Tag: itc

Sonata Software surges 26% in one month; stock nears record high

Monday, February 20, 2023
Shares of Sonata Software gained 11 percent on the BSE in Monday's intra-day trade amid heavy volumes. hitting a fresh 52-week high of Rs 753. Sonata Software breached its earlier 52-week high of Rs 689.95 which it touched on Friday, February 16, 2023. In the past month, Sonata Software has outperformed the market by surging 25 to 30 percent after the company reported a strong financial performance for the quarter that ended December 2022(Q3FY23). Sonata offers IT services (30 percent) and product licensing & deployment (70 percent). The company provides IT services to travel, retail, agri & commodities, and manufacturing and software vendors. The company is net debt free and has a healthy double-digit return ratio (with RoCE of over 30 percent). Sonata Software’s IT services dollar revenues grew 4.7 percent sequentially and 3.9 percent in constant currency (CC) terms, while it closed four large deals in the third quarter of FY23. Read more

Fitch revised the outlook on India's long-term foreign-currency IDR from “negative” to “stable”

Friday, June 10, 2022
Fitch Ratings has revised the outlook on India's long-term foreign-currency Issuer Default Rating (IDR) from “negative” to “stable” on diminished downside risks to medium-term growth. It affirmed the IDR at 'BBB-'. The revision in outlook reflects India's rapid economic recovery and easing financial sector weaknesses, despite near-term headwinds from the global commodity price shock. “We expect robust growth relative to peers in order to support credit metrics in line with the current rating,” Fitch said in a statement. Read more

ITC rallies 5% in weak market on strong Q4 results

Thursday, May 19, 2022
Shares of ITC hit an over three-year high of Rs 279.15, surging 5 percent on the BSE in a weak market after the company reported strong results with around 9 percent cigarette volume growth in the March quarter (Q4FY22). FMCG-cigarette-to-hotel major ITC on Wednesday reported a year-on-year consolidated net profit of Rs 4,196 crore, up 11.7 percent in the quarter ended 31 March 2022. The company had posted a net profit of Rs 3,755.47 crore in the year-ago period. The revenue from operations for the period came at Rs 17,754.02 crore, up 15 percent in the March quarter. The company had posted a revenue of Rs 15404.37 crore in the corresponding period. Its consolidated total income stood at Rs 18,252.64 crore as against Rs 10944.64 crore in the year-ago quarter, it added. Read more

ITC gains 4 percent hits 52 week high

Friday, April 8, 2022
The stock of FMCG major ITC hit a fresh 52-week high of Rs 265.90, up 4 percent on the BSE in Friday's intra-day trade, on the expectation of healthy earnings, against the previous close of Rs 256.60 on BSE. Market cap of the firm rose to Rs 3.26 lakh crore on BSE. The stock of the cigarettes to fast-moving consumer goods (FMCG) major has rallied 24 percent in the past six weeks. For the October-December quarter (Q3FY22), ITC had reported strong all-around revenue performance led by robust recovery across markets due to a rise in mobility and an efficient distribution system. Meanwhile, Motilal Oswal has disclosed its Q4 earnings estimates for the consumer sector. It expects ITC to report a net profit of Rs 4,076.4 crore rising 8.7% year-on-year (down 1.9% quarter-on-quarter). Net sales are expected to rise 4.1 percent Y-o-Y (down 12.7 percent Q-o-Q) to Rs 13,842.1 crore, according to Motilal Oswal. Read more

Fitch reduces FY23 India growth forecast to 8.5%

Tuesday, March 22, 2022
With the Omicron wave subsiding quickly, containment measures have been scaled back, setting the stage for a pick-up in GDP growth momentum in the June quarter this year, the agency said. It has revised upwards the GDP growth forecast for the current fiscal by 0.6 percentage points to 8.7 percent. "However, we have lowered our growth forecast for FY 2022-2023 to 8.5 percent (-1.8 pp) on sharply higher energy prices," Fitch said while revising up its inflation forecasts. In its Global economic Outlook-March 2022, Fitch said the post-COVID-19 pandemic recovery is being hit by a potentially huge global supply shock that will reduce growth and push up inflation. Read more

cryptocurrency News: Bitcoin, Ethereum, Shiba Inu tank 7% each; Dogecoin drops 5% cryptocurrency,Bitcoin, Ethereum, Shiba Inu,Dogecoin

