S&P BSE Sensex, lost 439.23 points or 1.56% to settle at 27,643.11. The Nifty 50 index fell 135.45 points or 1.56% to settle at 8,573.35.
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