By the end of the June quarter, the top four - TCS, Infosys, Wipro and HCL Tech employed 10,15,000 employees - down by 9,144 employees over the previous quarter.
Equity investors became richer by over Rs 5.77 lakh crore on Tuesday, helped by a rally in the broader market where the BSE benchmark jumped nearly 2 per cent. The BSE Sensex zoomed 934.23 points or 1.81 per cent to settle at 52,532.07. Driven by the rally in equities, the market capitalisation of BSE-listed firms jumped by Rs 5,77,006.83 crore to stand at Rs 2,40,63,930.50 crore. "Absence of fresh selling triggers in the domestic and global economy along with falling commodity prices relieved the heavily discounted equity market to showcase recovery.
In a major relief to Indian information technology (IT) companies operating in Australia, Canberra has agreed to amend its domestic laws to stop taxing offshore income of such Indian companies, as part of the free trade deal inked. This may lead to savings up to $200 million each year for over 100 Indian IT companies operating in Australia. "The Government of Australia has agreed to amend the domestic taxation law to stop the taxation of offshore income of Indian firms providing technical services to Australia. "This will resolve the issue that the Indian government has raised about the double taxation avoidance agreement (DTAA) between the two governments for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income," said a commerce ministry official.
While Wipro leads the pack on absolute numbers, analysts for Infosys for reporting consistent growth, revising FY22 guidance and beating TCS on revenue growth.
Even as high attrition rates continue to haunt Infosys, the country's second-largest IT services firm is confident of bringing it down to 12-14 per cent in the next two quarters as it gets back to the growth trajectory.
Their plan to build a product portfolio will discourage global software vendors such as Oracle, Microsoft and Fidelity, among others, from building a strategic relationship with these big Indian IT firms, reports Debasis Mohapatra.
Infosys was the top gainer in the Sensex pack, jumping over 4 per cent, followed by Tech Mahindra, Tata Steel, ICICI Bank, ITC, Maruti, SBI and Axis Bank. On the other hand, HCL Tech, M&M, Dr Reddy's, Asian Paints, Bajaj Auto and Bharti Airtel were among the laggards.
The BSE Sensex maintained its winning run for the fourth session on the trot on Wednesday to reclaim the 60,000-level after a gap of over four months as investors remained upbeat amid softening crude oil prices and persistent foreign fund inflows. A strengthening rupee and positive Asian markets further bolstered sentiment, traders said. The 30-share BSE benchmark jumped 417.92 points or 0.70 per cent to settle at 60,260.13 -- closing above the psychologically key 60,000-mark for the first time since April 5 this year.
Benchmark stock indices Sensex and Nifty closed with losses in highly volatile trade on Thursday as banking and financial stocks retreated amid a weak trend in global equity markets. The 30-share BSE Sensex declined 89.14 points or 0.15 per cent to settle at 57,595.68. During the day, it touched a low of 57,138.51 and a high of 57,827.99. The broader NSE Nifty dipped 22.90 points or 0.13 per cent to settle at 17,222.75.
Nine of the top 10 most valued companies witnessed a combined erosion of Rs 1,63,510.28 crore in market valuation last week, with Reliance Industries emerging as the biggest laggard.
Employee costs for Indian IT services players have touched an all-time high as salaries soar in their effort to retain talent. Engineer salaries are going through the roof. According to a news report, Infosys, which reported a 27.7 per cent attrition rate for the fourth quarter of FY22, plans to have an average salary hike of 12-13 per cent. High potential employees will get increases of 22-23 per cent.
Titan was the top laggard in the Sensex pack, shedding 1.39 per cent, followed by HDFC, Axis Bank, Kotak Bank, HCL Tech and Tech Mahindra. On the other hand, Asian Paints, SBI, M&M, TCS, Bajaj Finserv and ICICI Bank were among the winners, spurting as much as 3.25 per cent.
The stock market's momentum will be guided by the ongoing quarterly earnings season, with Reliance Industries, HUL and Bajaj Finance among those scheduled to announce their results this week, analysts said. Focus would also remain on the COVID situation, global stock markets, investment pattern of foreign institutional investors (FIIs), rupee-dollar trend and Brent crude, they added. "The earnings season would gain pace this week and participants will be closely eyeing the results of some of the top names like Reliance, Ultratech Cement, Bajaj Auto, JSW Steel, Bajaj Finance, Asian Paints, Hindustan Unilever among others. "Before that, markets will first react to the earnings of two heavyweights -- HCL Technologies and HDFC Bank in early trade on Monday," said Ajit Mishra, VP Research, Religare Broking.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
Investors added more than Rs 10.56 lakh crore to their wealth as markets continued their rally for the sixth straight session on Thursday. The BSE Sensex went past 61,000-mark for the first time ever on Thursday. It jumped 568.90 points or 0.94 per cent to its new closing peak of 61,305.95.
