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Updated: 20/07/2009 | 12:00 AM IST

Stock alert

TCS may see action

Capital Market

Monday, July 20, 2009 (New Delhi)

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India's largest software outsourcer by sales TCS reported a 15.27%% increase in net profit to Rs 1276.44 on a 0.12% decline in sales to Rs 5609.60 crore in Q1 June 2009 over Q4 March 2008. The better than expected first quarter result was fueled by improved offshoring, lower costs and lower losses on account of foreign exchange hedging.

Apart from the broad-based growth in markets like North America and aided by a semblance of stability in the banking, financial services and insurance (BFSI) verticals, the company said strong operational execution also helped it. The company incurred a foreign exchange loss of Rs 85 crore. TCS, unlike its peers, does not provide guidance.

An international expert will reportedly examine the pricing formula proposed by Reliance Industries for the crude oil produced from its D-6 block in the Krishna-Godavari basin, an oil ministry official said.

Gaz de France (GDF) Suez and renewable energy group Akuo Energy have reportedly completed due diligence of realtor DLF's wind energy business. DLF hopes to raise at least Rs 900 crore from the sale.

Seperately, DLF reportedly wants to get out of the Rs 1500 crore IT special economic zone project in Tamil Nadu and has asked state government to either call for a re-tender or refund the Rs 725 crore it had paid last year.

Cinemax India reportedly plans to invest Rs 30 crore to digitise all its 74 screens and an additional 50 screens that it plans to open by the end of the year.

Agro-chemicals firm Gharda Chemicals is reportedly likely to be sold within a few months. Private equity funds like Carlyle, Kotak and Blackstone and agrochemicals maker United Phosphorous were interested.

Maytas Infrastructure, linked to the promoters of fraud-tainted Satyam Computer has reportedly decided to sell part of its shareholding in Cyberabad Expressway and Hyderabad Expressway to Terra Projects.

The Godrej group will reportedly buy out the US-based Sara Lee Corp's entire controlling stake of 51% in their India joint venture, Godrej Sara Lee, for Rs 880 crore.

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