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Tata Consultancy Services has expanded its partnership with Rolls-Royce, a British multinational specializing in civil aerospace, defence aerospace, services and power systems, to advance its sustainable initiatives. This collaboration involves research into hydrogen fuel system technology, continuing to prove hydrogen could be a zero-carbon aviation fuel of the future.
TCS, leveraging its expertise as a trusted service provider, will provide engineering skills and support to RollsRoyce as it addresses three key challenges in the journey to enabling hydrogen for use in aviation: fuel combustion, fuel delivery, and fuel systems integration with an engine. All elements must be confirmed to operate safely.
This partnership underscores TCS's commitment to driving sustainable transformation across industries, aligning with its broader mission to harness technology for positive societal impact. The International Air Transport Association (IATA) has set ambitious targets for net zero carbon emissions by 2050, necessitating innovative sustainability solutions.
At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 281.81 points or 0.35% to 80,178.19. The Nifty 50 index added 114.90 points or 0.47% to 24,424.55.
In the broader market, the S&P BSE Mid-Cap index rose 0.61% and the S&P BSE Small-Cap index added 0.41%. The S&P BSE MId-Cap index hit an all-time high at 47,858.24.
The market breadth was strong. On the BSE, 1,901 shares rose and 821 shares fell. A total of 118 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,137.01 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,676.47 crore in the Indian equity market on 11 July 2024, provisional data showed.
Stocks in Spotlight:
Tata Consultancy Services (TCS) added 2.45%. The company’s consolidated net profit declined 3.17% to Rs 12,040 crore in Q1 FY25 as against Rs 12,434 crore reported in Q4 FY24. Revenue from operations grew by 2.25% quarter on quarter (QoQ) to Rs 62,613 crore in Q1 FY25.
Anand Rathi Wealth rose 0.56%. The company reported 38% increase in consolidated net profit to Rs 73.4 crore in Q1 FY25 as compared with Rs 53.2 crore in Q1 FY24. Total Income jumped 38% to Rs 245.4 crore in the quarter ended 31 June 2024 as compared with Rs 178.4 crore posted in the corresponding quarter last year.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was down 0.10% to 6.975 as compared with previous close 6.982.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.5250, compared with its close of 83.5300 during the previous trading session.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 104.49.
The United States 10-year bond yield added 0.72% to 4.220.
In the commodities market, Brent crude for September 2024 settlement added 22 cents or 0.26% to $85.62 a barrel.
Global Markets:
Asian stocks traded mixed on Friday, with technology-heavy indexes plunging as investors cashed in on recent gains.
Regional markets largely mirrored the previous day's sell-off on Wall Street, where heavyweight technology stocks, especially chipmakers and AI-related companies, faced significant profit-taking pressure. The Nasdaq Composite index plummeted nearly 2%.
The decline in equities coincided with softer-than-expected US consumer price index data for June, which fueled expectations of potential Federal Reserve interest rate cuts as early as September. Investors shifted their focus to economically sensitive sectors poised to benefit from lower borrowing costs.
While the Dow Jones Industrial Average edged up 0.1%, the broad-based S&P 500 fell 0.9%. The tech-heavy Nasdaq Composite Index ended a seven-day winning streak with a 2% drop.
US Consumer Price Index (CPI) rose 3% year-over-year, down from 3.3% in May. The annual core CPI, excluding volatile food and energy prices, increased by 3.3%, slowing from the previous month's 3.4%. On a monthly basis, overall CPI dipped 0.1%, while core CPI edged up 0.1%.
Upcoming results : HCL Technologies, Indian Renewable Energy Development Agency (IREDA), 5Paisa Capital, Oreintal Hotels.
Tata Consultancy Services (TCS)’s consolidated net profit declined 3.17% to Rs 12,040 crore in Q1 FY25 as against Rs 12,434 crore reported in Q4 FY24. Revenue from operations grew by 2.25% quarter on quarter (QoQ) to Rs 62,613 crore in Q1 FY25.
Anand Rathi Wealth reported 38% increase in consolidated net profit to Rs 73.4 crore in Q1 FY25 as compared with Rs 53.2 crore in Q1 FY24. Total Income jumped 38% to Rs 245.4 crore in the quarter ended 30 June 2024 as compared with Rs 178.4 crore posted in the corresponding quarter last year.
Mahindra & Mahindra’s total production stood at 69,045 units in Q1 FY25, up 8% year-on-year and total sales increased 11% at 66,800 units. Total exports increased 4% to 2,597 units in Q1 FY25. It also reduced its stake in Switzerland’s Gamaya from 15.04% to 4.33% due to shareholding reorganization.
Aditya Birla Fashion and Retail (ABFRL) raised its stake in Goodview Fashion to 51% from 33.5% for Rs 127 crore. Goodview Fashion manufactures and sells ethnic couture under the Tarun Tahiliani brand.
Adani Wilmar will acquire 67% stake in specialty chemical company, Omkar Chemical Industries at an enterprise value of Rs 56,25 crore.
LT Foods expanded its footprint to the United Kingdom to tap the euro 1 billion rice and rice-based food market. Eyes revenue to the tune of euro 100 million in the next 5 years.
Oriental Rail Infrastructure’s unit received a Rs 432 crore order of supply of 1200 BVCM-C wagons from Indian Railways.
Zee Entertainment board is to consider and approve the raising of funds on Tuesday.
Cyient will set up a new subsidiary with a dedicated focus on its end-to-end turnkey ASIC semiconductor business.
The Nifty July 2024 futures closed at 24,529, a premium of 26.85 points compared with the Nifty's closing 24,502.15 in the cash market.
In the cash market, the Nifty 50 gained 186.20 points or 0.77% to 24,502.15.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.92% to 13.73.
Tata Consultancy Services, HDFC Bank and Infosys were top traded individual stock futures contracts in F&O segment of NSE.
The July 2024 F&O contracts will expire on 25 July 2024.
The Nifty July 2024 futures closed at 24,406, a premium of 90.05 points compared with the Nifty's closing 24,315.95 in the cash market.
In the cash market, the Nifty 50 lost 8.50 points or 0.03% to 24,315.95.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.03% to 14.43.
HDFC Bank, Tata Consultancy Services and Reliance Industries were top traded individual stock futures contracts in F&O segment of NSE.