Persistent Systems Q2 net rose 18.5% to Rs 101.9 crore
Technology company Persistent Systems has reported an 18.5 percent increase in consolidated net profit to Rs 101.9 crore for the September 2020 quarter. The company had reported a net profit of Rs 86 crore for the period. from the previous year. The company also appointed Sandeep Kalra as its new CEO effective October 23, 2020, according to a statement. Income from operations increased 13.9 percent to 1,007.7 million rupees during the quarter under review, up from 884.6 million rupees in the same period a year earlier, it added. In dollar terms, the company’s revenue grew 8.4 percent to $ 136.09 million during the quarter, from $ 125.51 million in the same period last year. More here
Opening Bell: Sensex Open Flat, Nifty Below 11,800; Kotak Bank Top Winner
Indian indices opened flat on Tuesday as Asian pairs rallied after US futures turned positive after yesterday’s sell off amid a surge in COVID-19 cases. At 9:18 a.m., the Sensex was down 4 points to 40,141 while the Nifty was up 7 points to 11,775. Kotak Bank, NTPC, Nestle, Asian Paints and Tech Mahindra were the main winners for Sensex, while Axis Bank, ICICI Bank, SBI, IndusInd Bank and SBI led the losses. The broader markets were also mixed: Nifty Midcap was up 0.04 percent and Nifty Smallcap was down 0.2 percent. Across sectors, Nifty Bank and Nifty Metal lost 0.2 percent each, while Nifty Auto, Nifty IT, Nifty FMCG and Nifty Pharma were in the green.
Expect some more corrections in the market for the next 3-5 weeks: Prabhudas Lilladher
Markets around the world are experiencing a slight pullback. Here in India, although the results have been good, stocks are retreating. According to Dilip Bhat, joint CEO of Prabhudas Lilladher, the correction is induced globally and localized to regions of India. “Globally, there are many events that are around the corner, be it the US presidential election or the rise of the virus. Also some of the problems with some countries that they may face in the future regarding rescheduling their debt, some of those things may start to lurk internationally. ”
He further added: “Even here there has been a good run at Nifty and although the results have been good, they have been good on the pockets. While sales have been bundled in this particular quarter, resulting in better profitability, but possibly not very sustainable cost reductions also had their impact on amplifying earnings overall. “Watch video for plus
Mahindra Finance 2nd Quarter Net Profit Increases 34% to Rs 353 Crore
Mahindra and Mahindra Financial Services (Mahindra Finance) reported on Monday a 34 percent increase in consolidated net profit at Rs 353 crore for the second quarter ending in September of this fiscal year. The company had posted a net profit of Rs 264 million for the corresponding quarter a year ago. Total revenue increased 5 percent to Rs 3,071 crore during the July-September 2020-21 quarter compared to Rs 2,936 crore in the same 2019-20 period, Mahindra Finance said in a regulatory filing. During the period ended September 30, 2020, the company’s customer base exceeded 6.9 million, it added. Self-Employed Assets Under Management (AUM) stood at Rs 81,682 crore as of September 30, 2020 compared to Rs 72,732 crore a year ago, registering growth of 12 percent. More here
Here are some global signals ahead of today’s trade.
Bharti Airtel Q2FY21: Here’s what to expect
Bharti Airtel will report its second quarter earnings on Tuesday. The stock has underperformed, peaking at Rs 612 in May and has since corrected close to 30 percent, but in the last 10 days or so the stock has recovered nearly 10 percent of its sub-R minima. 400. The CNBC-TV18 survey is working with India’s wireless revenue growth of around 3-3.50 percent. Average revenue per user (ARPU) is expected to rise by almost 2 percent and that will result in margins holding steady with a positive bias. Watch the full video for more details
First, here is a quick update on what happened in the markets on Monday
Indian stocks closed more than 1 percent lower on Monday with sales across all sectors led by auto, metals and banks. The benchmark indices were mainly led by a drop in heavyweight Reliance Industries, which fell 4 percent after a Singaporean arbitration panel suspended its deal over Future Group assets. The Sensex finished 540 points lower at 40,145 while the Nifty lost 163 points to 11,768. The broader markets were also lower during the day with Nifty Midcap and Nifty Smallcap down 1.7 percent and 1 percent, respectively. All sectors were also in the red.
Welcome to the CNBC-TV18 Market Live blog
Good morning readers! This is Pranati Deva from the market desk of CNBC-TV18. Welcome to our market blog, where we provide live news coverage of the latest events in the stock market, business and the economy. We’ll also get instant reactions and guests from our stellar lineup of TV guests and editors, researchers, and internal reporters. If you are an investor, we wish you a great trading day. Good luck!
