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Indian Stocks Rebound as ITC, TCS and Thermax Rise
Indian share prices were rising around midday on October 9.
The Nifty and Sensex, which track groups of shares, both gained.
TCS shares moved up after the company reported its latest results.
Other technology shares also rose, even as the article noted a US government suspension affecting several Indian IT companies.
ITC, Colgate-Palmolive (India), and Thermax shares also climbed.
Thermax had received an upgraded recommendation from Kotak Securities.
Anand Rathi Wealth shares fell while investors awaited its results.
These are changes in share prices, and they can move up or down during trading.
On October 9, the Nifty was up about 1.2% near 22,500, while the Sensex gained 1.1% to around 72,392.
Tata Consultancy Services shares rose as much as 6% after reporting second-quarter revenue of Rs 73,188 crore and net profit of Rs 13,884 crore.
HCLTech gained 2% and Tech Mahindra rose 1.5% as IT stocks traded higher.
ITC rose more than 4% after falling nearly 4% in the previous session; the report also noted a Rs 9,395 crore block deal involving a GQG Partners-linked fund the day before.
Colgate-Palmolive (India) climbed nearly 8%, Thermax rose more than 6% after a Kotak Securities upgrade, and Anand Rathi Wealth fell more than 4% ahead of its results.
- Who
- Indian listed companies and investors trading their shares, including TCS, HCLTech, ITC, and Thermax.
- What
- Benchmark indices and several individual stocks recorded sharp midday gains, while Anand Rathi Wealth shares fell.
- Where
- Indian stock markets.
- When
- October 9, by midday; the article also refers to events on October 8.
- Why
- The article links movements to TCS's quarterly results, the US labour-program suspension affecting IT companies, a block deal involving ITC, a brokerage upgrade for Thermax, and Anand Rathi Wealth's upcoming results.
Potential concerns
Company and market responses
US labour-program suspension and IT firms
Potential concerns
The US government suspended several Indian IT majors from its labour programme, keeping the issue in focus for the sector.
Company and market responses
TCS said suspension of the Permanent Labor Certification Program was unlikely to affect its workforce strategy or customer engagements.
Key facts
- Nifty
- Around 22,500 points, up about 1.2% by midday.
- Sensex
- Around 72,392 points, up about 800 points or 1.1%.
- TCS revenue
- Rs 73,188 crore, up 1.3% quarter-on-quarter and 11.2% year-on-year.
- TCS net profit
- Rs 13,884 crore, up 15% year-on-year and 4% sequentially.
- ITC block deal
- A GQG Partners-linked fund sold its stake in a deal worth Rs 9,395 crore on October 8.
- Stock moves
- Colgate-Palmolive (India) rose nearly 8%; Thermax gained more than 6%; Anand Rathi Wealth fell more than 4% by midday.
Sources
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