The company, which is better known for products sold under the brand name ‘Electral’, is...
According to the Forward Markets Commission, much of the business has come from gold, silver and other energy and metal commodities as trading volumes in these products were higher in 2010-11, with the average monthly turnover rising to Rs10 lakh crore from Rs7 lakh crore in the previous fiscal
New Delhi: The turnover of the commodity futures market is estimated to have risen by 54% to Rs 119.48 lakh crore in 2010-11, buoyed by higher volumes in bullion and energy items, reports PTI quoting the regulator Forward Markets Commission (FMC).
The total business of the commodity futures market in 2009-10 was at Rs77.64 lakh crore, FMC said in a statement.
Much of the business has come from gold, silver and other energy and metal commodities as trading volumes in these products were higher this year, it said.
The average monthly turnover rose to Rs10 lakh crore from Rs7 lakh crore in the review period, it added.
According to the FMC data, the turnover from futures trading in metals like copper rose by over 49% to Rs26.87 lakh crore in the 2010-11 financial year as against Rs18.01 lakh crore in the previous year.
Similarly, the business from energy items rose by 47% to Rs23.10 lakh crore from Rs15.77 lakh crore, while the turnover from bullion increase by 34% to Rs54.93 lakh crore from Rs31.64 lakh crore in the review period.
The turnover from farm commodities increased by 19.58% to Rs14.56 lakh crore in FY10-11, as compared with Rs12.17 lakh crore in the previous year.
At present, there are five national commodity exchanges, MCX, NCDEX, NMCE, ICEX and ACE commodities and derivative and 18 regional exchanges in the country. About 80% of total turnover of commodity futures market comes from MCX.
Top software services exporter reports better than expected results, on rising demand from western clients. But stock price dips on weakness in IT segment
Tata Consultancy Services (TCS), the country's largest IT software services exporter, today announced a 31.1% y-o-y increase in fourth-quarter net profit, on rising demand from western clients for outsourcing services. The Tata Group unit said net profit rose to Rs2,623 crore in the three months to 31 March 2011, according to Indian GAAP.
The software exporter, whose major clients include Citigroup, General Electric, British Airways and Sony Corp, said excellent execution, constant customer focus boosted the numbers and that markets in the US and Europe were improving. Revenues also grew by 31.3% y-o-y to Rs10,157 crore in the March quarter.
The results were slightly better than what the market expected. However, the TCS stock slipped after the announcement to Rs 1,191, down 2.23% at the close on the Bombay Stock Exchange, after gaining over 2% in the morning session. The BSE-IT index was down 0.61%, whereas the broader market gained by 0.67%.
Operating margin was down by just 6 basis points at 28% on a quarter-on-quarter basis. Overall for the financial year 2010-11, TCS reported net profit of Rs9,068 crore, a growth of 29.5% over the previous year. Revenues for the year stood at Rs37,325 crore, up 24.3% from the previous year. The company said it would pay a final dividend of Rs8 per share.
N Chandrasekaran, chief executive and managing director, said, "Excellent execution and a constant focus on the customer has helped TCS round off a sterling performance for FY11, with strong growth in the fourth quarter, while maintaining margins at historic highs."
The company said it plans to increase wages by 12%-14% for India-based staff as it deals with high attrition (14.4%) in a tough environment. It would raise wages by 2%-4% in major overseas markets and 2%-14% in emerging markets. Mr Chandrasekaran said wage increases and currency fluctuations pose headwinds for growth. During the January-March quarter, the company added 11,700 employees, taking its total headcount to over 1.98 lakh, the company said.
"Looking ahead, the demand environment continues to be vibrant. There are opportunities across markets and industries," Mr Chandrasekaran said. "Our nimble organisation structure, together with our full-services strategy and domain-intensive solutions gives us a great platform to sustain growth. We continue to shape the adoption of next generation technologies by investing in new areas like mobility, analytics, social media and sustainability solutions."
Growth in the fourth quarter was led by developed markets of the US and Europe with strong contribution from Asia Pacific, the Middle East and Africa. The company said all verticals returned to the growth path this year. Among the company's key wins was a partnership with a US-based speciality retailer to implement a customer-centric merchandizing solution, and working with one of the world's leading automotive firms to support their end-to-end enterprise application integration and infrastructure services across the global business chain.
Sentiment around IT stocks has been depressed over the past week after the market was disappointed with the Q4 numbers by Infosys Technologies, the country's No.2 software services exporter. Analysts, however, expected a better performance from TCS. Yesterday, HCL posted a 33% rise in net profit at Rs468.20 crore for the January-March quarter.