Indian shares flat as TCS tumbles 6%

Sterling and Wilson Renewable Energy

11/10/2021 05:17

BENGALURU, Oct 11 (Reuters) - Indian shares were subdued
early on Monday as gains in Reliance Industries were offset by
weakness in IT stocks after Tata Consultancy Services reported
September-quarter results. 
    The NSE Nifty 50 index  .NSEI  was up 0.05% at 17,905.85,
while the S&P BSE Sensex  .BSESN  was down 0.05% at 60,005.01 by
0352 GMT.
    Nifty's IT index  .NIFTYIT  tumbled more than 4% with Tata
Consultancy Services  TCS.NS  leading losses with a 6% drop. 
    The IT major topped quarterly profit estimates but analysts
said there were indications of moderating deal wins and margin
pressure in future quarters.  urn:newsml:reuters.com:*:nL4N2R42W2
    On the other hand, Reliance Industries  RELI.NS  rose 1.2%
after the Mukesh Ambani-led company said it would buy
Norwegian-headquartered solar panel maker REC Solar Holdings for
$771 million and an up to 40% stake in India's Sterling and
Wilson Solar  STEN.NS .  urn:newsml:reuters.com:*:nL1N2R6045
    Shares of Sterling and Wilson Solar rallied 14% early on
Monday.
    Meanwhile, Asian shares and U.S. stock futures inched higher
on Monday as China's blue chip index  .CSI300  rose 1%, while
high oil prices kept inflation worries intact. MKTS/GLOB 
    
    
    
    

 (Reporting by Chandini Monnappa in Bengaluru; Editing by Amy
Caren Daniel)
 ((Chandini.M@thomsonreuters.com; +918061822697;))