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Infosys shares slumped as the company has cut FY revenue growth forecast.
The company shares fell as much as 9.84 per cent to their lowest since January 13, making them the top losers on the Nifty IT index.
The stock is headed for its biggest single-day per cent fall since April 12, 2013.
The country's second-largest IT services firm has cut FY17 revenue growth forecast to 10.5-12 per cent in constant currency from 11.5-13.5 per cent.
The company has posted Q1 profit of Rs 3,436 crore ($512.3 million), slightly below analysts' estimates of Rs 3,442 crore, according to Thomson Reuters data.
TCS shares down 4%
TCS shares today fell nearly 4 per cent on profit-booking after the company’s June quarter earnings failed to enthuse investors even as the IT major reported a 9.9 per cent jump in net profit for the April-June period of the current fiscal.
After a positive opening, the stock lost 3.66 per cent to Rs 2,428.05 on the BSE.
On the NSE, it slipped 3.78 per cent to Rs 2,426.55.
“TCS posted results below expectations on the sales front, while the net profit growth came in higher than expected on the back of better expected EBIT and better than expected other income,” said Sarabjit Kour Nangra, VP Research IT of Angel Broking.
In its best performance in six quarters, TCS had yesterday reported 9.9 per cent jump in net profit at Rs 6,317 crore for the April-June period, buoyed by multi-billion dollar deals in the European and North American markets.
In dollar terms, net income stood at $944 million for the quarter under the Indian Accounting standards, or Rs 32.06 per share. Consolidated gross revenue on constant currency terms jumped 14.2 per cent to Rs 29,305 crore or $4.36 billion, Chief Executive and Managing Director N Chandrasekaran had said.
The numbers, however, are not so robust on a sequential basis.
While net profit slipped 0.4 per cent due to forex volatilities and other externalities like 8-12 per cent salary hike impacting margins, revenue rose just 3.1 per cent.
Tata Steel hits over 1-year high
Tata Steel hit more than 1-year high as technicals suggest further upside.
The stock rose as much as 3.9 per cent to highest since May 12, 2015.
The stock's 20-day simple moving average (SMA) has cut above 50-day SMA, a bullish signal.
It has broken above a resistance at 364 faced during April 2016.
Breakout is supported by volumes, as 5-day average volume is 43.58 per cent higher than 30-day average volume.
The Trend Intensity indicator rose to 17 points after forming higher lows, suggesting start of a new trend.
MACD is positive and above its signal line, another positive for the stock.
The stock was up 38.3 per cent this year as of Thursday's close, compared with a 7.8 per cent gain for the broader NSE index.
NTPC shares plummet
NTPC shares fell as employees sold shares after lock-in period.
Shares of power company fell as much as 10 per cent to Rs 142.85, their lowest since June 1.
Two traders attributed heavy selling to NTPC employees who had participated in NTPC's offer for sale in February.
They estimate sales by employees, after lock-in period expired on Thursday, hit around Rs 250 crore ($37.36 million) on Friday.
More than 9 million shares change hands within an hour of trade, almost three times their 30-day average
The stock posted sharpest intraday percentage drop since February 2014.
The government had raised about $730 million from its 5 per cent stake sale in February at a floor price of Rs 122/share.
NTPC shares closed at Rs 158.70 on Thursday.
($1 = 66.9100 Indian rupees)
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