TCS Net Jumps 15%, Rupee Drifts Near Record Low

Mukesh Buch
13 Oct, 2015
New York City

TCS, the largest software services provider in India said net in the second-quarter soared 15%. DCB Bank slipped 10% but revenues surged 32%. ABB India secured an order to strengthen power grid in India. Japan-based Nippon Life Insurance signed an agreement to increase its stake to 49% in the RCap.

[R]6:00 PM Mumbai, India – TCS, the largest software services provider in India said net in the second-quarter soared 15%. DCB Bank slipped 10% but revenues surged 32%. ABB India secured an order to strengthen power grid in India. Japan-based Nippon Life Insurance signed an agreement to increase its stake to 49% in the RCapital.[/R]

Stocks in Mumbai slipped and the rupee struggled despite the weakness in crude oil prices.

TCS, the largest software services provider said quarterly net income increased and matched the expectations. A day ago, the second largest software services provider Infosys also reported a rise in earnings.

Rupee weakened 44 paisa to 65.18 against one U.S. dollar.

The Sensex Index slipped 57.58 to close at 26,846.53. The CNX Nifty fell 11.90 to 8,131.70.

Gainers & Losers

ABB India Limited increased 1.2% to ₹1,117.75 after the transmission company secured an order worth ₹141 crore to strengthen power grid in India.

Cox & Kings Limited edged down 0.3% to ₹246.25 after the international travels and tour company agreed to acquire 100% stake in the U.K.-based Late Rooms from Germany-based TUI Group for £8.5 million.

DB Realty Limited soared 11.2% to ₹69.95 after the real estate developer’s subsidiary signed joint venture agreement with Vishwaroop Estates for the development of a project in Bandra, Mumbai.

DCB Bank Limited dropped 2.9% to ₹133.45 after net in the second-quarter slipped to 10.1% from a year ago to ₹36.93 crore.

Net revenues in the quarter soared 31.8% to ₹48.70 crore.

The gross non-performing assets in the quarter increased to 1.99% compared to 1.90 in a year ago period.

The net non-performing assets in the quarter rose to 1.16% from 1.07% in the same period last year.

Reliance Capital Limited surged 5.1% to ₹398.80 after the financial services provider said the Japan-based Nippon Life Insurance signed a definitive agreement with the company to increase its stake from 35% to 49%.

Tata Consultancy Services Limited edged up 0.2% to ₹2,597.40 after net in the second-quarter soared 14.5% from a year ago to ₹6,055 crore.