In overnight trade on Wall Street, the S&P 500 and Dow Jones industrial average ended lower. The Dow Jones Industrial Average fell 0.16 per cent, the S&P 500 lost 0.02 per cent, and the Nasdaq Composite dropped 0.36 per cent.
Asian stock markets were trading mostly higher, with Japan’s Nikkei rising nearly one per cent. Topix index gained over half a per cent and South Korea’s Kospi advanced 0.7 per cent.
TCS on Monday reported a strong set of numbers for the March quarter announcing order wins worth a stupendous $9.2 billion. Revenues in constant currency terms rose 4.2% sequentially to Rs 43,705 crore while margins expanded by 20 basis points to 26.8%, despite wage hikes. The software services major reported an ebit of Rs 11,734 crore ebit while net profits came in at Rs 9,246 crore, slightly lower than estimates. Free cash flows at the end of March stood at Rs 37,968 crore.
Domestic stock markets witnessed a bloodbath on Monday, as benchmark indices tanked over 3% each. S&P BSE Sensex now sits at 47,883 while the Nifty 50 index settled at 14,310. On Tuesday morning, SGX Nifty was up in the green, hinting at a flat to positive opening as markets might look to recoup some of yesterday’s losses. NASDAQ, Dow Jones, and S&P 500 all closed with losses on Monday but Asian markets were not mirroring that trend on Tuesday morning. On the charts, Nifty has reversed its short-term positive trend with yesterday’s fall.
Contraction in industrial output widened to 3.6% year-on-year in February from 1.6% in the previous month, while retail inflation in March scaled a four-month peak of 5.52%, according to official data released on Monday. This will add to the woes of policymakers and complicate the task of the central bank at a time when risks to economic growth from a second wave of Covid-19 cases mount, amid fears of further lockdowns in key states like Maharashtra.
IT major Tata Consultancy Services (TCS) today announced that its Board of Directors has recommended a final dividend of Rs 15 per share, subject to shareholder approval. Earlier the company has handed interim dividends of Rs 5 per share, Rs 12 per share, and Rs 6 per share in the previous three quarters. The total dividend given by TCS in the previous financial year now stands at Rs 38 per share.