Certain changes in the past two or three years could have a long-term structural impact on the IT services market.
Bajaj Finance was the biggest gainer in the Sensex pack, rising 2.70 per cent, followed by Power Grid, IndusInd Bank, NTPC, Bharti Airtel, ITC, Bajaj Finserv, Infosys, Nestle, Tata Steel, Tata Consultancy Services, Titan and Axis Bank. Reliance Industries, Mahindra & Mahindra, Maruti and State Bank of India were among the laggards.
Eight of the 10 most valued companies suffered a combined erosion of Rs 2,48,372.97 crore in their market valuation last week in line with a weak broader market trend, with Reliance Industries taking the biggest hit. Last week, Sensex lost 2,041.96 points or 3.72 per cent. While Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys, ICICI Bank, State Bank of India, HDFC and Bharti Airtel were the laggards, Hindustan Unilever Limited and Kotak Mahindra Bank emerged as gainers.
From the Sensex pack, Tata Steel, IndusInd Bank, Infosys, UltraTech Cement, NTPC, Bajaj Finance, Hindustan Unilever, Tata Consultancy Services, ICICI Bank and Maruti were among the major winners. Titan, Nestle, Larsen & Toubro, Axis Bank, ITC and Asian Paints were among the major laggards.
Quarterly earnings from IT majors Tata Consultancy Services (TCS), Infosys, macroeconomic data announcements, global trends and trading activity of foreign investors would guide the movement in the equity market this week, analysts said. Movement of global oil benchmark Brent crude and the rupee will also influence trading in the markets. "All eyes will be on the beginning of corporate performance for the second quarter of the current fiscal year. TCS is slated to unveil its Q2 results on October 11, with HCL Technologies and Infosys following suit on October 12.
With the last quarter of 2023-24 (FY24) expected to have been soft owing to lower discretionary spend and macro uncertainty, many are hoping FY25 will be a year of recovery for the information-technology (IT) industry. The fourth quarter, January-March, is considered soft, and will continue to see the headwinds the sector has been facing. And the sector has entered the new financial year on a weak footing. Analysts are expecting Tier-I firms to report sequential growth of -1 per cent to 1.5 per cent and midcap players' growth may range between 0.7 per cent and 4 per cent.
Infosys has reportedly decided to defer salary hikes for all its employees below the senior management level that are otherwise rolled out from April every year. According to a Moneycontrol report, multiple employees have confirmed that they have not received their pay hike due for the June quarter.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
As much as Rs 47,810 crore was spent on share buybacks by 48 companies in 2023 -- the highest amount since 2017. This surge in value was largely driven by a few large-sized issues, including those by Tata Consultancy Services (Rs 17,000 crore), Larsen & Toubro (Rs 10,000 crore), and Wipro (Rs 12,000 crore). In 2022, 58 companies had repurchased shares worth Rs 38,305 crore, according to data from Prime Database.
Benchmark stock indices Sensex and Nifty fell for the third day running on Friday due to weak trends in global markets and soaring crude oil prices. Foreign fund outflows also weighed on investor sentiments amid strengthening US bond yields which are nearing 5 per cent for the first time since 2007. The 30-share BSE Sensex fell 231.62 points or 0.35 per cent to settle at 65,397.62.
Bajaj Finserv, ICICI Bank, Nestle, UltraTech Cement, Bajaj Finance, Maruti, Tata Consultancy Services, IndusInd Bank and State Bank of India were the major laggards. Infosys, JSW Steel, NTPC and Power Grid were the gainers.
The market capitalisation of BSE-listed firms touched an all-time high of Rs 296.48 lakh crore on Friday as the benchmark Sensex hit its new life time peak amid bullish investor sentiments.hit its new lifetime peak. Rallying for the third day running, the 30-share Sensex surged 499.42 points or 0.78 per cent to reach its all-time high of 64,414.84 in early deals. Thanks to the rally in equities, the market capitalisation (mcap) of BSE-listed companies jumped to Rs 2,95,72,338.05 crore.
April-June 2023 (Q1FY24) was a mixed quarter for India's top family-owned business groups. Three of the big five in terms of revenue reported a year-on-year (Y-o-Y) decline in combined net sales and two saw a Y-o-Y fall in net profits. Combined net sales of all listed companies in the five groups were up just 2.2 per cent Y-o-Y at Rs 6.6 trillion in the quarter, down sharply from the 10.3 per cent in the March 2023 quarter (Q4FY23) and 42.8 per cent in Q1FY23.
Riding on a bull run, equity investors became richer by Rs 128.77 lakh crore in the 2023-24 fiscal, driven by robust fundamentals of the Indian economy, increased investment inflows and promising corporate earnings. After a muted performance in 2022-23, equity markets made a remarkable recovery in FY24, giving handsome returns to investors. The 30-share BSE Sensex climbed 14,659.83 points or 24.85 per cent in 2023-24.
