Rupee extends losses, falls 8 paise against US dollar


Rupee extends losses, falls 8 paise against US dollar

Mumbai: The rupee extended morning losses and dropped 8 paise to 66.20 in against the American currency following sustained bouts of dollar demand from importers and banks amid higher dollar overseas.

The rupee opened lower at 66.16 from last Friday’s closing level at 66.12 per dollar at the interbank foreign exchange here. The domestic unit turned volatile and hovered between 66.23 and 66.14 during morning deals before once again quoting at its opening level of 66.20 at 1130Hrs. Continued foreign capital outflows from local equities and higher crude oil weighed on the rupee, a dealer said.

Meanwhile, the US dollar traded near a two-week high against a basket of major currencies in early Asian trade, bolstered by rising US bond yields, while easing concerns over global political risks weighed on the safe haven yen. The 30-share BSE Sensex trading higher by 109.13 points, or 0.32 per cent, at 34,524.71 at 1130Hrs.




TCS becomes first Indian company to hit USD 100 billion market capitalisation


TCS becomes first Indian company to hit USD 100 billion market capitalisation

New Delhi: Shares of Tata Consultancy Services (TCS) today surged over 4 per cent, following which the IT major became the first listed Indian company to hit market capitalisation of over USD 100 billion (Rs 6,80,912.10 crore).

Shares of the company today opened at Rs 3,429, rising 4.39 per cent to touch an intra-day high of Rs 3,557 on BSE. Following the uptick in the counter, the market capitalisation of the company swelled to Rs 6,80,912.10 crore. On NSE, the stock jumped 4.56 per cent to Rs 3,557.90. At the end of Friday’s trading session the the IT major commanded a m-cap which was Rs 7,917.08 crore, just short of the USD 100 billion milestone at Rs 6,52,082.92 crore.

The stock was the biggest gainer in both benchmark indices — BSE and NSE. The nation’s largest software exporter TCS on April 19 reported a 4.4 per cent rise in March quarter net profit at Rs 6,904 crore. The Tata group flagship, which contributes around 85 per cent of the group’s profit, reported a revenue growth of 8.2 per cent at Rs 32,075 crore for the three months to March. In dollar terms, the company had its highest revenue growth in 14 quarters at 11.7 per cent.


“With robust deal wins and green-shoots in banking, financial services and insurance (BFSI) sector, there is definite possibility of double-digit revenue growth. With growth acceleration, scale up in digital and support from currency, margins are ready for uptick as well, implying return of double-digit revenue/earnings growth after 3 years,” Edelweiss Research said in a note. It also announced a 1:1 bonus of shares and a dividend of Rs 29 a share, taking the total payout to shareholders at Rs 50 for the year. It has given out close to Rs 26,000 crore to the shareholders in dividends and bonuses in the year.




Sensex, Nifty turn choppy on mixed global cues


Sensex, Nifty turn choppy on mixed global cues

Mumbai: Domestic equities opened on a choppy note today tracking mixed cues from other Asian markets, ahead of F&O expiry later this week. The benchmark BSE Sensex, which had lost 11.71 points in the previous session on Friday, rose 78.11 points, only to turn negative within minutes of session opening. The 30-share index was trading 15.24 points, or 0.04 per cent, lower at 34,400.34, with metals and banking stocks leading the losses.

The NSE Nifty opened 28.75 points, or 0.27 per cent, higher at 10,592.80. Brokers said weakness in rupee and other Asian markets weighed on domestic equities, ahead of April futures and options (F&O) series this week. ICICI Bank, Bajaj Auto, Hero MotoCorp, Coal India and Tata Steel were among the top losers, falling up to 2 per cent. While, gainers included IndusInd Bank, Yes Bank, TCS, Bharti Airtel, L&T, M&M, Kotak Bank, Sun Pharma, HDFC, RIL, ONGC, NTPC, Bajaj Auto and Maruti Suzuki, rising up to 2 per cent.

HDFC shares climbed 1.17 per cent, to Rs 1,984, in early trade after it posted 20.3 per cent growth in its standalone net profit at Rs 4,799.3 crore for the quarter ended on March 31, 2018, compared to a year ago period. Standalone total income for the quarter ended March 31, 2018 was Rs 25,549.7 crore, up from Rs 21 ,560.7 crore for the quarter ended on March 31, 2017, HDFC said in a statement Saturday.

On a net basis, domestic institutional investors (DIIs) bought shares worth a net Rs 111.01 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 21.02 crore on Friday, per provisional data showed. Globally, Hong Kong’s Hang Seng fell 0.23 per cent, Japan’s Nikkei was down 0.34 per cent, while Shanghai Composite Index gained 0.14 per cent. The US Dow Jones Industrial Average had ended 0.82 per cent lower in Friday’s trade.




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