Morning Update for 17 March 2022

Indices at previous closing

Nifty50: 16,975▲ 312 (+1.8%)

Sensex: 55,776 ▲ 1,039 (+1.8%)

Nifty Bank: 35,022 ▲ 725 (+2.0%)

For more updates on F&O, click here.

TCS faces attrition challenge

According to reports, the management of the IT giant has said that attrition is a challenge for the company, but it has managed the issue well. It added that the company needs to retain people as knowledge is not replaceable in a matter of weeks, especially in the product business. 

In the December quarter, the rising attrition rate had become a major concern for the Indian IT companies. Shares of TCS were up around 2% yesterday. Meanwhile, all eyes will be on the Accenture results, which will be announced later today. Accenture’s performance is widely seen as an indicator for India’s IT companies.

BoB says Russia-Ukraine war impact minimal

The state-owned bank’s management has reportedly said that the direct impact of the Russia-Ukraine conflict will be minimal on the banking sector. It said that the banking industry and Bank of Baroda’s exposure to Russia is very limited. 

According to reports, the management also said that the corporate investment cycle is picking pace as the pandemic fades away. Meanwhile, shares of Bank of Baroda rose by 1.3% yesterday. 

Shyam Metalics soars on expansion plans

Shares of the Kolkata-based steel manufacturer, which focuses on long steel products and ferro alloys, rose 6% intraday. This comes after the company announced that it plans to invest ₹990 crore for expanding its capacity. The incremental capex will be funded by internal accruals (cash). 

The company will increase its capacity by 2.95 million tonnes per annum (MTPA), taking its overall capacity to 14.5 MTPA. Meanwhile, shares of Shyam Metalics and Energy pared some of their gains and closed around 5% higher yesterday.  

Sectoral indices (March 17)

Global markets (at 8:00 AM today)

Fact of the day

With 12.2 billion downloads in 2021, India was second in the number of mobile app downloads

Source: Inc42

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