India's April-August Fiscal Deficit, TCS' Large Deal with MCX, and Buzzing Stocks Today

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Indian share markets ended on a negative note yesterday.

Benchmark indices suffered sharp losses for the third consecutive day amid weakness in Asian markets ahead of core sector data release.

At the closing bell yesterday , the BSE Sensex stood lower by 287 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 93 points (down 0.5%).

Bajaj Finserv and Bajaj Finance were among the top gainers.

Power Grid Corp and Asian Paints, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.3% and 0.6%, respectively.

Sectoral indices ended on a mixed note with stocks in the banking sector, metal sector and telecom sector witnessing most of the selling pressure.

Realty and consumer durables stocks, on the other hand, witnessed buying interest.

Shares of Canara Bank and Oil India hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 45,640 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock market, India's #1 trader, Vijay Bhambwani, shares how to pick the best hotel stocks, in his latest video for Fast Profits Daily.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Ashoka Buildcon.

Shares of Ashoka Buildcon rose over 2% on the exchanges in early trade yesterday after the company informed that it has acquired the balance 40% stake in Ashoka Bettadahalli Shivamogga Roads (ABSRPL).

The company bought 20,000 equity shares at Rs 10 each for an aggregate consideration of Rs 200,000.

The object of the acquisition is to consolidate the road infrastructure business of the company.

The company now holds 100% shares in ABSRPL, making it a wholly owned subsidiary of the company.

For the June 2021 quarter, Ashoka Buildcon reported a 6.7% year on year (YoY) increase in net profit at Rs 690 m.

The company had clocked a net profit of Rs 650 m for the year ago period.

However, the company's revenue fell to Rs 6.2 bn against Rs 9.1 bn in the June 2020 quarter as business operations were impacted due to the pandemic.

Emami share price will also be in focus today.

Emami has embarked on various distribution initiatives and rural expansion drive to boost growth in the current fiscal, its Chairman RS Agarwal said on Thursday.

Addressing shareholders at the company's annual general meeting, he said in the first quarter of the current financial year, the company continued to face market challenges due to the second wave from mid-April onwards.

To augment the current distribution strength, Emami outlined a clear strategy to drive growth aggressively in the rural market, he said, adding digitalisation of rural sales force was completed successfully last fiscal.

Emami has also decided to have a strong omnichannel presence beyond wholesale, with a focused growth in direct retail reach, modern trade, ecommerce and D2C channels.

Elaborating on the D2C ecommerce platform Zanducare has successfully garnered almost 10 m unique visitors and last year the offtake of Zandu Healthcare improved by 45%.

Tera Software Jumps 5% on Receiving Work Orders in Uttar Pradesh

Tera Software shares were locked at 5% upper circuit yesterday after the company received work orders worth Rs 4 bn.

Tera Software has got work orders worth Rs 4 bn from Dakshinanchal Vidyut Vitran Nigam (DVVNL) and Pashchimanchal Vidyut Vitran Nigam (PVVNL), the company said in the press release.

The company said it has signed agreements with DVVNL and PVVNL for the aforesaid work orders for door-to-door meter reading, on spot bill generation, bill distribution and bill collection in cluster-5 (Agra-1, Agra-2 and Aligarh distribution zones of DVVNL) and in cluster-1 (Meerut, Saharanpur and Noida distribution zones of PVVNL) for total 5.6 m consumers in the state of Uttar Pradesh.

The share touched a 52-week high of Rs 85 and a 52-week low of Rs 25.1 on 19 July 2021 and 6 October 2020, respectively.

TCS Wins Large Deal from MCX to Build New Trading Platform

Tata Consultancy Services (TCS) has won a large deal from the country's largest commodity exchange Multi Commodity Exchange (MCX) to build a new technology platform for trading as well as post-trade functions.

The project, dubbed Udaan, is among the largest and most complex projects that TCS is currently undertaking in India, bringing low-latency, high volumes and high resilience to the MCX platform, R Vivekanand, co-head of TCS Financial Solutions, told Economic Times in an interaction.

TCS will utilise the trading platform it helped develop for Deutsche Borse as well as its own BaNCS platform in the end-to-end system it is developing for MCX that is expected to go live sometime in the second half of next year, the company said.

MCX calls this project Udaan, and it's their most significant initiative in their new form.

Mr. Vivekanand added,

• We are replacing end-to-end all their systems - trading, clearing, market players, trading workstations, front ends for their entire commodities markets.
  
  We are looking at the second half of next year to go live. It's quite aggressive for a program of this complexity, but we are well on the way as we have a proven solution.

TCS said it is seeing increased business interest from large trading platforms globally, quantifying it as a breakthrough that they are seeing. The company said that it has won five such deals, where the value is in the multi-hundred millions of dollars, just in the last six months.

April-August Fiscal Deficit

India's fiscal deficit in the April-August period of 2021-22 stood at Rs 4.68 lakh crore, or 31.1% of the budgeted target for the whole year, government data showed on Thursday.

This means that in April-August last year, fiscal deficit had already crossed the budgeted target.

Net tax receipts were Rs 6.45 lakh crore while total expenditure was Rs 12.77 lakh crore.

The fiscal deficit for financial year 2021 was revised to Rs 18.49 lakh crore, or 9.5% of GDP, from a budget target of 7.96 lakh crore, or 3.5% of GDP.

We will keep you updated on the latest developments from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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