Early Birds Get a Jolt

In the IT space, both top-tier and mid-tier companies turned in lackluster performances. TCS reported revenues that were down sequentially on a constant currency basis

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The weak consumer demand is evident from FMCG major Hindustan Unilever's (HUL) numbers. Volumes for the quarter increased by just 2%, and the absence of much pricing power left revenue growth at an anemic 2.4%. Foods major Nestle, whose products are relatively more expensive, also reported a disappointing quarter, clocking in a 2% volume growth and 3.5% value growth. This resulted in net operating revenues rising by only 4.5%. India's number one carmaker Maruti Suzuki saw just 6.4% revenue growth, driven by a 4.7% increase in volumes. Reliance Retail, however, put up a good show with net revenues jumping by over 16%.