Today’s top morning headlines - 12th October 2023

Good afternoon,

Markets are trading flat with the NIFTY50 near the 19,800 level, as of 12:00 pm. Here are the top stories for the day!

Top gainer: BPCL: 349 ▲7 (+2.1%)
Top loser: TCS: 3,555 ▼ 54 (-1.5%)

:star: TCS slips post Q2 results
Shares of the IT service provider fell 1.6% intraday after the company posted a marginal 0.5% QoQ rise in its consolidated revenue to ₹59,692 crore for the Q2 FY24. Meanwhile, its net profit rose 2.4% to ₹11,342 crore. Along with the result, TCS also announced a share buyback at ₹4,150 per share, which is lower than its previous buyback price of ₹4,500 per share in 2022.

:star: IndusInd Bank gains on acquisition nod
Shares of the private sector lender rose 1.6% intraday. This came after the RBI allowed SBI Mutual Fund to buy up to a 9.99% stake in the company. This deal will also give SBIMF voting rights in the bank.

:star: Pricol surges on new deal
Shares of the automotive technology company rose 3% intraday. This came after the company partnered with a Chinese company for developing advanced technologies in driver information system solutions in the Indian market.

:star: Glenmark rises on licensing agreement
Shares of the pharma company rose 1.5% intraday after the company’s subsidiary Ichnos Sciences partnered with Astria Therapeutics to develop rare allergic disease therapies. As part of the agreement, the company will receive up to $320 million upfront.