LAST UPDATED: Jan. 27, 2021, 2:34 p.m.
New Delhi (Anish Yande): Sensex continued its downward trend after opening on Thursday. The benchmark index fell by more than 700 points following the opening bell. The index declined from the 48,000 mark to 47,728. Nifty 50 declined past the 14,150 mark to 14,087 at 11.50 AM on Thursday.
Nifty indices such as the Nifty IT index and the Nifty Metal index declined as well by up to 2 percent.
Tata Consultancy Services:
Tata Consultancy Services Ltd surpassed Accenture to become the most valued IT services company in the world. The Indian IT services company achieved a market capitalization of $169.25 billion.
The earnings of TCS during the quarter ended on December 2020, were above what experts had predicted. The net profit of TCS rose to Rs 8,701 crore during the December quarter, with a rise of more than 7 percent. The company secured two major acquisitions in the European market.
The Indian gas utility company has plans to develop two gas pipelines between Dahej and Bengaluru. The state-owned company would be launching an InvIT for the development of its pipelines.
Under the InvIT, investments would be welcomed from investors for the project. A splitting of the pipeline has been proposed from the gas marketing function.
Larsen and Turbo:
Larsen and Turbo recorded a consolidated net profit of Rs 2,466.7 crore in the quarter ended on December 31, 2020. The net profit in the December quarter of the previous fiscal was at Rs 2,352 crore.
The company’s order book rose to a high of Rs 3.3 trillion in the quarter.
Revenue of Larsen and Turbo decreased from Rs 36,243 crore in Q3 FY20 to Rs 35,596.4 crore in Q3 FY21.
The infrastructure segment of Larsen and Turbo recorded a revenue of Rs 15,973 crore in Q3 FY21, at an increase of 7 percent from the previous fiscal. The IT services segment of L&T recorded a revenue of Rs 6,530 crore in the quarter, up by 6 percent from the previous year.
Compared to the September quarter, Larsen and Turbo’s consolidated EBITDA margin in the December quarter rose by 12 percent by 60 basis points.
Image Credit: Google