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Jefferies on TCS

TCS Boardroom: K Krithivasan, CEO & MD + Aarthi Subramanian, ED, President & COO + Samir Seksaria, CFO + Sudeep Kunnumal, CHRO, TCS (boardroom)

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Nuvama on TCSJPMorgan on Premier Energies – Key Points:Neutral rating with a target price of ₹1,019.Large growth expected in Indian solar cell capacities, with several new projects recently proposed.If all projects proceed, India could exceed 100 GW of cell manufacturing capacity by FY27-end.Local demand is unlikely to match this capacity.Significant oversupply could offset benefits from tariffs, DCR, and ALMM.Margins for Indian cell producers may decline materially.Proposed ALMM for wafers/ingots could offer partial compensation, but implementation is at an early stage and challenging to scale.Motilal Oswal Securities on Tata Elxsi – Key Points:Sell rating with a target price of ₹4,400.Demand continues to be soft.Management expects double-digit growth in FY27.Media and healthcare verticals face persistent headwinds.Valuations remain high at 52x 12-month forward P/E, considered difficult to justify amid current challenges.

TT Jagannathan, Chairman Emeritus of the TTK Group, passed away on Thursday night in Bengaluru.

Kotak Institutional Equities on Tata Elxsi – Key Points:Avendus on Tata Elxsi – Key Takeaways:

Revenue Growth Drivers

EBITDA Margins:

Key Growth Drivers:The India Mobile Congress 2025 in New Delhi has brought together leading players from the telecom and electronics sectors, with discussions focusing on Satellite Communications (SATCOM), AGR relief, and 5G applications.Telecom Minister Jyotiraditya Scindia pledged a rapid rollout of SATCOM services in India, highlighting the government’s push to stay aligned with global advancements.The event also highlighted government support for AGR relief to Vodafone Idea, expected to unlock pending funding and accelerate network deployment.

Arshad Fakhri, President of Prose Technologies, noted, “There were some funding roadblocks with another operator and some funds have been released. So, they are also going to deploy. I mean they have a backlog to cover. So, there will be an increased activity going forward.”

Learn More HerePrime Minister Narendra Modi on Thursday congratulated US President Donald Trump on the successful first phase of the US-brokered Gaza peace plan. Modi praised Trump for his efforts to end hostilities in the region.The conversation also touched on trade, amid ongoing tensions over US tariffs on Indian goods, including a 25% levy on India’s Russian crude oil imports. Modi noted that both leaders reviewed the “good progress” made in trade negotiations and agreed to remain in close contact over the coming weeks.In a post on X, Modi said, “Spoke to my friend, President Trump and congratulated him on the success of the historic Gaza peace plan. Also reviewed the good progress achieved in trade negotiations. Agreed to stay in close touch over the coming weeks.”Read The Full Story Here

HSBC On TCS

US Treasury Secy

Soon, We Are Going To See Rebalancing Where India Buys Less Russian Oil

India Is Going To Start Rebalancing Over the Next Few Weeks & Months In Favour Of US Oil

Tata Consultancy Services (TCS) reported its Q2 results with a net profit of ₹12,075 crore. Revenue came in at ₹65,799 crore, while EBIT stood at ₹16,565 crore.Margins expanded to 25.2%, and constant-currency revenue grew 0.8% during the quarter.On a sequential basis, net profit rose 3.8% quarter-on-quarter, revenue increased 3.7%, EBIT grew 6.8%, and margins improved to 25.2% from 24.5% in Q1, with CC revenue growth turning positive at 0.8% versus -3.3% in the previous quarter.

TCS also announced strategic investments and initiatives, including a new business entity to build AI infrastructure, a 1 GW capacity AI data center in India, and the acquisition of ListEngage, which has deep capabilities in Salesforce.

CLSA On TCS

On Friday, October 10, investors will be watching shares of Tata Consultancy Services (TCS), the biggest provider of IT services in India, as they respond to their quarterly results that were released on Wednesday after market hours.

Goldman Sachs On TCSGIFT Nifty is trading lower, around 30 points below Thursday’s Nifty Futures close, suggesting that the Indian market may start the day on a weak note.

Citi On TCS

TRADE SET UP

 LG Electronics India will finalise share allotment for its ₹11,607 crore IPO today, after the issue saw record-breaking investor demand.The IPO became the most subscribed in value terms in Indian capital market history, receiving bids for 385 crore shares worth ₹4.4 lakh crore against 7.13 crore shares on offer.This surpassed the previous record set by Bajaj Housing Finance’s IPO last year, which drew bids worth ₹3.2 lakh crore.

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Lloyds Engineering Works has entered into a Memorandum of Understanding (MoU) with FlyFocus to jointly develop the next-generation unmanned aerial vehicle (UAV) named ‘Defender’.

Sona BLW Precision Forgings (Sona Comstar) has signed a Memorandum of Understanding (MoU) with Germany-based NEURA Robotics to jointly develop robots and humanoids for India and international markets.

After a lacklustre reaction from shareholders to its ₹3,000 crore IPO, shares of WeWork India management Ltd., the flexible workspace operator in India, are scheduled to make their market debut today.

Institutional investors helped the IPO achieve full subscription on the last day of bidding. The total number of subscriptions was 1.15 times the number of shares available.

 Mahindra & Mahindra (M&M) reported a strong performance in September, with total sales volume rising 14% year-on-year to 97,744 units.Exports also saw a sharp 44% jump to 4,458 units, while total production increased 24.4% YoY to 99,758 units, reflecting continued demand momentum across segments.

As we move towards the end of the trading session, some of the stocks in focus include TCS, Tata Motors, NTPC Green, ICICI Prudential Life and more.

Check The Full List Here Oil prices steadied after their biggest weekly drop, as traders weighed easing tensions in the Middle East and the outlook for global supply.West Texas Intermediate (WTI) hovered below $62 a barrel after falling 1.7% on Thursday, while Brent crude traded near $65. Progress toward a peace deal between Israel and Hamas — including a framework for releasing hostages and prisoners — boosted hopes of reduced geopolitical risks.

Asian stocks opened lower on Friday, tracking a pullback on Wall Street as investors turned cautious over stretched valuations after a strong run-up.Japan and Australia slipped in early trade, while South Korea gained, led by a 6% surge in Samsung Electronics, which traded above its record-high close. Meanwhile, US-listed Chinese shares fell 2%, signaling a pause after recent gains.The dollar eased slightly after a four-day rally to its highest level since July, while gold inched up after its biggest drop since August, remaining below the $4,000 mark.

Click here for more detailsIn Thursday’s trade setup, we mentioned that Tuesday and Wednesday looked almost identical on the Nifty 50 charts — every intraday recovery was sold off, and every dip was bought.But on Thursday, the trend flipped.Like the previous two sessions, both bulls and bears had their moments, but this time, the Nifty ended near the day’s high instead of closing at the low.

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