L&T completes the first successful hostile takeover in Indian IT as Mindtree braces for volatility

Share Market Updates: The Indian equities ended lower in choppy trade for the eighth stright session on Friday, tracking weak cues from Asian peers.

 Indian equity market extended losses for the seventh consecutive session on Thursday led by decline in Power, Pharma, Energy indices. Escalated trade tensions between China and the US also prompted investors to remain cautious throughout the trading session.

Share Market Updates: On the sectoralfront, Oil & Gas, Energy and Realty indices were among the major losers.  However, IT sector continued to outperformafter rupee slips against US dollar.

Prabhudas Lilladher in its report stated that although Mindtree posted strong revenue growth, the management has guided a low teens revenue guidance for the fiscal year 2020

Share Market Update: RIL, Wipro, Tech Mahindra, ICICI Bank, SpiceJet, Interglobe Aviation, HDFC, HDFC Bank, were the major gainers in the indices, while Jet Airways, Infosys, TCS and Hindalco were among top laggards.

In dollar terms, Mindtree's revenue jumped 15.80 per cent YoY to USD 262 million, while net profit increased merely by 0.3 per cent to USD 28.2 million

Share Market Live updates: While the Sensex fell 100 points to 38,132 level, the Nifty lost 38 points to 11,445. Top Sensex losers were NTPC (2.25%), Tata Motors (1.85%) and Bharti Airtel (1.49%).

Azim Premji is not only one of India's biggest entrepreneurs, he is also the face of corporate philanthropy.

The net profit declined 7.5 per cent sequentially from $29.1 million last quarter to $26.9 million this quarter.

The mid cap stock opened at a loss of 6.53% in trade today. The stock has been losing for the last two days and has lost 15.45% during the period.

At 9:35 am, the stock was trading 3.02% or 26.20 points higher at 892.50 level on BSE. Sentiments were buoyant on the stock with the firm saying during its Q4 earnings announcement that it expects the current fiscal to be significantly better than 2017-18.

Experts see a downtrend in market in the near term on uncertainty over effects of demonetisation and global markets. The Sensex closed 5.94 points lower at 26,298 level. The Nifty rose merley 0.04 per cent or 3 points higher to 8,111.

IT sector stocks too gained as rupee fell to its 20 week low on Tuesday. IT sector firms earn a large part of their revenue in dollars. If rupee falls, every dollar earned through exports means more revenue is added to the bottomline.