Sensex Opens Over 190 Points Up; TCS Down 3.2%

Fri, 11 Oct 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is flat while the Hang Seng is up 1.6%. The Nikkei 225 is trading up by 1%. US equities advanced amid a new round of trade talks between China and the US.

Back home, India share markets opened higher today. The BSE Sensex is trading up by 191 points while the NSE Nifty is trading up by 56 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.4% and 0.1% respectively.

Sectoral indices have opened the day on a mixed note with metal stocks and bank stocks witnessing maximum buying interest. IT stocks and telecom stocks are trading in red.

The rupee is currently trading at 70.98 against the US$.

In the news from IT sector. TCS share price is in focus today as the company reported its second quarter results.

TCS reported a 1.8% increase in its net profit to Rs 80.4 billion for the second quarter, a metric that may impact the company's target of achieving a double-digit growth this fiscal.

The rise in profit was below street expectations as the July-September quarter had historically been the strongest one for Indian IT services companies.

The slower pace of rise in profit was due to a drag in the BFSI and retail verticals and margin contraction.

The company's operating margin during the quarter fell by 20 basis points to 24%.

The profit was reported on a 5.8% growth in revenue to Rs 389.8 billion, with digital growing 27.9%, accounting for a third of the total revenue. Life sciences and healthcare grew 16% and communications and media at 11.8%. The rest of the verticals grew in single digits.

Among geographies, Europe and the UK contributed 16% and 13.3% of the growth while North America and Asia Pacific grew 5.3% and 6.5%, respectively.

Emerging markets showed steady growth, India (over 7.7%), MEA (over 7.3%) and Latin America (over 7.3%).

Moving on to the news from the economy. International rating agency Moody's Investors Service in its latest report has cut India's gross domestic product (GDP) growth forecast to 5.8% for the current fiscal year (FY20) from 6.8% in FY19.

But it expects GDP to pick up to 6.6% in FY21 and around 7% over the medium term.

The rating agency pointed that the drivers of the deceleration are multiple, mainly domestic factors and in part, long-lasting.

It attributed the deceleration to an investment-led slowdown that has broadened into consumption, driven by financial stress among rural households and weak job creation.

Moody's further said that prolonged softer growth will dampen prospects for the government's fiscal consolidation plans and hamper its ability to prevent a rise in the debt burden.

As per rating agency, given India's already weak fiscal position, this will weigh on the sovereign credit profile.

Amid the macroeconomic uncertainties clouding the investor sentiments, Tanushree Banerjee talks about the Rebirth of India phenomenon and how 3 specific trends are racing ahead even in these gloomy times...

Tune in...

Tanushree also talks about this super cycle that is set to accelerate her Rebirth of India call.

What is this super cycle?

Well, India has seen six capex super cycles in the seven decades of independence.

These were phases when public or private sector capex or both were well above GDP growth rates.

And the capex was instrumental in helping companies generate additional profits.

Capex Super Cycles Over Past Seven Decades

As you can see, such capex super cycles are rare. They work best when factory capacities are well utilised and companies undertaking capex have little debt.

Capex super cycles are usually initiated by the public-sector companies. They are soon topped up by the private sector.

Public private partnerships for capex have done wonders for core infrastructure sectors in the past. India's national highways and airports are prime examples of this.

Make no mistake. India has a bright future ahead of it. So, look out for such cycles.

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

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