TCS Financial News

Stock market: Indian stock market has remained highly bullish after ushering in July 2023 as all indices have hit life-time highs respectively. In fact, on Friday last week, all three key benchmark indices Nifty, Sensex and Bank Nifty hit record high whereas small-cap and mid-cap indices too climbed to a new peak.

Infosys and HCLTech may also trim the upper end of their revenue guidance range for the ongoing fiscal 2024, and the recovery predicted by the IT companies for the second half of the fiscal year is likely to be subdued, they said. The average of five analyst estimates collected by ET suggests Tata Consultancy Services, Infosys, HCLTech and Wipro to report a 0.35% increase quarter-on-quarter revenue for the quarter ended June 30, excluding changes in currency rates. The three months ending June 30 is usually considered a strong quarter for the sector.

Here's a list of stocks that have surpassed their 100 SMA. (Data Source: Stockedge)1. Kaveri Seed CompanyKaveri Seed Company demonstrated remarkable performance on 4 July 2023, surpassing its 100 SMA of 518.4 with a closing price of 573.85.

Bengaluru/Mumbai: About eighty minutes into the virtual annual general meeting of Tata Consultancy Services Ltd (TCS) on Friday, Hyderabad resident and company shareholder Praful Chavda asked the question everyone tuning in had been anticipating. “Sir," Chavda started, speaking in Hindi, addressing TCS chairman Natarajan Chandrasekaran, who is also the chairman of parent Tata Sons, one of India’s largest and best-regarded business houses. “There was this news in the media where it was mentioned something was wrong with the recruitment process." Chavda was referring to the bribes-for- jobs scam at TCS, which was first reported by this paper on 23 June.

Disclaimer: This is an AI-generated live blog and has not been edited by LiveMint staff.

Tata Consultancy Services (TCS), India's leading IT services firm, under the scanner. But this episode is not surprising. India's private sector is not immune to rent-seeking, which permeates everything from marketing to procurement.

Tata Consultancy Services (TCS) will be announcing its first quarter results for the financial year FY24 on July 12, 2023. The second largest firm in terms of market share, will also declare interim dividend for the fiscal on the same day.

₹7 lakh per annum for TCS on all categories of LRS payments, through all modes of payment, and for all purposes, has been restored. The Central Board of Direct Taxes (CBDT) has issued some important guidelines on the implementation of changes relating to TCS under the LRS and for overseas tour packages. The restoration of the exemption limit is indeed a very positive move and removes the undesirable differential treatment for different purposes and modes of remittances.

Sensex and Nifty are touching all-time high peaks every day, domestic brokerage firm Motilal Oswal on Monday said the valuations are far more reasonable now than that during October 2021 high. «As the benchmark soars to a new high, the Nifty trades at a 12-month forward P/E of 18.8x, at a 6% discount to its own long-period average (LPA). Further, it also trades at a 12-month forward P/B of 3x, at a 10% premium to its LPA,» Motilal said in a strategy report.

National Pension System (NPS) subscribers should note that your NPS account will be considered as KYC non compliant and there will be limitation on NPS transactions if your Permanent Account Number (PAN) and Aadhaar card are not linked. The Pension Fund Regulatory And Development Authority (PFRDA) in a advisory notice dated March 23, 2023, stated, “Since PAN is the one of the key identification number and part of Know Your Customer (KYC) requirements for NPS accounts, all concerned intermediaries are required to ensure valid KYC for all the subscribers.