Friday, February 18, 2022
After logging decent gains over the past few days, crypto traders turned defensive today(18th Feb.2022) as tensions between Russia and Ukraine intensified. Following this, the appetite for riskier assets, including the digital token, dropped sharply. Investors now looked for safe heaven bets like gold, dampening the sentiments further. Barring the dollar-pegged Tether, all other top digital tokens were trading in deep red on Friday. Avalanche and Terra dropped 9 percent each followed by Bitcoin and Ethereum, each losing over 7 percent.

Cryptocurrency market:Bitcoin hits two-week high; Solana, Ethereum, Dogecoin jump up to 11%,

Saturday, February 5, 2022
The world's biggest and best-known cryptocurrency Bitcoin rallied 10 percent to a two-week high today(5t February 2022)mainly due to a return in risk appetite and a rally in stock markets cryptocurrency Ethereum, the second-largest crypto in m-cap terms, also jumped 9 percent. Among key cryptos, Bitcoin was up 10 percent in the last 24 hours at $41,615.37. Earlier, it hit a high of $41,983, taking gains from Thursday's lows to nearly 16 percent and marking a 27 percent rise from the year's low of $32,950.72 on January 24. Ethereum was quoting at $3,030.08, up 8.57 percent. Most of the 10 top digital tokens were trading with strong gains on Saturday. Solana climbed up 10.82 percent, taking its 7-day rise to 23 percent. Polkadot soared 15.37 percent, taking its 7-day rise to 20 percent. At the same time, Terra was up 11.53 percent. BNB, XRP, and Cardano gained 9-12 percent. Tether was trading flat.

MARKET UPDATE:Sensex at 59,180, down 284 points while Nifty at 18,670, lower by 86 points

Friday, January 21, 2022
The Indian benchmark indices today(21 January 2022) made a sharp recovery in early morning trade after starting the session with heavy losses. The BSE Sensex was now at 59,180, down 284 points. This was nearly 500 points higher from its day's low. The NSE Nifty, on the other hand, was at 18,670, lower by 86 points. The indices were seen recouping losses on the back of buying in FMCG major HUL(up 2 percent), HDFC, TCS, ITC (up nearly 0,5 percent each), and PowerGrid (up 1.6 percent). On the Nifty, Hindalco, Bajaj Auto, Tata Consumer Hero MotoCorp were the additional gainers. Meanwhile, the top losers were Bajaj finserv, Tech M Coal India, Divis Labs, Dr. Reddy's, Adani Ports, Axis Bank, Kotak Bank, and Shree Cement. Sectorally, auto, and FMCG were the only gainers on the Nifty wherein the latter was supported by gains in HUL and Asian Paints on the back of their strong Q3 results.

MARKET UPDATE:Sensex opened 197 points lower at 58,610 levels while the Nifty at 17,480, down 36 points

Friday, December 10, 2021
Indian equities began on a quiet note today(10th December 2021) as investors await inflation data in India and the US. The S&P BSE Sensex opened 197 points, or 0.33 percent, lower at 58,610 levels. The Nifty50, meanwhile, was at 17,480, down 36 points. ITC, up 1.5 percent, extended Thursday's gains and was the top performer on the Sensex. Asian Paints, M&M, IndusInd Bank, Bajaj Auto, and Sun Pharma were also among the outperforming counters on the 30-pack index. On the downside, Titan, Axis Bank, HCL Tech, Tech M, and Bajaj Finance, and RIL were limiting the upside. The broader MidCap and SmallCap indices on the BSE, on the contrary, gained 0.11 percent and 0.27 percent, respectively. Among the lot, Go Fashion was up 3.6 percent after SBI Mutual Fund acquired 1.5 million equity shares in the company via the bulk deal. Sectorally, pharma, and realty stocks were supporting the markets while financials and IT were capping the gains.

