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Indian markets gain momentum
Mon, 2 Jun 11:30 am

After opening positive; the Indian indices have gained momentum in the last two hours of the trading session. All indices are trading in the green except Pharma and FMCG. Capital Goods, Banking and Energy stocks are leading the gainers.

The BSE-Sensex is trading up 280 points and the NSE-Nifty is trading up 84 points. The BSE Mid Cap index is trading up 1.5%, while the BSE Small Cap index is trading up 1.6% today. The rupee is trading at 59.11 to the US dollar.

Most software stocks are trading lower today. Wipro and HCL Tech are leading the losers. India's fifth largest software firm Tech Mahindra, has signed a multi-million dollar contract with a financial services firm in the U.K. The contract has been signed with Premium Credit, the number one insurance premium finance company in the U.K and Ireland. Tech Mahindra will provide front-end, back-end and office applications to Premium Credit. It will offer operational support and maintenance services, as well as development and implementation. The company was chosen over the competition because of its domain expertise as well as its strong local presence. The U.K is an important market for Tech Mahindra and the company has plans to rapidly scale up its operations in the country over the next few years. The tenure and the financial details of the contract were not disclosed. Tech Mahindra is trading up 0.3% today.

Media stocks are trading mixed today. Network 18 Media and Prime Focus are leading the gainers; while Inox Leisure and Navneet Education are leading the losers. Jagran Prakashan has declared its fourth quarter and annual results for FY14. The company's sales grew by 14.1% YoY to Rs 4.2 bn in 4QFY14. This was led by superior advertising growth of 17% YoY and yield improvement in general. The EBITDA was higher by 9.1% YoY. Profit after tax for the quarter increased by 43.3 % to Rs. 550 m. For FY14 as a whole, sales increased by 12.6% YoY. The operating profit increased by 27.5% YoY. The operating margin improved by 2.8% to 24% in FY14. Higher operating leverage during the year was a result of yield improvement. Jagran Prakashan is trading 0.9% up today.

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