Tech Mahindra’s revenue jumps

Good morning!

Here are the top stories to start your day.

For more updates on F&O, click here.

⭐ Tech Mahindra’s revenue jumps  

Tech Mahindra has reported a 20.7% year-on-year (YoY) rise in its consolidated revenue at ₹13,129 crore during the September quarter. Meanwhile, its profit after tax was down by 4% YoY to ₹1,285 crore. Net new deal wins for the quarter stood at $716 million. The company also announced a special dividend of ₹18 per share. 

⭐ Two-wheeler sales see steady growth

In October, Bajaj Auto’s total two-wheelers sales in the domestic market rose by 4% YoY to 2,06,131 units. Meanwhile, domestic sales of TVS Motor grew 7% to 2,58,777 units. Royal Enfield maker, Eicher Motors, reported a 86% YoY increase in sales to 82,235 units.

⭐Manufacturing PMI rises marginally 

India’s manufacturing purchasing managers index (PMI) rose to 55.3 in October, from a three-month low of 55.1 in September. PMI growth remained robust aided by strong expansion in factory orders and production. In general, a PMI reading above 50 indicates an expansion in manufacturing activity, while a number below 50 represents contraction.

Global markets (at 7:30 AM today)

Fact of the day

India reported 730 crore UPI transactions in October worth ₹12.1 lakh crore, up 8% from September. 

Source: Economic Times