Extreme volatility remains a hallmark of crypto investing

Sunday, November 21, 2021
As Bitcoin has lost almost 20% in less than two weeks, it looks like extreme volatility remains a hallmark of crypto investing. But, it’s largely business as usual with bullish conviction intact in the bitcoin market. whereas in traditional markets moves on this scale are met with alarm. The largest cryptocurrency edged higher after earlier slipping as much as 3.4% to $55,663 on 19th Nov.2021. Some analysts say a sharp pullback is normal after prices skyrocketed 40% in October. China’s crypto crackdown and new U.S. tax-reporting provisions that are being viewed as unfriendly to crypto investors have also soured sentiment. “During 2016/17 Bitcoin winter, the thing that really took the wind out of the sails of crypto was when interest rates rose and liquidity was draining from the system,” said a financial expert. Read more

MARKET UPDATE:Sensex fell 210 points in early deals at 60,113 levels while Nifty at 17,939-mark

Wednesday, November 17, 2021
The downtrend in the domestic equities extended today(17TH Nov.2021) also as a global rating agency, Fitch rating's, negative outlook on India weighed on sentiment. Besides, Sebi's proposal to tweak rules governing initial public offerings (IPOs) to bring in more transparency and accountability kept investors on the edge. The BSE Sensex fell 210 points, or 0.35 percent, in early deals at 60,113 levels while the Nifty50 was at 17,939-mark. Trends in the broader markets were mixed with the Midcap index down 0.02 percent and SmallCap index up 0.25 percent. Axis Bank, RIL, Grasim Industries, UPL, HDFC twins, and Divis Labs were the top laggards on the Nifty while Asian Paints, SBI Life, Maruti Suzuki, and Eicher Motors helped limit downside. Read more

Is Bitcoin headed towards record high?

Tuesday, October 12, 2021
Bitcoin, the largest cryptocurrency was trading just above $57,000 as of 7:52 a.m. in London, some $7,700 shy of its April record. A recent rally in digital tokens like Bitcoin and second-ranked Ether contrasts with the travails of assets such as stocks, bonds and gold amid a bout of jitters in global markets. Record highs for Bitcoin are possible, maybe at around $80,000 to $85,000 based on chart patterns, say some experts. Bitcoin’s climb has activated an inverted head and shoulders chart pattern. The so-called measured objective for Bitcoin derived from this pattern is about $79,000, which would top the all-time high of almost $65,000 from April. A study of Bitcoin and Ether price momentum shows that short-term momentum has crossed above the longer term trend. Over the past five years, both tokens were significantly higher a year after each such crossover. Positioning in the options market suggests bets on a continuation of the Bitcoin advance. Read more

ITC stock hits 21-month high as the Co regains Rs 3-trillion market cap

Wednesday, September 22, 2021
ITC's market capitalisation returned to Rs 3 trillion marks today(22nd Sept.2021) after its stock hit a 21-month high on the bourses. The stock hit an intra-day high of Rs 244.70, up 1 percent on the BSE today, and was trading at its highest level since December 2019. In the past week, ITC has outperformed the market by surging 13 percent on expectations of an improvement in the company’s businesses. In comparison, the S&P BSE Sensex was up 0.62 percent during the week. At 01:55 pm, ITC’s market cap stood at Rs 2.999 trillion on the BSE, exchange data shows. Read more

MARKET UPDATE:BSE Sensex hit a new pinnacle of 59,551, up 400 points while NSE Nifty claimed 17,747, up 118 points

Friday, September 17, 2021
Today (17th Sept.2021) financial stocks, along with RIL, ITC, and Tata Steel, fired upon the bourses, lifting Indian benchmark indices to fresh all-time highs. The BSE Sensex index hit a new pinnacle of 59,551 in early deals, up 400 points, while the Nifty50 claimed 17,747, up 118 points. Bajaj Finance (up 2.7%), SBI, ITC, Bajaj Finserv, Bharti Airtel, Kotak Bank, Maruti Suzuki, and Titan were the top gainers on the 30-share pack. Sectorally, the Nifty PSU Bank index jumped 1%, followed by the Nifty Bank index (0.8%) and the Nifty Financial Services (0.7%). Shares of Vodafone Idea continued their upward movement and were up 10 percent at Rs 12.37 on the BSE in the intra-day trade today. The stock has zoomed 39 percent in the past two trading days after the government announced a relief package for the telecom sector.

