TCS gains on extension of pact with British supermarket chain
India’s IT giant announced that it has expanded its partnership with Morrisons, a leading supermarket chain in the UK, with a five-year contract. TCS shares rose 2.4%, as it led a small pack of bullish stocks in an otherwise weak market. Other IT stocks also witnessed strong buying as HCL Tech (2.8%), Mindtree (3%) and Tech Mahindra (2.1%) posted healthy gains. The IT sector continues to be a silver lining to the dark cloud hanging over the rest of the market.
L&T underperforms amid grim outlook for infra sector
In its FY20 annual report, the L&T management mentioned that the pandemic and its fallout make it difficult to forecast the future with certainty. The report added that even though things could improve in the second half of FY21, it would be premature to predict the company’s business outcomes for FY21. The current constraints on spending in both the public as well as private sectors could impact the outlook for FY21. The L&T share price dropped 2.2% today and has fallen 9.3% since the beginning of the month, versus a 2.1% decline in the Nifty50 during the same period.
SPARC rises on tie-up with Tripoint Therapeutics
Sun Pharma Advanced Research (SPARC) announced that it has granted an exclusive license to American pharma company Tripoint Therapeutics to commercially produce its epilepsy drug in the US. Over the five-year period of the agreement, SPARC will receive tiered royalties ranging from 15% to 50% on the net sales. Shares of the SPARC were up nearly 2.6% today.