TCS, Tata Steel, Bharat Dynamics to be watched

Tata Consultancy Services (TCS) reported 2.57% fall in net profit to Rs 9008 crore on 3.9% rise in revenue to Rs 45,411 crore in Q1 June 2021 over Q4 March 2021.

Rajesh Gopinathan, Chief Executive Officer and Managing Director, said: Given the variants of the virus and fears of a potential third wave, we are watchful of the emerging situation and remain optimistic of the opportunities in our core markets and verticals. We are well positioned and operating diligently to participate in them aggressively.

Tata Steel said that ratings agency CARE has upgraded long term credit rating on the company to AA+ from AA and the outlook to Stable from Negative. The revision in rating and outlook assigned to the instruments of Tata Steel factors in the improvement in performance witnessed during FY21, sequentially from Q2-FY21 onwards, particularly in Indian operations, on the back of revival in demand and increased steel prices leading to substantial cash flow generation and sizeable deleveraging at the end of FY21 resulting in improvement in debt coverage indicators.

Bharat Dynamics has signed a contract worth about Rs.499 crore with Ministry of Defence for manufacture and supply of Akash Missiles to the Indian Air Force.

Jammu & Kashmir Bank said that the Reserve Bank of has imposed a penalty of Rs 1 crore on the bank, on account of contravention of directions contained in circulars on 'Lending to Non Banking Financial Companies (NBFCs) and Bank Finance to Non Banking Financial Companies (NBFCs)'.

Elgi Equipments' Wholly Owned Subsidiary in USA, 'Elgi Compressors USA Inc.' has formed a Joint Venture Company in USA by name 'Gentex Air Solutions, LLC.' as a North Carolina Limited Liability Company, along with James Gery and Diego Hernandez.

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