Valuation of top-10 firms plunges Rs 4,95,061 crore
This was in line with a bearish trend in equities, where Tata Consultancy Services (TCS) and Reliance Industries faced the sharpest erosion.
This was in line with a bearish trend in equities, where Tata Consultancy Services (TCS) and Reliance Industries faced the sharpest erosion.
The broader market's focus will be on the RBI's Monetary Policy Committee (MPC), which is scheduled to meet from October 7 to 9, with the outcome to be announced on Wednesday, October 9.
At 9.39 a.m., Sensex was up 687 points or 0.83 per cent at 83,635 and Nifty was up 197 points or 0.78 per cent at 25,575.
Nine of the top-10 most valued firms together added Rs 2,01,552.69 crore in market valuation last week.
Last week, the combined market valuation of nine of the top 10 most valued firms jumped by Rs 95,522.81 crore. Reliance Industries, TCS and HUL emerged as the biggest gainers.
With this growth, the company's consolidated net profit spiked to Rs 12,434 crore, compared to Rs 11,392 crore for the corresponding quarter of the previous year.
TCS said it will help reduce costs and realise economies of scale within Ramboll’s IT estate.
According to the notice by Maharashtra's labour and employment department, a joint meeting between the company and the complainant will be held on November 2 to address the issue.
The concerns triggered by the ongoing Israel-Hamas conflict had resulted in the creation of big short positions in the market, and now these shorts are being covered pushing the markets up, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The revenue for Q2 came at Rs 59,692 crore, an increase of 7.9% year-on-year. In constant currency terms, the revenue growth was 2.8% YoY.
