Sensex Today Trades Higher; HCL Tech & TCS Top Gainers

Asian markets traded on a mixed note in early deals on Friday, August 28, as investors awaited Federal Reserve Chair Kevin Warsh's keenly watched speech at Jackson Hole, with markets expecting a potentially hawkish stance.

S&P 500 futures were largely unchanged on Thursday night as investors kept an eye on corporate earnings and awaited the latest remarks from Federal Reserve Chairman Kevin Warsh.

Here's a table showing how US stocks performed on Thursday:

Source: Equitymaster

At present, the BSE Sensex is trading 303 points higher, and the NSE Nifty is trading 62 points higher.

HCL Tech, TCS, Infosys among the top gainers today.

ICICI Bank, SBI, HUL, on the other hand, are among the top losers today.

The BSE 150 Midcap index is trading 0.4% higher, and the BSE 250 SmallCap index is trading 0.4% higher.

The rupee is trading at Rs 95.2 against the US dollar.

Texmaco-BVV Strategic Railway Components Collaboration

Texmaco Rail & Engineering Limited ("Texmaco") has entered into a Memorandum of Understanding ("MoU") with Bochumer Verein Verkehrstechnik GmbH, Germany ("BVV") to explore and pursue potential collaboration in the field of railway wheels, wheelsets, axles and related rail vehicle components.

The proposed collaboration includes evaluating opportunities and technical, qualification, certification and localisation requirements of Indian Railways, supplying these products to the global railway industry, including Indian Railways, and providing related technical services and solutions through a proposed joint venture entity and/or special purpose vehicle in India.

The MoU also contemplates a potential supply arrangement under which BVV may supply such products to Texmaco.

The detailed commercial terms, including the shareholding and funding structure of the proposed joint venture, purchase commitments, pricing, supply capacity, delivery and payment terms, will be mutually agreed and documented under definitive agreements.

The proposed shareholding between Texmaco and BVV is also subject to further negotiation and will be finalised under the Joint Venture Agreement.

Under the proposed arrangement, BVV will provide technology, technical know-how and engineering support, while Texmaco will support localisation, manufacturing, testing, marketing and after-sales activities in India. BVV may also act as a preferred international supplier to Texmaco, subject to definitive agreements. The MoU is valid for 12 months and includes exclusivity provisions during its term.

Tejas Networks Bags Major BSNL 4G Order

Tejas Networks has received a Letter of Intent worth Rs 15.37 bn from Tata Consultancy Services (TCS) to supply Radio Access Network (RAN) equipment, accessories and installation materials for 18,685 sites of BSNL's 4G network.

The order is part of TCS's additional purchase order from BSNL and builds on the companies' ongoing work on BSNL's indigenous 4G rollout. TCS, along with C-DOT, had earlier secured a Rs 150 bn contract from BSNL in May 2023 to deploy an end-to-end Indian 4G network.

The project aims to reduce BSNL's dependence on global telecom equipment suppliers. The latest order further strengthens Tejas Networks' role in BSNL's 4G network expansion and supports TCS's India business growth.