Procurement News Notice |
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| PNN | 8655 |
| Work Detail | Key benchmark indices moved into the green from red in mid-morning trade. At 11:15 IST, the barometer index, the S&P BseSensex, was up 25.45 points or 0.09% at 28,951.81. The Nifty50 index was currently up 7.20 points or 0.08% at 8,925.15 The Sensexrose 62.15 points or 0.21% at the day's high of 28,988.51 in mid-morning trade. The barometer index lost 71.80 points or 0.25% at the day's low of 28,854.56 at onset of the trading session, its lowest level since 6 September 2016. The Niftyrose 14.50 points or 0.16% at the day's high of 8,932.45 in mid-morning trade. The index lost 21.95 points or 0.25% at the day's low of 8,896 at onset of the trading session, its lowest level since 6 September 2016. In overseas stock markets, most Asian stocks were trading lower following mixed lead overnight from Wall Street and as investors stayed cautious ahead of the European Central Bank (ECB)'s monetary policy decision later in the global day. The ECB is reportedly expected to leave interest rates unchanged, but may announce an extension of its quantitative easing program. US stocks ended on a mixed note yesterday, 7 September 2016, as investors digested the release of the Federal Reserve's Beige Book, a key indicator of the US economic health, which said economic activity continued to expand at a modest pace from July through late August. Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,478 shares rose and 814 shares declined. A total of 135 shares were unchanged. The BseMid-Cap index was currently up 0.03%, underperforming the Sensex. The BseSmall-Cap index was currently up 0.68%, outperforming the Sensex. Shares of Tcsdropped 5.74% to Rs 2,306.50 after the company warned of a slowdown in discretionary spending in banking, financial services and insurance (BFSI) vertical by its US clients. Tcsannounced after market hours yesterday, 7 September 2016, that it intends to update investors on business trends in Q2 September 2016. Based on data at the end of August 2016, the company has characterized customer outlook as one marked by abundant caution, with some holding back of discretionary spending - particularly in the BFSI vertical in the United States - resulting in a sequential loss of momentum. IT stocks declined after Tcswarned that there could be sequential loss of momentum as its US clients may hold back discretionary spending in banking, financial services and insurance segment. Infosys (down 2.49%), HCL Technologies (down 2.4%), Tech Mahindra (down 2.33%), Oracle Financial Services Software (down 3.09%), Hexaware Technologies (down 1.45%), MindTree (down 0.93%), MphasiS (down 2.07%) edged lower. Wipro fell 1.79%. The company after market hours yesterday, 7 September 2016, issued an update on the company's engagement with Employees' State Insurance Corporation (ESIC). In March 2009, Wipro had entered into a seven-year agreement with ESIC as a systems integrator for Project Panchdeep to set up a healthcare administration program under the build, own, operate and transfer model. Wipro said it had completed its obligations under the contract. However, ESIC has withheld certain amounts due to the company in an ad-hoc and arbitrary manner, which has resulted in a significant delay in collections for the company, Wipro said. The company has disputed this non-payment and is engaged with ESIC to recover the amounts due. If the company is not able to resolve this amicably in a reasonable time, it will take all necessary legal steps available to it, Wipro said. The agreement with ESIC expired on 8 June 2016 post which Wipro had no obligation to provide any services to ESIC, the company said. In spite of ESIC's failure to make timely payments, Wipro at the request of ESIC and given the critical nature of the services for the citizens, agreed to provide support services for an additional period of three months, it said. As contractually agreed, Wipro will handover this project close of business hours on 8 September 2016, the company said. Realty stocks gained on renewed buying. Indiabulls Real Estate (up 3.61%), Omaxe (up 4.37%), Housing Development and Infrastructure (up 1.39%), DLF (up 0.86%), D B Realty (up 1.4%), Unitech (up 0.78%), Sobha (up 0.16%), Godrej Properties (up 0.66%), Prestige Estates Projects (up 4.62%), Oberoi Realty (up 0.59%) and Parsvnath Developers (up 1.78%) rose. GE T&D India (earlier known as Alstom T & D India) lost 3.88% after the company reported net loss of Rs 197.41 crore in Q1 June 2016 compared with net profit of Rs 10.15 crore in Q1 June 2015. The company's net sales rose 11.6% to Rs 854.56 crore in Q1 June 2016 over Q1 June 2015.The result was announced after market hours yesterday, 7 September 2016. |
| Country | India , Southern Asia |
| Industry | Information Technology |
| Entry Date | 15 Oct 2016 |
| Source | http://www.business-standard.com/article/news-cm/it-stocks-drop-as-tcs-issues-warning-on-q2-outlook-116090800297_1.html |
