1) Tech stocks are witnessing smart rally today after TCS announced strong Q2 results. TCS reported Dollar revenue growth 7.1% to $5,420 million while expectation $5287mn. Company reported EBIT margin at 26.2% from 23.6% (QoQ) while expectation 24.8. Market hope of other tech players will be announced good quarterly results. Wipro will announceQ2 results on 13th October and Infosys on 14th October (ADR up 5%). 2) Newly-appointed SBI chairman Dinesh Kumar Khara said that the lender's business has recovered to around 70-80% of pre- Covid levels. Khara said his focus would be on credit quality, preservation of net interest margins (NIMs) and employee safety in view of the pandemic. Credit at the lender is growing in the range of 6-7% and the retail segment is holding up well, Khara said, pointing to the fact that much of corporate demand for debt is moving to the markets. The bank has already provided for all its legacy accounts and its corporate provision coverage ratio (PCR) is around 85% and overall PCR is 83%. #MOMarketUpdates #MotilalOswal #IndianStockMarket #Nifty #sensex #SBI #Techstocks #TCS #HCL
Posted On: 08 Oct 2020 6:38 PM
