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Reports India

Indian stock market and companies daily report (March 26, 2014, Wednesday)

March 26, 2014, Wednesday, 05:37 GMT | 01:37 EST | 10:07 IST | 12:37 SGT
Contributed by Angel Broking

The Indian Markets are expected to open in green tracking positive opening in most of the Asian markets on the back of positive closing in global markets yesterday boosted by better than expected US consumer confidence index.

US markets on Tuesday finished a choppy trading session higher, boosted by stronger-than-expected consumer confidence data. The Conference Board released a report indicating that its consumer confidence index jumped to 82.3 in March from a revised 78.3 in February. With the much bigger than expected increase, the consumer confidence index reached its highest level since January of 2008. While a separate report from the Commerce Department showed a drop in new home sales in February, the data was largely shrugged off due to the influence of the weather. Meanwhile, European markets rallied on Tuesday, bolstered by renewed speculation that the European Central Bank will introduce stimulus to jumpstart the region's sluggish economy.

Indian markets ended largely unchanged on Tuesday as investors took some profits off the table following the previous session's rally and amid weak global cues.

Markets Today

The trend deciding level for the day is 22,017 / 6,577 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 22,118 - 22,180 / 6,609 - 6,627 levels. However, if NIFTY trades below 22,017 / 6,577 levels for the first half-an-hour of trade then it may correct 21,955 - 21,854 / 6,558 - 6,526 levels.

TCS wins multi-million dollar deal from French firm GDF Suez

TCS has bagged a multi-million dollar multi-year deal from energy sector major GDF Suez to standardize and rationalize CRM and billing applications across France, Belgium and the Netherlands. The financial details of the deal were not disclosed. The deal with GDF Suez is Tata Consultancy Services's first major contract in France, after it acquired Alti SA in 2013. Paris-headquartered GDF Suez is an electric utility firm, which operates in the fields of electricity generation and distribution, natural gas and renewable energy. TCS has been operating in France since 1992 and has over 50 clients in the country, including several of the CAC 40. Over the last five years, TCS has significantly strengthened its position in the country through local hiring and investments, said the company. We continue to remain positive on TCS with a target price of Rs.2,470.

Persistent Systems invests in Hyginex

Persistent Systems announced that it has invested in US-based Hyginex, which uses patented wearable technology and sensors in healthcare facilities to help doctors and nurses improve hand hygiene practices. The investment through Persistent Venture Fund allows Hyginex to expand its operations in the US. This would be third investment made by the venture fund set up by Persistent Systems. To this investment in Hyginex, Persistent brings its expertise and focus on emerging medical technologies. We maintain our Neutral rating on the stock.

Economic and Political News

- Indian exports will fall short of US$325bn target: Commerce Minister

- SEBI slaps Rs.42.5cr fine on 21 entities for fraudulent trade

Corporate News

- Alstom bags €40mn contract from BHEL

- Federal Bank recovers Rs.1 0cr dues from Kingfisher

- Glenmark receives US$4mn payment from Forest Labs

- ONGC to invest Rs.2,000cr in Vasai East field development

- Tata Motors plans to raise Rs.300cr via bonds