Foreign portfolio investors (FPI) flows have turned positive on a trailing 12-month (TTM) basis for the first time since December 2021. Thanks to robust inflows over the past three months, the TTM overseas flows into domestic equities stand at over $7.3 billion-the most since November 2021. This has helped propel one-year Nifty returns to 12 per cent.
With the third and final round of layoffs implemented by Facebook's parent company Meta Platforms, Inc. in process globally, India, too, has seen its impact, with some senior executives being asked to leave. Some of the executives to have been impacted are Avinash Pant, India's director of marketing; Saket Jha Sourabh, director and head of media partnerships; and Amrita Mukherjee, one of the directors on the legal team. An email sent to the company did not elicit any comment on the development until the time of going to press.
Rishad Premji, chairman of IT services major Wipro, saw his compensation for FY23 decline by almost 50 per cent year-on-year, due to a fall in the firm's profit. According to the Form 20-F, filed with the US Securities and Exchange Commission by Wipro, Premji's compensation for FY23 was $951,353, down 50 per cent from $1,819,022 in FY22. "Rishad A Premji is entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits of Wipro Limited over the previous fiscal year. However, in light of the fact that the incremental consolidated net profits for fiscal year 2023 was negative, the Company determined that no commission was payable for fiscal year 2023 to Mr Rishad A. Premji," said the company in the filing.
Macroeconomic (macro) concerns, along with a cautious approach towards discretionary information technology (IT) spending, will see the revenue for Indian IT firms decelerate by 5 per cent through 2024-25 (FY25), from the highs of 12-18 per cent in 2022-23, said analysts from S&P Global Ratings. "The reason behind this slow growth is a macro slowdown. "Customers are cutting their discretionary IT spending, especially on projects that take longer to deliver quantifiable outcomes. "We also acknowledge that there are still strong economic headwinds for the next few years," said Spencer Ng, associate director, corporate ratings, S&P Global Ratings, over a call in a media briefing.
Brokers have requested for a three-month extension from the Securities and Exchange Board of India (Sebi) for the validation of Know Your Client (KYC) records. In a letter to Sebi, industry body -- Association of National Exchanges Members of India (Anmi) -- has cited various issues and concerns raised by its members that have hampered the smooth completion of the validation process within the stipulated timeline. The Sebi circular had given KYC Registration Agencies (KRAs) a timeline of 180 days, ending on April 30, 2023, to validate client KYCs.
The ownership by domestic investors, individual as well as institutional, in companies listed on the National Stock Exchange (NSE) has breached the 25 per cent mark for the first time. The share stood at 25.72 per cent at the end of the March 2023 quarter, up from 24.44 per cent in the previous quarter, according to data from Prime Database. The share of foreign portfolio investors (FPIs), meanwhile, rose slightly to 20.56 per cent from 20.24 per cent as on December 31, 2022.
The gap between the highs and the lows in April for the benchmark S&P BSE Sensex was just 4.1 per cent - the narrowest since July 2021 and nearly half its three-year average. The absence of major positive triggers, sectoral rotation, and cautiousness due to earnings and economic uncertainty have kept a tight leash on the markets, observe experts. Remarkably enough, during the 17 trading sessions in April, the Sensex didn't even log an advance or a decline of more than 1 per cent.
The Reserve Bank of India's (RBI's) decision on Wednesday to relax restrictions on banks operating in the International Financial Services Centre (IFSC) related to the repatriation of idle funds in foreign currency accounts (FCA) could give a fillip to trading in foreign stocks at the GIFT City.
The hiring scenario is for the batch that passes out in 2024. These are graduates who will be impacted, given 2022 graduates are not fully absorbed and 2023 onboarding still incomplete.
In the technology (tech) world, especially storage, Sanjay Mehrotra is a well-known name. Co-founder of SanDisk, a flash memory storage company in 1988, it was eventually acquired by Western Digital in 2016 for a whopping $19 billion. For a boy from Kanpur, who went on to pursue higher studies in the US, becoming the chief executive officer of Micron Technology, Inc - one of America's largest memory chip makers - and now setting up the company's first plant in India, it has been quite a ride.
Made-in-India apps -- the likes of QuackQuack, TrulyMadly, and Aisle -- are wooing Internet users in smaller towns. Indian consumers spent close to $10 million in 2022 on dating and friendship apps.
'Every time a new tech comes in, there are a set of people who will predict that this will be the end of Indian IT and every time the Indian IT industry and overall technology providers have proven to be resilient.'
About 5.3 million fewer investors were active in March than they were nine months ago as sustained volatility weighed on sentiment. The number of active clients on the NSE, the country's largest bourse, stood at 32.7 million, down 5.3 million. This was 14 per cent lower than 38 million in July 2022.
'Even during the pandemic we did it.' 'We think it's our responsibility to make sure that we manage the uncertainty.'
IT services major Wipro is reconsidering a proposal of buy back of equity shares, said the company in a regulatory filing. A final decision on this will be taken during the board meeting to be held on April 26-27. The outcome of the board meeting will be communicated to the stock exchanges soon after conclusion on April 27.
Wipro is in the news, again. The information technology (IT) services company has mandated freshers, who had opted for a lower salary package of Rs 3.5 lakh per annum, instead of Rs 6.5 lakh per annum, clear a new training module titled Project Readiness Program (PRP) and score at least 60 per cent or stand terminated. Wipro is not the only company to have implemented such a programme.
'With this revamp the anonymous journey of the user will begin wherein he will not have to sign in every time he accesses the app.'
With revenue growth impacted and uncertainty deepening in major markets, India's second largest IT services firm, Infosys, saw a net reduction in its headcount in the fourth quarter of financial year 2022-23 (Q4FY23). Infosys' workforce saw a net reduction of 3,611 employees, bringing its total headcount to 343,234. This was also the first time in many years that the company did not provide a hiring target for the next fiscal.
Half the stocks in the Nifty 100 index have seen a reduction in their target price by analysts this year due to fears of lacklustre earnings growth and uncertain economic environment. Adani Green Energy, FSN E-Commerce (Nykaa), Adani Ports & SEZ and Indus Towers are among the companies that have seen the maximum cut in TPs during the first three months of calendar 2023, shows Bloomberg data. On the other hand, Canara Bank, JSW Steel and Bank of Baroda have seen the highest increase in TPs.
The BSE Realty index-a gauge of real estate stocks-rose 4.2 per cent on Monday, extending its two-day advance to 7.8 per cent. The latest gains came on the back of robust sales posted by realty developers in the March quarter of financial year 2022-23 (Q4FY23). On Thursday, the rate-sensitive index had gained 2.9 per cent following the Reserve Bank of India's decision to pause interest rate hikes in its latest monetary policy review.
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