TCS Q2 Update, Tata Group Stock Surge, Key IPO Developments
Written by - Fisdom Research
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October 10, 2024
2 minutes
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Market Snapshot
Indian benchmark indices closed with slight gains in a range-bound session on October 10, with the Nifty ending in green but below 25,000, boosted by metal and banking stocks.
Sectorally, IT and pharma indices fell by 1% and 2%, respectively, while realty dipped 0.4%; however, the bank index rose 1%, power added 0.7%, and metals gained 0.3%.
The BSE midcap index dropped 0.3%, while the smallcap index saw a 0.4% increase.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY PRIVATE BANK
1.6
NIFTY AUTO
0.3
NIFTY BANK
1.0
NIFTY OIL & GAS
0.0
NIFTY FINANCIAL SERVICES
0.9
NIFTY CONSUMER DURABLES
-0.2
NIFTY METAL
0.4
NIFTY PSU BANK
-0.3
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
24,700
25,200
Bank Nifty
50,500
52,000
Top News
Tata Consultancy Services (TCS) reported a 1.1% quarter-on-quarter (QoQ) decline in net profit for Q2 ending September, totaling ₹11,909 crore and falling short of Street expectations. However, Q2 FY24 revenue from operations increased to ₹64,259 crore, as per the stock exchange filing.
Shares of Tata Group companies surged up to 10% on October 10 after the passing of Ratan Tata, chairman emeritus of Tata Sons, at 86. The rise reflects investor confidence in the Group’s future and commitment to Ratan Tata’s values. Under his leadership, Tata’s market capitalization grew 17-fold, with listed entities now valued at ₹30 lakh crore, fueled by strategic growth and acquisitions.
Shares rose over 7% as Rashtriya Chemicals and Fertilisers approved a ₹1,000.27 crore contract with L&T for a 1200 MTPD fertilizer plant at RCF, Thal. The project, set for completion in 27 months, will be on an LSTK basis.
Garuda Construction IPO subscribed by 6 times on Day 3 so far
Hyundai India plans to launch its biggest ever IPO to raise Rs 27,870 crore through an offer for sale
Sebi approves NSDL IPO, HDFC Bank to pare stake
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We booked three stocks intraday, with two of them gaining over 3% and one rising more than 25% intraday.