Rahul Shah, VP-Equity Advisory, MOFSL, says “we have seen a few pockets here and there and most of the midcap IT companies have rallied. A lot of them have hit a 52-week high as well. I feel that largecaps need to catch up. So I prefer Infosys and HCL Tech in the entire basket.”What has been your takeaway from the auto sales data clocked in so far? How are you anticipating that players from this space are likely to perform in the long haul?The way the markets have been and if you look at the auto sales numbers in the last four-five months, the trend has been quite good and this month's number also comes as per Street estimations. I do not see any major correction or any major trend. Post Q4 numbers, most of the stocks have rallied 10-15% and we continue to remain bullish on stocks like Tata Motors with the combination of EV plus passenger vehicles plus the commercial vehicles. All these three factors remain quite strong. In commercial vehicles, it looks like a revival is coming back and that is where Ashok Leyland remains a top bet. Q4 numbers were also quite encouraging. So, these two stocks remain preferred bets in the entire auto pack.Why is Hero MotoCorp disappointing? Just when we thought things are turning around, the numbers continue to disappoint. If you look at the two-wheeler play, two things come to mind. One, Hero's numbers have been quite modest vis-à-vis its peers and secondly, the EV play which will now come back into Hero as well and valuations are as per 15-16 times earnings. So, the risk versus reward gives a favourable play but the preferred bets would be in passenger vehicles.

Sensex and Nifty have hit record peak levels, some investors are still having FOMO because the stocks in their portfolios have not yet performed well enough. Sumeet Bagadia, Executive Director, of Choice Broking, says that there are opportunities in IT and pharma stocks which have yet to perform.

HDFC Bank and Tata Consultancy Services emerging as the biggest gainers, amid bullish investor sentiments. Last week, the BSE benchmark jumped 1,739.19 points or 2.76 per cent. The 30-share BSE Sensex jumped 803.14 points or 1.26 per cent to settle at its lifetime closing high of 64,718.56 on Friday.

«We believe that furthermore upside momentum is going to continue in the coming week and possibly Nifty can scale up to the level of 19,350 to 19,400 in the continuation of this uptrend as most of the underperforming sectors are now contributing and market breadth has improved quite significantly,» said Rajesh Palviya of Axis Securities. Edited excerpts:Nifty crossed 19,200 on Friday session while Bank Nifty touched its all-time high level. So as per you what is the next stop?We have seen a very strong rally in the market.

"Nifty is displaying strength on the charts with the bias in favour of the bulls. It is all set to rally towards its immediate target of 19,450. However, investors should be prepared to deal with greater volatility in the coming weeks, as generally, when markets trade at record highs, investor emotions tend to stay elevated.

Fees paid for a correspondence course from a foreign university where the person receiving such education does not require to travel overseas will be treated as liberalised remittance scheme (LRS) and will face tax collected at source (TCS), according to the circular. The clarification came two days after the Centre said that international credit card spending while on overseas travel will not face TCS as it will not be counted under the LRS. Remittances up to ₹7 lakh under the scheme will also not face TCS.

The government has issued a circular to remove the difficulty in the implementation of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on the purchase of overseas tour program packages. One needs to adhere to RBI’s LRS rules to invest in global equities, real estate etc.

Sensex ended 803 points or 1.26% higher at 64,720 after robust economic data from the US eased fears of a slowdown and improved broader sentiment. From the Sensex pack, M&M, Infosys, and IndusInd Bank were the top gainers, rising 3-4%. Sun Pharma, TCS, Maruti, L&T, Power Grid, and Tech Mahindra also ended with gains.

cryptocurrency trading platform Coinswitch, which is funded by the likes of Tiger Global and Andreessen Horowitz, is planning to foray into Indian stock trading. This will see it go toe-to-toe with new-age investment players like Zerodha, Groww, Upstox, and Paytm Money. The company had earlier announced its plans to offer conventional investment products like mutual funds, US stocks, etc., widening its scope beyond cryptocurrencies, which have taken a battering over the last few years. Even though the price of bitcoin has recovered in the last six months, it is still half the highs it hit in November 2021. “The company is planning to apply for a stockbroker’s licence with SEBI (Securities and Exchange Board of India). There are also conversations going on with non-banking financial companies (NBFCs) and banks for offering fixed deposits,” a person aware of the matter said. For Coinswitch, the focus turned to Indian stocks after its plans to enable retail investment in US stocks were put on the backburner following the hike in tax collected at source (TCS) on foreign remittances under the Liberalised Remittance Scheme (LRS).

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