Indian investors and markets will keep a close watch on Tata Consultancy Services’ Q2 results as the earnings season kicks off, while the much-anticip…
1/6US Markets | US stocks tanked on Wednesday as higher oil prices lifted bond yields, pushing Treasury yields to levels not seen in more than two decades. The Dow Jones Industrial Average was down 503 points, or 1%, while the S&P 500 shed 0.6%. The Nasdaq Composite slipped 0.7%.
2/6US Treasury yields | The benchmark 10-year Treasury note yield climbed more than 8 basis points to trade at 5.356%. The yield reached its highest level since April 2002. The 30-year bond yield gained more than 8 basis points to 5.725%. It had hit its highest level since May 2002.
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3/6Crude oil | Oil rose in a choppy session as traders weighed a pickup in Iranian attacks on vessels in the Strait of Hormuz against resilient flows from the Middle East. Brent traded near $102 a barrel, following a volatile session on Tuesday too, and West Texas Intermediate was around $90. While shipments through Hormuz have risen in recent weeks, UK Maritime Trade Operations has reported at least nine attacks in the waterway so far this month.
4/6TCS Second Quarter Results | Tata Group’s flagship information technology services company, Tata Consultancy Services Ltd (TCS), will announce its September quarter results on Thursday. According to the CNBC-TV18 poll, TCS is expected to report modest sequential growth in Q2 FY27. Dollar revenue is estimated to rise 0.4% quarter-on-quarter to $7.657 billion from $7.624 billion, while rupee revenue is seen increasing 1.3% to ₹73,225 crore from ₹72,275 crore. Earnings before interest and tax (EBIT) are expected at ₹17,738 crore, compared with ₹17,317 crore in the previous quarter, while the EBIT margin is seen improving marginally to 24.2% from 24%.
5/6GST Council meeting | The 57th GST Council meeting will now be held tomorrow. The GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state ministers, will, in its meeting on Thursday, discuss changes in registration, returns, and refunds mechanism. It would also discuss policy reforms to resolve GST disputes and improve the flow of input tax credit, with the aim of reducing the time and cost of compliance. According to sources, the GST Council is likely to consider sweeping process reforms to decriminalise GST offences, remove the arrest powers of GST officers and make tax compliance easier for businesses, including e-commerce suppliers.
6/6US-Iran war | Iran plans to close transit routes in the Strait of Hormuz that it considers illegal, an adviser to the Revolutionary Guards commander told Fars News Agency. Mohammadreza Naqdi said the routes along Oman’s coast were created by damaging rocky passages in the strategic waterway. He alleged that small boats use these routes to smuggle oil and transfer it to tankers.