The Indian IT industry has been facing headwinds due to several global events like the US presidential elections
Tata Sons had stated that ousted chairman Cyrus Mistry's conduct had caused enormous harm to the Tata group, says TCS
TCS called for an extraordinary general meeting to consider a resolution for Mistry's removal as Director of the company
Since October 24, TCS was down 13.6% as compared to 3.7% decline in the Nifty50 index.
Tata Steel, Tata Motors are among the other important group companies that Tata Sons wants to resolve the chairmanship issue swiftly
This will enable them to work together in areas of common interest such as machine learning, virtual reality, data analytics, cloud computing
Interview with MD & CEO, Tata Consultancy Services
Despite lower growth scenario; companies say reworking strategy
Although the stock opened on a flat note, it later saw some buying and gained 2.4 per cent to Rs 2,384.40
The stock was trading flat at Rs 2,336 on BSE, as compared to 0.20% fall in the S&P BSE Sensex at 09:56 am.
Q2 net profit climbs 8.4% to Rs 6,586 cr on margin boost; retail segment saw decline in discretionary spending, primarily from the UK and the US
High competitive environment and continued pricing pressure are a few pressure points for margins
Analyst are also expecting that cross-currency will be one of the headwinds for TCS this quarter
The digital core is getting developed with various initiatives of the government
Analysts are also concerned the firm might, for the first time, miss its indicated Ebit margin of 26-28%
Stock crashes 6.5%; top 5 firms lose Rs 33,883 crore in market cap
Stock price of TCS was down as much as 6.5% during intra-day trading
Funds are underweight the IT sector and any fall will probably see them buying the market leaders at a cheaper valuation
Earlier, Infosys had lowered its annual revenue guidance for FY17 while announcing its results for the June 2016 quarter
The stock hit a high of Rs 2,367 and a low of Rs 2,287 so far during the day