ITC can rally up 30% to Rs 300 levels in the days ahead:Analysts

Thursday, September 16, 2021
On the BSE in intra-day trade today(16th Sept.2021) ITC hit a seven-month high of Rs 233.30, up 8 percent The move comes on the expectation of a likely improvement in the business outlook. The stock is trading at its highest level since February 2021. It had touched a 52-week high of Rs 239.15 on February 9, 2021. In past one year, the stock has underperformed the market by gaining 28 percent, as compared to 50 percent surged in the S&P BSE Sensex. In the past three years, ITC's share price dipped 25 percent, against a 55 percent rally in the benchmark index. However, technical charts suggest the counter can move up further in the days ahead. Read more

MARKET UPDATE:Profit taking pulls benchmarks off record highs;BSE Sensex down 5 points at 58,660 level while NSE Nifty slipped below the 17,550 mark

Thursday, September 16, 2021
Indian benchmark indices After hitting fresh record highs in opening trade witnessed some profit-taking and turned flat. The BSE Sensex was down 5 points at 58,660 level while NSE Nifty slipped below the 17,550 marks. It was trading flat at 17,520. Shares of FMCG major ITC witnessed a sharp rally and was the major index contributor. On the other hand, index heavyweights Infosys, TCS, HDFC Bank, and RIL were the top drags. Sectorally, the FMCG index gained the most, up 1.5 percent. The banking, auto, and realty sector were among other gainers.

Top cryptocurrency: Bitcoin, Ethereum, Uniswap gain up to 6%

Friday, August 6, 2021
Major cryptocurrencies were trading mixed on Friday after the big Etherum update. Six of the top 10 digital tokens were trading higher at 9.30 hours IST, thanks to gains in Bitcoin, Ethereum, and Uniswap. The global crypto market cap declined to $1.65 trillion, about 2 percent higher compared to the last day. However, the total crypto market volume jumped 22 percent to $100.09 billion. It was a fantastic session for blue chips in cryptocurrencies. Bitcoin surpassed $40,000, Ethereum hovered around $2,800, said Edul Patel, CEO, and co-founder of Mudrex. The second-largest blockchain network, Ethereum, went through the much-awaited 'London Hard Fork' software upgrade on Thursday, which is expected to stabilize transaction fees and reduce the supply of the Ether token. The digital token reversed its losses.

Tech Mahindra Q1 results profit jumps 39% YoY to Rs 1,353 crore

Thursday, July 29, 2021
The IT services major Tech Mahindra reported a 39.17 percent year-on-year (YoY) jump in its consolidated net profit at Rs 1,353.2 crore for the April-June period of the financial year 2021-22 (Q1FY22) as against Rs 972.3 crore posted in the corresponding quarter last year. The Company reported Rs 1,081.4 crore in the quarter ended March 2021 which rose by 25.13 percent. The IT services major reported a 4.8 percent quarter-on-quarter rise in consolidated revenues to Rs 10,198 crore for the reported quarter, which was slightly above analysts’ expectations. The consolidated revenue from operations in June 2021 quarter grew 11.98 percent YoY at Rs 10,197.6 crore. The company had posted revenue of Rs 9,106.3 crore in the same period a year ago. Its earnings before interest and tax were down 3.6 percent at Rs 1,545.3 crore versus Rs 1,603.7 crore and the margin was at 15.2 percent versus 16.5 percent, QoQ.The dollar revenue was up 4.1 percent at $1,383.6 million against $1,329.6 million. Read more

MARKET UPDATE: Sensex tumbled 147 points to quote at 52,828 levels and Nifty held at 15,807 levels, down 47 points

