The market may open lower on weak Asian stocks. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 20 points at the opening bell.
HDFC Bank, Reliance Industries (RIL), ITC and Wipro announce Q3 results today, 17 January 2014.
Coal India turns ex-dividend today, 17 January 2014, for dividend of Rs 29 per share for the year ending March 2014. Before turning ex-dividend, the stock offered a dividend yield of 9.58% based on the closing price of Rs 302.70 on Thursday, 16 January 2014.
On a consolidated basis according to Indian GAAP, TCS' net profit rose 15.1% to Rs 5333 crore on 1.5% increase in revenue to Rs 21294 crore in Q3 December 2013 over Q2 September 2013.
Operating profit grew 0.5% to Rs 6337 crore in Q3 December 2013 over Q2 September 2013.
Operating margin was reported at 29.8% in Q3 December 2013.
Commenting on the Q3 performance, Chief Executive Officer and Managing Director, N Chandrasekaran said: "Strong international demand for our services and discipline in execution has helped TCS maintain its momentum and post robust growth in volumes as well as realisation. Our diversified market presence and services portfolio have helped us overcome seasonal weakness and soft demand in the Indian market."
Mr Chandrasekaran added: Based on initial discussions with our customers we believe 2014 will be a stronger year for us than 2013, as customers execute their business plans in a relatively stable environment. With Digital technologies rapidly changing the way an enterprise operates in multiple dimensions, our continuous investments positions us well to help customers reimagine their business.
Rajesh Gopinathan, Chief Financial Officer, said: We have been able to maintain our profitability by operating in a disciplined manner while sustaining our investments in customer-facing initiatives globally. We have also been able to significantly increase our cash generation due to efficient working capital management.
Growth in Q3 was driven by industries like Life Science & Healthcare, Manufacturing, Media, Travel & Hospitality and Telecom. The company's broad based presence across markets and services helped overcome seasonal weakness in some markets. Europe led growth, driven by the continuous investments being made in that market, while North America and UK also grew during the quarter. Among growth markets, Latin America, APAC and MEA registered strong growth. India business suffered from volatility and declined sequentially. Among service lines, Business Process Services, Enterprise Solutions, Global Consulting were the leaders.
A panel of ministers has approved sale of a 10% stake in Indian Oil Corporation (IOC) through a block deal on the stock exchanges, Oil Minister Veerappa Moily was quoted by media as saying on Thursday, 16 January 2014. State exploration firms ONGC and Oil India will buy the stake, Oil Secretary Vivek Rae was quoted as saying. The transaction is likely within the next week or so, Rae said.
Corporation Bank clarified that it signed an Memorandum of Understanding (MoU) with Geojit BNP Paribas Financial Services on 10 January 2014, to offer trading account facilities to its retail customers. This has been done consequent upon withdrawal of Trading account facilities by HSBC Invest Direct to retail customers of the bank.
The clarification was issued after a media report suggested that Corporation Bank signed pact with Geojit for integrated account.
The Reserve Bank of India's Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014. The RBI kept its main lending rate viz. the repo rate unchanged after its last policy review in December and said at that time that it expected inflation to ease in the following months.
Key benchmark indices edged lower in choppy trade on Thursday, 16 January 2014 as European stocks declined. The S&P BSE Sensex lost 24.31 points or 0.11% to settle at 21,265.18 on that day, its lowest closing level since 14 January 2014.
Foreign institutional investors (FIIs) bought shares worth a net Rs 479.28 crore on Thursday, 16 January 2014, as per provisional data from the stock exchanges.
Asian stocks fell on Friday as US bank earnings disappointed and investors waited for Chinese economic data due next week. Key benchmark indices in China, Indonesia, Singapore, Japan, South Korea and Taiwan were down 0.27% to 0.94%. Hong Kong's Hang Seng rose 0.14%.
US stocks fell on Thursday, with the Standard & Poor's 500 Index retreating from a record as bank earnings disappointed investors.
The 0.3% gain in the US consumer-price index was the biggest since June and followed no change the prior month, a Labor Department report showed. Prices rose 1.5% in 2013, the smallest calendar-year gain in three years. Fed Bank of Atlanta President Dennis Lockhart, who doesn't vote on monetary policy this year, said yesterday that he expects inflation that's been too low will accelerate toward the Fed's 2% target.
The Senate cleared for President Barack Obama's signature a bipartisan $1.1 trillion bill to finance the US government through Sept. 30, making a debt ceiling increase the next potential fiscal showdown. The Democratic-controlled Senate voted 72-26 in favor of the spending measure a day after the Republican-led House passed it, 359-67. The bipartisan cooperation marks a turnaround from the Tea Party-fueled discord that caused a 16-day partial government shutdown in October.
The Federal Open Market Committee (FOMC) holds a two-day monetary policy meeting on 28 and 29 January 2014. By a 9-to-1 vote, the Fed on 18 December 2013 decided to trim its asset-purchase program by $10 billion to $75 billion per month starting in January 2014.
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