SGX Nifty Zooms 290 Points, Infosys Q2 Results, TCS' New Collaboration with Microsoft, and Top Buzzing Stocks Today

Fri, 14 Oct Pre-Open

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On Thursday, Indian share markets continued their downtrend throughout the session and ended 0.6% lower.

The key benchmark indices BSE Sensex and NSE Nifty fell after data showed the country's retail inflation accelerated to a five-month high in September, stoking fears of further rate hikes by the central bank.

Nervousness among the traders was seen on expiry day as most indices lost ground ahead of key inflation data release from the US.

At the closing bell on Thursday, the BSE Sensex stood down by 391 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 109 points (down 0.6%).

HCL Technologies, Sun Pharma, and Coal India were among the top gainers.

Wipro, Adani Ports, and SBI, on the other hand, were among the top losers.

Broader markets ended on a negative note. The BSE Midcap index dived 0.7% and the BSE SmallCap index ended lower by 0.6%.

Sectoral indices ended on a mixed note with stocks in the healthcare sector, and metal sector, witnessing buying.

On the other hand, stocks from the realty sector, banking sector, and finance sector witnessed selling pressure.

Among the best banking stocks, Axis Bank and Kotak Bank fell 2% intraday.

Shares of Raymond, Sun Pharma, and, ZF Commercial hit their 52-week high on Thursday.

The rupee was trading at 82.4 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.3% at Rs 50,905 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:40 AM today, the SGX Nifty was trading up by 290 points, or 1.7% higher at 17,250 levels.

Indian share markets are headed for a gap-up opening today following the trend on SGX Nifty.

Speaking of stock markets, chartist Brijesh Bhatia does a complete analysis of today's market and what to expect today, in the video below.

Top Buzzing Stocks Today

Pennar Industries will be among the top buzzing stocks today.

The engineering products and solutions company Pennar Industries on Thursday bagged orders worth Rs 11.6 bn across its various business verticals.

Suven Life Sciences share price will also be in focus today.

The company on Thursday approved 1:2 rights issue and has fixed Tuesday, 18 October 2022 as the record date to determine the equity shareholders entitled to receive rights entitlements in the Rights Issue of the company.

TCS and Microsoft collaborate

TCS (Tata Consultancy Services) on Thursday inched a step closer to building an autonomous system. The company launched a new collaboration with Microsoft to build new AI-powered autonomous solutions.

This collab will further use Project Bonsai, a low-code, secure, and compliant AI platform, on Microsoft Azure Cloud. It will allow TCS to use the low-code platform to accelerate the development of these cutting-edge, autonomous solutions that can sense and respond in real-time, optimizing equipment and processes.

These solutions will aid both companies to modernize their manufacturing time and reduce downtime and material waste. It will provide multifold benefits, including less wastage, improved product quality and employee safety.

Through project Bonsai, TCS aims to Optimize manufacturing Yield, chemical processing, Logistic and supply chain, and energy management.

These AI-powered autonomous control solutions will help them better control complex and dynamic industrial processes in all four areas, reducing the load on human experts.

TCS has been one of the favourite stocks of investors because of the performance it has delivered since its listing.

L&T's Multiple Project Win

Larsen & Toubro's heavy engineering arm has won multiple projects for its various business segments in the second quarter of the ongoing financial year.

In the international market, L&T Heavy Engineering secured an order from a client in Singapore to supply reactors for renewable diesel production. This initiative will improve the company's assortment of environmentally friendly products.

A repeat contract for the supply of four similar coke drums for a refinery in Mexico was also obtained by the company. Also, the worldwide petrochemical major awarded the company two sizable critical tubular reactors for their project in China in the petrochemical sector.

Back in India, the company bagged multiple strategic orders for IOCL's (Indian Oil Corporations) Panipat P25 Project. This includes a unique reactor and the first high-pressure heat exchangers to be produced by any Indian heavy technical equipment manufacturer.

The agreement also covers the production of the LC Finning Cr-Mo-V Reactor and the Loop Reactor for the residual hydrocracker unit.

Giving a boost to the Atmanirbhar Bharat mission, these pieces of heavy engineering equipment are also a first-of-their-kind to be made by any Indian manufacturer.

Larsen & Toubro is an Indian multinational engaged in EPC projects, manufacturing, and services.

L&T has been an investor's favourite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.

Infosys Reports 11% YoY Growth in Q2 Net Profit

Infosys, India's second-largest information technology company, reported an 11.1% year-on-year (YoY) rise in net profit at Rs 60.2 bn for the quarter ended September on Thursday. It posted Rs 54.2 bn net profit in the same quarter last year.

Revenue for the September quarter grew 23.4% YoY to Rs 365.4 bn from Rs 296.1 bn a year ago. Revenues in constant currency terms grew by 18.8% year-on-year(YoY).

The digital revenues for the quarter were 61.8% of total revenues. It saw a growth of 31.2% YoY in constant currency.

However, the operating margin came in at 21.5%, registering a decline of 2.1% YoY due to the supply-side challenges.

This operating margin expanded by 150 basis points on a quarterly basis due to gradual easing in supply-side challenges and a reduction in attrition rates.

The total contract value for the quarter stood at US$2.7 bn, the highest in the last seven months.

The company also added 103 new clients in the September quarter totaling 1,779 clients. From these 4 clients were in the US$100 m client category.

The company's voluntary attrition reduced to 27.1% from 28.4% in the previous quarter.

Infosys has further raised its financial year 2023 revenue guidance to 15%-16% from 14%-16%.

It has also further announced a share buyback worth Rs 93 bn to reward the shareholders.

The board of Infosys have also further announced an interim dividend of Rs 16.5 per share. This is 10% higher than the previous year's dividend.

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

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