The BSE Sensex recorded the best monthly gain in June by climbing 7.14%. The Sensex breached the historic 79,000 mark on June 27.
| Photo Credit: Reuters

Nine of the top-10 most valued firms together added ₹2,89,699.42 crore in market valuation last week, with Reliance Industries emerging as the biggest gainer, in line with a rally in equities. Last week, the BSE benchmark jumped 1,822.83 points or 2.36%.

The BSE Sensex recorded the best monthly gain in June by climbing 7.14%. The Sensex breached the historic 79,000 mark on June 27.

While Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, Hindustan Unilever and ITC were the gainers, Life Insurance Corporation of India (LIC) emerged as the laggard.

The Market Capitalisation (mcap) of Reliance Industries jumped ₹1,52,264.63 crore to ₹21,18,951.20 crore. TCS added ₹34,733.64 crore taking its valuation to ₹14,12,845.09 crore.

The mcap of ICICI Bank soared ₹30,286.99 crore to ₹8,44,201.88 crore and that of Bharti Airtel surged ₹18,267.7 crore to ₹8,22,530.35 crore. The market valuation of Infosys climbed ₹14,656.3 crore to ₹6,50,602.10 crore and that of HDFC Bank zoomed ₹13,808.74 crore to ₹12,80,865.43 crore. State Bank of India’s valuation rallied ₹11,111.14 crore to ₹7,57,565.68 crore.

The mcap of Hindustan Unilever went up by ₹7,953.37 crore to ₹5,81,570.83 crore and that of ITC climbed ₹6,616.91 crore to ₹5,30,475.82 crore. However, the valuation of LIC tumbled ₹22,042.61 crore to ₹6,25,573.90 crore.

Reliance Industries remained the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever and ITC.

India’s Tata Sons, the holding arm of Tata Group, plans to sell shares in Tata Consultancy Services (TCS) worth up to 93.62 billion rupees ($1.13 billion) on Tuesday, a term sheet showed.

Tata Sons plans to offload 23.4 million shares in the country’s top IT services provider, representing 0.65% of TCS’ outstanding shareholding, according to the term sheet.

It holds a 72.4% stake in TCS as of Dec. 31, according to exchange data.

The stake sale comes as domestic stock markets hover at record highs, with TCS and the blue-chip Nifty 50 index, of which it is a part, hitting 10 and 15 record highs this year, respectively.

TCS shares will be sold at a floor price of 4,001 rupees apiece, a 3.7% discount to its Monday closing price of 4,152.5 rupees.

J.P. Morgan and Citigroup will be joint bookrunners for the stake sale.

Tata Sons and TCS did not immediately reply to Reuters’ requests for comment, while Citigroup and J.P. Morgan declined to comment.

Major shareholders of ITC, Paytm and Zomato have sold their stake in the companies via block deals – where more than 500,000 shares are traded in a single transaction – in the past few months.

Shares of TCS closed 1.6% lower on Monday ahead of the news, amid a broader tumble in IT stocks.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Mumbai:

India’s largest IT services company TCS on Sunday said it has fired 16 employees and barred six vendors in connection with a “recruitment scam”.

“Our investigation found 19 employees to be involved… 16 employees have been separated from the company for code of conduct violations, and three employees have been removed from the resource management function,” the company said in a late evening statement.

It also added that six vendors, their owners, and affiliates have been “debarred” from doing any business with TCS.

In late June, reports had surfaced of a “recruitment scam” at the largest software exporter, wherein vendors tasked with some functions were alleged to have indulged in malpractices in collusion with TCS staffers.

The allegation came to light within weeks of K Krithivasan taking charge as the company’s chief executive and was the first major challenge faced by him.

“The issue relates to a breach of the company’s code of conduct by certain employees and vendors supplying contractors,” the statement said.

TCS said the investigations found that none of the company’s key managerial personnel were involved, and added that this is not a fraud against the company. It does not have any financial implications either, it added.

In the statement, TCS said it will continue to enhance governance measures, including regularly rotating personnel in the resource management function and enhancing analytics on supplier management.

It said the company expects all stakeholders and employees to adhere to the Tata code of conduct, and added that it has zero tolerance for unethical conduct. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)