Bharti Airtel was the biggest gainer in the Sensex pack, rising 2.37 per cent, followed by Mahindra & Mahindra, HCL Tech, Tata Motors, Tech Mahindra, HDFC Bank, Wipro, Tata Consultancy Services, Axis Bank and Nestle. Asian Paints, Hindustan Unilever, Bajaj Finserv and NTPC were among the laggards.
Nine of the top-10 most-valued firms together added Rs 111,012.63 crore in market valuation last week, with Tata Consultancy Services and HDFC Bank emerging as the biggest gainers. Reliance Industries was the only laggard from the top-10 list. The valuation of Tata Consultancy Services jumped Rs 24,635.68 crore to reach Rs 13,82,280.01 crore.
The Rs 17,000 crore-share buyback programme of India's top software services exporter Tata Consultancy Services (TCS) will open on December 1. The buyback, where investors can sell to the company their shares at an offer price of Rs 4,150 apiece, will close on December 7, TCS said in a regulatory filing on Tuesday. The information technology bellwether is aiming to repurchase up to 4.09 crore shares (1.12 per cent of the total equity share capital) at Rs 4,150 apiece in a buyback valued at Rs 17,000 crore.
'Chinese are going bang, bang, bang building 30-35 reactors.' 'We should announce a programme of 50 new reactors and show that we mean business on the ground and not just announcements.'
Wipro was the biggest gainer in the Sensex pack, rising 4.34 per cent, followed by HCL Tech, UltraTech Cement, Tata Steel, Tech Mahindra, NTPC, Infosys, Power Grid, Tata Consultancy Services and State Bank of India. Mahindra & Mahindra, ITC, Axis Bank, Nestle, Kotak Mahindra Bank and Asian Paints were among the laggards.
Seven of the top-10 valued firms suffered a combined erosion of Rs 1,54,477.38 crore in market valuation last week, with IT majors Tata Consultancy Services and Infosys emerging as the biggest laggards. Last week, the BSE benchmark index tanked 812.28 points or 1.36 per cent. Reliance Industries Limited, ICICI Bank and State Bank of India were the only gainers in the top-10 pack.
Among the Sensex firms, PowerGrid, IndusInd Bank, Larsen & Toubro, Nestle, HCL Tech, Axis Bank, Tata Motors, HDFC Bank, Tata Consultancy Services and HDFC were the major winners. Bajaj Finserv, NTPC, Reliance Industries and Kotak Mahindra Bank were the biggest laggards.
Reliance Industries Ltd was the biggest wealth creator during the five-year period from 2018 to 2023 while Adani Enterprises Ltd was the top all-round wealth creator, according to a study by Motilal Oswal Financial Services. The study, based on stock market performance of companies, said for the fifth time in succession, Reliance emerged as the largest wealth creator, adding Rs 9,63,800 crore wealth over 2018-23. It was followed by Tata Consultancy Services (Rs 6,77,400 crore wealth addition), ICICI Bank (Rs 4,15,500 crore), Infosys (Rs 3,61,800 crore) and Bharti Airtel (Rs 2,80,800 crore).
From the Sensex pack, Tata Motors, HCL Technologies, Power Grid, Tech Mahindra, NTPC, Axis Bank, Kotak Mahindra Bank, Larsen & Toubro, Wipro, Nestle, Tata Consultancy Services and Infosys were among the major gainers. Bajaj Finance, Bajaj Finserv, Mahindra & Mahindra, UltraTech Cement, IndusInd Bank and State Bank of India were the major laggards.
Among the Sensex stocks, Bajaj Finance, Bajaj Finserv, Sun Pharma, IndusInd Bank, Tata Motors, ICICI Bank, Tata Consultancy Services, Hindustan Unilever and Power Grid were the major gainers. NTPC, Axis Bank, Nestle, HCL Technologies and HDFC Bank were the major laggards.
The National Association of Software Services Companies (Nasscom) on Tuesday launched the Talent Connect portal to bridge the gap between recruiters and digitally skilled and certified candidates. The portal, which has been in the work for the last 28 months has 100,000 candidates and companies such as Tata Consultancy Services (TCS), Tech Mahindra and Salesforce recruiting from it. The platform, for the first time, is also making an attempt to bridge the gap of skill-based talent to employers, rather than the current practice of academic focused talent base.
Among the Sensex stocks, Reliance Industries climbed the most by 3.11 per cent. Bajaj Finance, Titan, Axis Bank, ICICI Bank, Bajaj Finserv, IndusInd Bank, UltraTech Cement, Larsen & Toubro, HDFC Bank, HDFC and Kotak Mahindra Bank were among the other major winners. Power Grid, Hindustan Unilever, Tech Mahindra, Tata Consultancy Services, Infosys and Asian Paints were among the biggest laggards.