Monday, July 26, 2021
The Indian benchmark indices started weak today(26th July 2021), in tune with the other Asian markets, dragged by financials. The headline S&P BSE Sensex tumbled 147 points, or 0.28 percent, to quote at 52,828 levels in early deals while the broader Nifty50 held above the 15,800-mark at 15,807 levels, down 47 points. Shares of RIL dipped 0.35 percent after the Mukesh Ambani-led Reliance Industries (RIL) reported a consolidated net profit of Rs 12,273 crore for the three months ended June 30, 2021 (Q1FY22), down 7.2 percent from Rs 13,233 crore posted in the same period last year (Q1FY21). However, last year's June quarter profit included an exceptional gain of Rs 4,966 crore. This will mean a 48.4 percent growth in adjusted profit after tax over last year's Rs 8,267 crore. Read more

Cryptocurrency Today: Bitcoin, Ethereum, Uniswap gain up to 6%

Thursday, June 24, 2021
Major cryptocurrencies regained some ground after a broad-based crackdown from China today(24th June 2021). Following the recent volatility, six out of the top-10 digital tokens were trading with decent gains at 9.30 hours IST, whereas the rest four tanked up to 5 percent. On technical charts, numero uno crypto token Bitcoin formed a 'death cross', signaling further losses ahead. Prices of Bitcoin have already halved since its peak of $65,000 in April this year. Market players are citing jitters on bitcoin mining in thin liquidity for the losses. The past 24 hours were massively volatile for the cryptocurrency market. Bitcoin broke below the critical support level of $30k before making a day's low of $28,91. A short-lived rebound quickly followed the dip. It is one of those days where stop losses got triggered on both long and short positions," said an expert. Read more

RBI relief will only postpone financial stress from India's Covid surge: Fitch

Monday, May 10, 2021
According to the rating agency Fitch.RBI's Covid-19 relief package will provide some relief to financial institutions (FIs) in the next 12-24 months. However, it will largely be at the expense of postponing the recognition and resolution of underlying asset-quality problems. There are growing indications that India’s latest wave of Covid-19 infections will add to risks among financial institutions (FIs) by sapping near-term momentum from the economic recovery, Fitch Ratings said in a statement. “We expect the shock to economic activity from the latest wave of the pandemic in India to be less severe than in 2020, even though caseloads and fatalities are much higher. The authorities are implementing lockdowns more narrowly, and companies and individuals have adjusted behaviour in ways that cushion the effects," it added. Read more

Fitch revises India's FY21 GDP contraction forecast

Tuesday, December 8, 2020
Fitch Ratings today(8th December 2020) raised India's GDP forecast to -9.4 percent in the current fiscal year to March 2021 from a previously projected contraction of 10.5 percent after the economy staged a sharper rebound in the second quarter. In its Global Economic Outlook, Fitch said the coronavirus recession has inflicted severe economic scarring and the country needs to repair balance sheets and increase caution about long-term planning. "We now expect GDP to contract 9.4 percent in the fiscal year to end-March 2021 (FY21) (+1.1 percentage point), followed by +11 percent growth (unchanged) and +6.3 percent growth (+0.3pp) in the following years," the rating agency said. The projections compare to a GDP growth of 4.2 percent in 2019-20 (April 2019 to March 2020) fiscal and 6.7 percent annual expansion between 2015 and 2019. Read more

HCL Tech Q2 profit rises 18.5% to Rs 3,142 crore, share price falls post Q2 result

Friday, October 16, 2020
HCL Technologies share price fell 4.4 % to Rs 821 apiece on BSE after the IT company announced July-September quarter results. HCL Tech Q2 net profit came at Rs 3,142 crore in July-September quarter, rising 18.5 per cent year on year and up 7.4 per cent on a sequential basis. The company had posted a net profit of Rs 2,651 crore in the corresponding period of the last year. Revenue for the quarter rose 6.1 per cent YoY to Rs 18,594 crore compared with Rs 17,528 crore sales the company reported in the year-ago quarter. The operating margin of the IT services provider improved 110 basis points sequentially to 21.6 per cent in the July-September period—a 22-quarter high. The dollar revenue growth stood at 6.4% at 2,507 million and the company posted constant currency revenue growth at 4.5 per cent. The company has also declared an interim dividend of Rs 4 per equity share of Rs 2 each for FY21. The company has signed 15 transformational deals in the quarter ended September 2020 Read more

