Stocks Radar: Infosys, TCS, Oil Refiners And More
TCS slumps more than 3 percent while Infosys sheds 1 percent on Friday
After opening higher for a fourth session, Indian shares pared their gains after the country’s second largest software services provider reduced its full-year sales guidance.
The S&P BSE Sensex dropped 0.1 percent 27,215 while the NSE Nifty slipped 0.1 percent as well to 8,393. The market breadth turned in favour of the bears with 941 stocks declining, 572 advancing and 388 remaining unchanged on the NSE.
Here are some of the top movers in trades today:
Infosys: Beats Estimates But Guidance A Letdown
Shares of the I.T. major fell 1 percent to Rs 991 after it lowered its annual sales guidance for the third time this year.
Net profit rose 2.9 percent to Rs 3,710 crore, compared to Rs 3,606 crore in the previous quarter, according to its filing on the stock exchanges. The consensus of analysts estimates tracked by Bloomberg stood at Rs 3,561 crore.
The company cut its revenue guidance in dollar terms to 7.2-7.6 percent as compared to 7.5-8.5 percent earlier. Similarly, the lower band for revenue guidance in constant currency terms has also been lowered from 9 percent to 8.8 percent.
Tata Consultancy Services: Positive Results But Worries Remain
Shares of the country's largest software exporter declined 3 percent to Rs 2,269 despite an upbeat third-quarter profit and stable outlook.
Analysts expressed concerns over the top-level management changes could impact deal flows.
"Topmost level changes have understandably been accompanied with a round of flux and one will have to be watchful of a potentially similar shuffle at TCS," analysts at Motilal Oswal wrote in a report.
SpiceJet: Flying High
Shares of the budget carrier rose 1.4 percent to Rs 64.80 on report company plans to announce a purchase of about 100 Boeing 737-8 Max aircraft.
The total deal value would be worth about $11 billion, in what would be one of the biggest orders for Boeing from India, the Economic Times reported on Friday citing company sources.
SpiceJet had previously ordered 42 of the planes while Jet Airways has ordered 75.
Oil Refiners: MDR Worries Weigh
Shares of Bharat Petroleum, Indian Oil and Hindustan Petroleum fell between 1-2 percent after Mint reported that the oil refiners and banks have agreed to split card payment charges at petrol pumps.
The so-called merchant discount rate or MDR is charged every time a card is used and split between the company that has installed the card machine, the network provider such as Visa or MasterCard, and the issuing bank, the report said.
Delta Corp: Hopes Of Easing Regulations
Shares of the gaming and hospitality firm jumped 3.4 percent to Rs 133 on report Indian gaming federation wants the government to relax rules and allow activities including sports betting, gambling, and lottery.
All India Gaming Federation claims that even as these industries are increasingly been recognised as legitimate industries globally, they still remain illegal in most parts of India, the Economic Times reported on Friday.
The stock has a one-year return of about 77 percent.