Tata Consultancy Services has expanded its partnership with Google Cloud for generative AI offerings, the company said on Monday. Under the partnership, TCS will leverage Google Cloud's generative AI services to design and deploy custom-tailored business solutions for the clients. "Our launch partnership with Google Cloud on generative AI enables us to rapidly create value for our customers.
Investors' wealth eroded by Rs 7.59 lakh crore on Monday as the equity market took a heavy drubbing amid escalating tensions in the Middle East. The 30-share BSE Sensex plunged 825.74 points or 1.26 per cent to settle at 64,571.88 points. During the day, the index plummeted 894.94 points or 1.36 per cent to 64,502.68 points.
After startups and Big Tech, the layoff season may have begun at the $245 billion Indian information-technology (IT) industry. Bengaluru-based IT major Wipro is looking to cut hundreds of jobs, targeting mid-level employees working onsite as the company looks to improve margins, according to a media report, citing two sources. The company has said it is aligning its business and talent to the changing market environment.
Banks, the biggest component of the Indian equity market, are now trading at a big discount to the benchmark indicesThe BSE Bankex index, which tracks the share price of the 10 top listed banks, is trading at a trailing price to earnings (P/E) multiple of 15.3X, nearly a 40 per cent discount to the BSE Sensex current P/E of 24.37X. This is the biggest valuation gap between the two indices in at least 10 years. Similarly, the BSE Bankex price to book ratio (P/B) of 2.22X is 40 per cent lower than the current Sensex P/B ratio of 3.61X.
Which entrepreneur would willingly part with her or his hard-earned money for grasping, self-serving politicians? asks Debashis Basu.
Tata Group remained India's largest business conglomerate in market capitalisation in calendar year 2023 while the Mukesh Ambani camp raced ahead of the Adani businesses to become the second-largest. The Tata companies ended 2023 with a combined group market capitalisation of Rs 28.68 trillion, up 35 per cent from the Rs 21.2 trillion at the end of December 2022. Ambani's group mcap is Rs 19.42 trillion at the end of CY23, up 10.7 per cent from the Rs 17.6 trillion a year ago.
'The Nifty index looks to be 20 per cent overvalued as per our model after moving up more than 10 per cent in the last two months.'
Investors' wealth fell by Rs 2.89 lakh crore in two days of market fall, with the BSE Sensex tumbling 796 points on Wednesday, amid weak global market trends ahead of the US Federal Reserve's interest rate decision. Fresh foreign fund outflows and caution ahead of a host of interest rate decisions from global central banks also added to the overall bearish trend. Besides, the US Fed meeting, the BoE (Bank of England) and the BoJ (Bank of Japan) are also scheduled to meet this week.
Market benchmarks Sensex and Nifty tumbled 1 per cent on Wednesday amid continuous foreign fund outflows and a weak trend in index majors Reliance Industries and HDFC Bank. The 30-share BSE Sensex slumped 636.75 points or 1.04 per cent to settle at 60,657.45. During the day, it declined 700.64 points or 1.14 per cent to 60,593.56.
Equity benchmarks ended with gains on Tuesday amid a largely firm trend in global markets after facing bouts of volatility during the session. The 30-share BSE Sensex climbed 126.41 points or 0.21 per cent to settle at 61,294.20. During the day, it hit a high of 61,343.96 and a low of 61,004.04.
Diwali fireworks are expected to continue on Dalal Street next week, with four companies collectively seeking to mobilise over Rs 6,600 crore through initial public offerings (IPOs). In terms of the amount raised, this is poised to be the busiest week of calendar year 2023. Tata Technologies (Tata Tech), a subsidiary of Tata Motors, could lead the charge with an IPO projected to be over Rs 2,900 crore. This will mark the first maiden share sale by a Tata Group firm in nearly two decades.
Benchmark equity indices continued their record-shattering spree on Tuesday, with the Sensex and Nifty hitting their fresh all-time high levels in early trade, amid persistent foreign fund inflows. Also, buying in Bajaj Finance, Bajaj Finserv, Tata Consultancy Services and HDFC twins added to the positive market momentum. Rallying for the fifth straight session, the 30-share BSE Sensex jumped 381.55 points to hit its all-time peak of 65,586.60 in early trade.
Titan, IndusInd Bank, Axis Bank, State Bank of India, Power Grid, NTPC and Tata Motors were among the among the major gainers. Mahindra & Mahindra, Larsen & Toubro, Nestle, JSW Steel, Infosys and Tata Consultancy Services, Tech Mahindra and Maruti were the major laggards.
From the Sensex pack, Mahindra & Mahindra, Power Grid, Bharti Airtel, Bajaj Finserv, HDFC, Hindustan Unilever, Maruti, ITC, Titan, Nestle, Bajaj Finance and Reliance Industries were the major winners.
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