India's sovereign rating outlook from stable to negative: Fitch ratings

Thursday, June 18, 2020
The outlook on India's sovereign ratings has been revised to negative from stable but retained the ratings at the lowest investment grade by the Fitch Ratings. Earlier, S & P's retained the ratings and outlook on India while Moody's Investors Service downgraded the ratings but maintained the outlook. Fitch expects economic activity to contract by five percent in the current financial year from the strict lockdown measures imposed since 25 March 2020, before rebounding by 9.5 percent during the next year. The rebound will mainly be driven by a low-base effect. Read more

ITC shares surge 5 per cent, acquire 100% stake in Sunrise Foods

Tuesday, May 26, 2020
Fast-moving consumer goods (FMCG) major ITC shares gained 4.6 per cent to Rs 194.95 per share on the BSE on Tuesday after the company reported it had entered into an agreement with the spice major Sunrise Foods to acquire a 100 per cent stake in the company.ITC has entered into a share purchase agreement (SPA) on May 23, 2020, to acquire 100 per cent of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices under the trademark ‘Sunrise’, subject to fulfilment of various terms and conditions as specified in the SPA, as per company release. The share-purchase agreement was completed after the lockdown was enforced and the final deal is likely to be signed soon. ITC didn’t comment on the deal size, but sources estimated it at close to Rs 2,000 crore. Read more

Closing Bell:Sensex gains 114 points and Nifty at 9106.25

Thursday, May 21, 2020
At close, the Sensex was up 114.29 points or 0.37% at 30932.90, and the Nifty was up 39.70 points or 0.44% at 9106.25. ITC was the top index gainer with 7 per cent gain. Asian Paints, Hero MotoCorp, Maruti Suzuki, ITC, Hindalco Industries and Bajaj-Auto were the major gainers in the Sensex pack, while, NTPC, Bajaj Finserv IndusInd Bank, Bajaj Finance, HDFC and Axis Bank were the major loser. Nifty Auto and Nifty FMCG were top sectoral gainers, up 2.61 per cent and 2.19 per cent, respectively. Nifty Bank index was down over half a per cent. About 1302 shares have advanced, 908 shares declined, and 170 shares are unchanged.BSE Midcap and Smallcap indices rose over 0.5 per cent each.

ITC shares slips 6% on reports of govt offloading entire stake in the company

Wednesday, May 6, 2020
Share price FMCG major ITC plunged 6 per cent intraday on May 6 after media report stated that the centre is reportedly looking to raise Rs 22,000 crore by selling its stake in ITC. The stock of cigarette manufacturer has slipped 12 per cent in the past three trading days. Shares of the company quoted a 52-week high of Rs 309.85 and a 52-week low of Rs 134.95. Around 1464764 shares changed hands on the counter. The government is hoping to complete the transaction by the end of this week or early next week. The government held stakes through Specified Undertaking of the Unit Trust of India (SUUTI), which owns 7.94 per cent in ITC,4.69 per cent in Axis Bank, as on March 31, 2020. The report adds that mutual fund (MF) houses and the Life Insurance Corporation of India (LIC) are also expected to participate.“The proposed transaction is expected at a marginal discount of 2-3 per cent to underlying trading price on the transaction date.

India growth forecast reduced to 5.1% for FY21 by Fitch

Friday, March 20, 2020
In its Global Economic Outlook 2020, Fitch said the number of people affected by coronavirus will keep rising in the coming weeks but that the outbreak will remain contained. However, there are downside risks to this situation. Fitch in December 2019 projected India's growth at 5.6 percent for 2020-21 and 6.5 percent in the following year. "Supply-chain disruptions are expected to hit investments and exports. We see GDP growth to remain broadly steady at 5.1 percent in the fiscal year 2020-2021 following growth of 5.0 percent in 2019-2020," Fitch said. For 2021-22, Fitch projected India's growth to be 6.4 percent. Read more