Stock Markets

TCS slips over 4% on lower-than-expected revenue growth

TCS slips over 4% on lower-than-expected revenue growth

Shares of Tata Consultancy Services (TCS) slipped more than 4 per cent in early trade on Friday after the company reported lower-than-expected for the quarter ended December 31, 2013.

India's biggest outsourcer announced that a quarter-on-quarter increase of 3 per cent in its dollar revenues to $3,438 million for the October-December quarter, lower than analysts' expectation of a rise of 3.5-4 per cent.

Infosys posts better-than-expected quarterly results; shares jump

Infosys posts better-than-expected quarterly results; shares jump

Shares of software services exporter Infosys jumped more than 2 per cent in early trade on Friday after the company posted a better-than-expected results for the December quarter.

Infosys announced that its adjusted net profit jumped 19.4 per cent quarter-on-quarter to Rs 2,875 crore in the October-December quarter of 2013. Sales jumped to Rs 13,026 crore.

A group of analysts had projected the company's net profit and sales at Rs 2,786 crore and Rs 13,063 crore, respectively.

Blackstone hikes its stake in MCX to 4.99%

Blackstone hikes its stake in MCX to 4.99%

Private equity giant Blackstone on Monday further increased its stake in Multi Commodity Exchange (MCX) of India by acquiring Merrill Lynch's remaining stake in the exchange.

Blackstone GPV Capital Partners (Mauritius) VI FII Ltd bought 14,22,245 shares from Merrill Lynch at an average price of Rs 573 apiece. In other words, the private equity giant bought 2.79 per cent stake in the exchange from Merrill Lynch.

Govt. allows RIL to charge higher gas price; shares jump

Govt. allows RIL to charge higher gas price; shares jump

Stock in Reliance Industries Ltd (RIL) gained nearly 2.5 per cent in morning trade on Friday, thanks to the government's permission for the company to charge higher price for gas it produces from the offshore D6 block from April next year.

In June this year, the Cabinet had approved a proposal to hike prices for locally-produced gas from April 2014, but RIL was not allowed to charge the higher prices because of its failure to meet supply commitment.

Apollo Tyres shares gain over 8% after Cooper loses court bid on merger

Apollo Tyres shares gain over 8% after Cooper loses court bid on merger

Stock in Apollo Tyres Ltd jumped more than 8 per cent in early morning trade on Tuesday, a day after a US court dismissed Cooper Tire & Rubber Co plea seeking a directive to force the Indian tyre maker to complete their proposed $2.3 billion merger deal.

The Delaware Supreme Court on Monday dismissed Cooper's plea against a previous court ruling that Indian tyre maker was fulfilling its commitment of reaching new contract terms with workers' unions at Cooper's Ohio and Texas-based plants.

S&P downgrades IDBI Bank to below investment grade; shares slip

Stock in IDBI Bank Ltd slipped as much as 2 per cent in early morning trade on Tuesday, after global ratings agency Standard & Poor's (S&P) downgraded the lender's foreign currency issuer credit rating.

S&P slashed IDBI's credit rating from BBB- to BB+, to below investment grade citing weaker asset quality. It also lowered its long-term outlook for public-sector lender to `negative'. The global agency also revised its assessment of IDBI's risk position from "adequate" to "moderate".

Apollo Tyres stock jumps on U.S. judge ruling

Apollo Tyres stock jumps on U.S. judge ruling

Shares of Apollo Tyres Ltd gained nearly 6 per cent in early trade on Monday after a U. S. court rejected Cooper Tire & Rubber Co.'s allegations that the Indian tyre-maker breached its obligation to close its $2.5 billion acquisition of the American manufacturer.

The acquisition deal was announced on 12th of June this year. At that time, the two companies had anticipated that the deal would close by 4th of October. But, disputes over talks with the United Steel Workers union created differences, leaving the deal in doldrums.

Cognizant reports better-than-expected Sept. quarter results; shares jump

Shares of Cognizant Technology Solutions Corp. jumped to their record high of more than $90 apiece on Tuesday after the information technology (IT) services firm reported better-than-expected quarterly revenue and hiked its full-year forecast for both revenue and profit.

Vedanta shareholders approve plans to buy govt.’s stakes in Hindustan Zinc, Balco

Vedanta shareholders approve plans to buy govt.’s stakes in Hindustan Zinc, Balc

Mining conglomerate Vedanta Resources moved a step closer towards its goal to acquire the Indian Government’s minority stakes in two of its subsidiaries after its shareholders approved the proposals.

London-listed Vedanta has plans to raise offers to acquire Indian Government’s remaining stakes in Hindustan Zinc Ltd and Bharat Aluminium Co (Balco) for US$2.94 billion and US$338 million, respectively.

Twitter aims to raise $1.61 billion through IPO

Twitter aims to raise $1.61 billion through IPO

Micro-blogging site Twitter on Thursday announced a share price range of between $17 and $20 for its initial public offering (IPO), and said it expected to raise more than $1 billion from the offering.

The company's IPO prospectus, which was recently submitted with the Securities & Exchange Commission (SEC), stated that the company would offer 70 million shares with the aforementioned price range, and that it expected the offering to raise $1.6 billion.

The company also stated that it would issue further 10.5 million shares if the IPO produces the desired results.