TCS missed analysts' estimates for September-quarter profit, as India's No. 1 IT services exporter faced sluggish demand. Moody's Investors Service slashed its 2019-20 GDP growth forecast for India to 5.8 per cent from 6.2 per cent. Those were among the top headlines on Thursday.
TCS Q2 net up 1.8% at Rs 8,042 cr
Tata Consultancy Services (TCS) posted 1.8 per cent year-on-year (YoY) rise in its net profit at Rs 8,042 crore for the second quarter (July-September) of the financial year (FY20). Revenue in constant currency (CC) terms grew 8.4 per cent YoY while revenue in rupee terms came in at Rs 38,977 crore, up 5.8 per cent YoY.
Moody's bleak about India's GDP growth
Moody's Investors Service slashed its 2019-20 GDP growth forecast for India to 5.8 per cent from 6.2 per cent, saying the country's economy risked a pronounced slowdown.
Laws to reform cooperative banks
The government is considering amending laws to curb malpractices at cooperative banks, following allegations of fraud in Punjab and Maharashtra Co-operative Bank (PMC), Finance Minister Nirmala Sitharaman said.
Indiabulls Housing Finance plunges
Indiabulls Housing Finance Ltd. plunged Thursday, as the rebuff to its plan to merge with Lakshmi Vilas Bank Ltd. put a dent in hopes that shadow lenders could use such combinations to get better access to liquidity. Shares of Lakshmi Vilas hit an all-time low.
Piramal goes to SEBI
Piramal Enterprises said it has filed a complaint with markets regulator Sebi against "misleading rumours" about the company. Certain market participants are trying to create panic among stakeholders, it said in a regulatory filing.