Early birds get a jolt

In the IT space, both top tier and mid-tier companies turned in lacklustre 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 absence of much pricing powers left revenue growth at an anaemic 2.4%. Foods major Nestle, whose products are relatively more expensive, also reported a disappointing quarter, clocking in a 2% volumes 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%.