Asian shares dropped on Wednesday after the rally in US stocks took a breather as investors mostly shrugged off minutes from the Federal Reserve’s latest meeting.The Nikkei is trading 0.6% higher while the Hang Seng index was trading flat. The Shanghai Composite is trading 0.2% lower.US stocks dipped on Tuesday and gold touched a two-week high while minutes from the Federal Reserve’s most recent meeting showed the central bank is in a position to proceed carefully.Here’s a table showing how US stocks performed on Tuesday:
Data Source: EquitymasterAt present, the BSE Sensex and NSE Nifty is trading marginally higher.BPCL and Cipla are among the top gainers today.Hindalco and ICICI Bank on the other hand are among the top losers today.Broader markets are trading mixed. The BSE Mid Cap index is trading 0.2% higher and the BSE Small Cap index is trading lower by 0.2%.Sectoral indices are trading on mixed with stocks in oil and gas sector, healthcare sector and energy sector witness buying. Meanwhile, the stocks in metal sector and realty sector is witnessing selling pressure.Shares of Bajaj Auto and Titan hit their 52-week high today.The rupee is trading at Rs 83.3 against the US dollar.In commodity markets, gold prices are trading 0.2% lower at Rs 61,096 per 10 grams today.Meanwhile, silver prices are trading 0.3% lower at Rs 73,113 per 1 kg.
TCS Takes US$ 125 Million HitIndia’s largest IT services company, Tata Consultancy Services (TCS), will make a provision of US$ 125 million (m) as an ‘exceptional item’ in its third-quarter results about a trade secret lawsuit filed by US-based Epic Systems.The trade secret lawsuit was filed by Epic Systems against TCS and Tata America International Corp in 2014.The company had alleged the Tata Group companies of stealing its intellectual properties to develop its own, though it was contracted to implement Epic’s healthcare software.The US Supreme Court on 20 November rejected TCS’ appeal against a verdict passed by the District Court of Wisconsin, upholding an order that includes US$ 140 m in punitive damages.Following the lawsuit in 2014, TCS was found guilty by a jury in 2016 and awarded damages of $940 m initially, to be paid to Epic Systems.After further hearings, a year later, the fine was reduced to US$ 420 m, which included $280 m in punitive damages and US$ 140 m in compensatory damages.The punitive damages were later held to be excessive after TCS appealed to the US Court of Appeals, 7th Circuit, Chicago, and the trial court was told to reassess it.
Tata Consultancy Services (TCS) is a bright shining star in the galaxy of Tata Group companies.TCS has been one of the favorite stocks of investors because of the performance it has delivered since its listing.If you had invested Rs 1 lakh in TCS shares at the issue price of Rs 850 in the IPO in 2004, the value of that investment today would be around Rs 3,176,000, a return of almost 3,000% by August 2022.With strong fundamentals, it stands among the 5 best long-term companies of 2023.
Reliance Industries to Pump More in BengalWest Bengal Chief Minister Mamata Banerjee on Tuesday, took fresh guard at the 7th edition of the Bengal Global Business Summit (BGBS), wooing investors to a peaceful and harmonious state with a stable government.The loudest response to the pitch came from Reliance Industries Chairman and Managing Director Mukesh Ambani, who announced an investment of Rs 200 bn in the next three years.The Reliance Foundation has taken up a project to renovate and restore the Kalighat Temple in Kolkata.The conference brings together various stakeholders, including corporate executives, to encourage investments in the state. The event takes place in three important landmark locations: the Biswa Bangla Convention Centre, the Biswa Bangla Mela Prangan, and the Dhono Dhanyo Auditorium.The e-partner countries for this year’s summit are Australia, Bangladesh, Bhutan, Fiji and more.India’s two richest men, Mukesh Ambani and Gautam Adani are locked in a race for the top spot.
Texmaco Rail launches QIPShares of Texmaco Rail may extend the previous session rally on 22 November as the company has launched its Qualified Institutional Placement (QIP) to raise Rs 7.5 bn at a floor price of Rs 135.9 a share. The issue also includes a green shoe option of Rs 2 bn.Qualified institutional placements are a way to issue shares to the public without going through standard regulatory compliance.Qualified institutional buyers (QIBs) are the only entities allowed to purchase QIPs. The green shoe option typically allows underwriters to sell more shares than the original issue amount.Qualified institutional placements are a way to issue shares to the public without going through standard regulatory compliance. Qualified institutional buyers (QIBs) are the only entities allowed to purchase QIPs.The green shoe option typically allows underwriters to sell more shares than the original issue amount.More By This Author:Sensex Today Ends 276 Points Higher; Rallis India Soars 9%Sensex Today Ends 140 Points LowerSensex Today Trades Lower; RBL Bank Tanks 7%
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