Morning Buzz: TCS bags $1.9 billion from Nest, all eyes on the Nifty 50 index as it nears lifetime high, and more

Tata Consultancy Services has bagged a $1.9 billion deal from UK-based National Employment Savings Trust (Nest) to digitally transform its scheme.Image: Namas Bhojani/Bloomberg via Getty Images
 

Zee’s Punit Goenka says merger with Sony on; analysts cite risk

With the Zee-Sony Pictures merger still facing regulatory hurdles, Zee’s Punit Goenka (who Sebi wants barred from holding managerial position in any listed company) says the deal is of “immense significance” regardless of whether he stays or not. Both Zee and Sony are watching the legal developments and Sony is not wavering. Meanwhile, BofA Securities warns that the Zee-Sony merger deal could be at risk after the Sebi order and a ‘no’ rating on the Zee stock.
(Economic Times, Business Standard, Hindu Businessline)

TCS wins $1.9 billion from UK’s Nest for digital transformation

Tata Consultancy Services has bagged a $1.9 billion deal (with possible extensions) from UK-based National Employment Savings Trust (Nest) to digitally transform its scheme. The IT giant will use the TCS BaNCS platform to digitalise administrative services for Nest’s one million employees. This deal is significant for TCS as a potential one with US insurer Transamerica fell through. The Nest deal is the fourth-largest deal which TCS has finalised in recent months.
(Economic Times, BQ Prime, Times Now, Times of India)

El Nino likely to hurt India’s winter crop output

The El Nino weather pattern is likely to impact monsoon in the second half of this season and hurt India’s winter crops of wheat, mustard and chana (chickpea). The Indian Meteorological Department (IMD) has forecast a normal monsoon this year, but rainfall has already been delayed across several parts of the country. While clarity on the impact on this year’s rains will be clearer by July, it will have an impact on food prices, output and inflation, and the RBI monetary action. Prices of wheat and some pulses have already risen this week, fearing a weak monsoon.
(Economic Times)

All eyes on the Nifty 50 index as it nears lifetime high

After the Sensex index hit a new high on Wednesday, all eyes are on the Nifty 50 index pattern for Thursday. While foreign funds have been net buyers of India equities since March, domestic institutional investors have kept pace, but interest from retail investors has fallen—this has been reflected by lower mutual fund SIP investments. The US stock markets rally has tapered a bit after the US Fed said that more rate hikes could be likely this year to battle inflation. India's stock markets are likely to see profit booking at current levels.
(Economic Times, Hindu Businessline)

GIC Singapore picks up Shriram Finance stake after Piramal exit

After the news of Piramal Enterprises exiting Shriram Finance completely by selling its 8.34 percent stake, news is that GIC Singapore, the sovereign wealth fund of Singapore, was the largest buyer picking up 91.2 lakh shares followed by Societe Generale ODI which bought 30.4 lakh shares of Shriram Finance. Fifty-four buyers participated in the block deals. The Shriram Finance stock had edged down marginally in April after the company’s Q4FY23 earnings, but jumped back 30 percent up over the past four weeks.
(Hindu Businessline)