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INFY - Infosys News Story

$18.16 0.3  1.6%

Last Trade - 14/05/21

Large Cap
Market Cap £54.09bn
Enterprise Value £52.08bn
Revenue £9.73bn
Position in Universe 166th / 6846

Indian shares fall on profit-taking; wholesale inflation key

Tue 14th January, 2014 10:50am
* BSE index falls 0.48 pct; NSE ends 0.49 pct lower 
    * Ranbaxy falls on USFDA concerns; brokers downgrade 
    * Yes Bank profit may beat estimates-StarMine 
    By Abhishek Vishnoi 
    MUMBAI, Jan 14 (Reuters) - Indian shares fell on Tuesday led 
by declines in software exporters such as Tata Consultancy 
Services Ltd  TCS.NS  on profit-taking after the recent run-up 
on better-than-expected quarterly results by peer Infosys Ltd. 
    Falls also tracked weak global shares as a batch of weak 
earnings pre-announcements in the United States sparked concerns 
that the upcoming reporting season may disappoint, leaving some 
indexes looking expensive after a bumper 2013. MKTS/GLOB  
    After India's retail inflation in December eased to a 
three-month low on Monday, traders are eyeing December wholesale 
price inflation, seen at 7 percent and due Wednesday, and 
considered to be key ahead of the central bank's rate review on 
Jan. 28.  
    Retail prices  INCPIY=ECI  rose an annual 9.87 percent last 
month, slower than expected, as vegetable prices fell, giving 
some relief to policymakers struggling to contain price 
pressures as growth hovers at a decade low.  ID:nL3N0KN29L      
    Also, a surprise contraction in industrial production and a 
slowdown in merchandise exports growth, which have dampened 
hopes of a rebound in Asia's third-largest economy, further 
reduces the chances of a rate hike, dealers said. 
    "Growth for India has bottomed out and even valuations look 
reasonable. Inflation has eased and I think a delay in rate 
action by the RBI governor signifies he may side with growth," 
said Nandkumar Surti, managing director and chief executive 
officer at JP Morgan Asset Management. 
    The benchmark BSE index  .BSESN  fell 0.48 percent, or 
101.33 points, to end at 21,032.88, after rising over 2 percent 
over the last two consecutive sessions. 
    The broader NSE index  .NSEI  lost 0.49 percent, or 30.90 
points, to end at 6,241.85. 
    Software companies fell on profit-taking after the recent 
run-up on Infosys'  INFY.NS  better-than-expected quarterly 
results.  ID:nL3N0KK149  
    Tata Consultancy Services Ltd  TCS.NS  fell 1.8 percent, HCL 
Technologies Ltd  HCLT.NS  ended down 1.7 percent and Wipro Ltd 
 WIPR.NS  lost 1.4 percent. 
    Infosys, however, closed 0.6 percent higher. 
    CMC Ltd  CMC.NS  fell 10.5 percent after its 
October-December profit rose 15.53 percent to 705.4 million 
rupees, falling short of some analysts expectations. 
    Ranbaxy Laboratories  RANB.NS  fell 2 percent, adding to 
Monday's 5.4 percent slump, after the U.S. Food and Drug 
Administration raised concerns about manufacturing practices at 
one of its factories.  ID:nL3N0KO1QG  
    India's retail stocks fell after the newly-elected 
provincial government in India's national capital on Monday 
barred foreign supermarkets from setting up shop, a blow to 
Prime Minister Manmohan Singh's efforts to attract overseas 
investment and revive the economy.  ID:nL3N0KN38G  
    Trent Ltd  .NS  fell 2.7 percent while Shopper's Stop Ltd 
 SHOP.NS  ended 1.7 percent lower. 
    However, among other stocks that gained, Yes Bank Ltd 
 YESB.NS  rose 2.3 percent a day ahead of its October-December 
    The bank may beat consensus profit forecast when it reports 
results, Thomson Reuters StarMine's SmartEstimates showed. 
    Cairn India Ltd  CAIL.NS  rose 2 percent after mining 
conglomerate Vedanta Resources Plc  VED.L  said it received 
99.89 percentage of votes in favour of a proposed share buyback 
worth up to 57.25 billion rupees ($924 million) by its Indian 
oil and gas unit.  ID:nL3N0KN2WS  
   For additional stocks on the move double click  MEYE          
   FACTORS TO WATCH                                              
* Dollar steadies after two-day fall, Nowotny helps euro  FRX/   
* Brent holds above $106 but brighter supply outlook drags O/R   
* Shares sell off on U.S. earnings worry             MKTS/GLOB   
* Foreign institutional investor flows         INFII   INFII01   
* For closing rates of Indian ADRs                       INADR   
   ASIA-PACIFIC STOCK MARKETS:                                   
Pan-Asia........ STXNEWS/AS  Japan....... .T   S.Korea...  .KS   
S.E. Asia....... .SO         Hong Kong... .HK  Taiwan.... .TWX   
Australia/NZ.... .AX         India....... .BO  China.....  .SS   
   OTHER MARKETS:                                                
Wall Street .... .N          Gold ....... GOL/ Currency.. FRX/   
Eurostocks..... .EU          Oil ........ O/R  JP bonds... JP/   
ADR Report ..... ADR/        LME metals. MET/L US bonds..  US/   
Stocks News US.. STXNEWS/US  Stocks News Europe     STXNEWS/EU   
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Indian Data Watch   ID:nINDATA   Asia earnings diary ASIA/EQTY   
U.S. earnings diary RESF/US      European diary        WEU/QTY   
Indian diary        IN/DIARY     Wall Street Week Ahead   .N/O   
Eurostocks Week Ahead  .EU/O                                     
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