Titan was the top gainer in the Sensex pack, rallying over 5 per cent, followed by Bajaj Auto, Bajaj Finserv, SBI, Nestle India, ITC, Axis Bank and Tata Steel. Nifty rose 46 points to its fresh closing peak of 17,991.95.
Equity indices overcame a wobbly start to clock gains for the third session on the trot on Tuesday, propped up by banking, metal and energy stocks amid a mixed trend in global markets. A recovery in the rupee also bolstered sentiment, traders said. The 30-share BSE Sensex advanced 246.47 points or 0.45 per cent to settle at 54,767.62 after starting the trade on a weak note. In a volatile session, the benchmark hit a high of 54,817.52 and a low of 54,232.82 during the day.
Around 1,680 deals worth over $80 billion will be renewed next year. Among Indian vendors, Infosys, TCS, and HCL Technologies are better placed to see a higher growth rate in 2020.
Equity markets halted their two-day rally on Friday, with the Sensex tumbling 714.53 points amid weak global equities and selling in index majors Infosys, ICICI Bank, HDFC Bank and Reliance Industries. Continuous foreign fund outflows also dented sentiments. The BSE benchmark Sensex tanked 714.53 points or 1.23 per cent to settle at 57,197.15. During the day, it plummeted 776.96 points or 1.34 per cent to 57,134.72. The NSE Nifty also declined 220.65 points or 1.27 per cent to 17,171.95.
Equity indices frittered away a good start to close with modest losses on Monday, pressured by heavy selling in metal stocks after the government imposed export duties on steel-making raw materials to curb soaring prices. The 30-share BSE Sensex opened strong and gained momentum as the session progressed, but came under severe selling pressure in afternoon trade to close 37.78 points or 0.07 per cent lower at 54,288.61. On similar lines, the broader NSE Nifty slipped 51.45 points or 0.32 per cent to end at 16,214.70.
Clients are seen realigning their tech strategy by moving works from own captives to third-party service providers which is mostly benefiting to large companies such as Infosys, TCS, Wipro or HCL Technologies.
Indian IT companies like Tata Consultancy Services, Infosys, HCL Technologies and others have taken the buyback route to return some wealth to their shareholders, while potentially boosting their stock prices.
The Sensex jumped 412.23 points on Friday, braving heavy volatility during the day, amid the Reserve Bank of India maintaining status quo on the benchmark lending rate and buying in index heavyweights Reliance Industries Limited and ITC. The BSE Sensex climbed 412.23 points or 0.70 per cent to settle at 59,447.18. During the day, the benchmark hit a high of 59,654.44 and a low 58,876.36. The Nifty also gained 144.80 points or 0.82 per cent to finish at 17,784.35.
Equity benchmark Sensex pared its early losses to close higher by 231 points on Monday, helped by buying in index heavyweight Reliance Industries and ICICI Bank amid positive global trends. After falling 537.11 points to a low of 56,825.09 in morning trade, the 30-share BSE barometer staged a recovery in afternoon trade and climbed 231.29 points or 0.40 per cent to settle at 57,593.49. As many as 20 Sensex stocks closed with gains while 10 declined. The broader NSE Nifty recovered 69 points or 0.40 per cent to settle at 17,222 with 29 of its constituents ending in green.
Bharti Airtel was the top gainer in the Sensex pack, rising around 4 per cent, followed by Tech Mahindra, HDFC, Kotak Bank, M&M and HCL Tech. NSE Nifty advanced 21.85 points to 16,280.10.
Titan was the top loser in the Sensex pack, shedding over 3 per cent, followed by M&M, HUL, Maruti, Asian Paints and IndusInd Bank. Nifty fell 91 points to 17,157.40.
Bajaj Finserv was the top gainer in the Sensex pack, soaring around 8 per cent, followed by Tata Steel, Tech Mahindra, Bajaj Finance, HDFC Bank and SBI.
While industry leaders Tata Consultancy Services and Wipro have announced deferring wage-hike plans, other players such as Infosys and HCL Technologies are expected to follow suit, according to industry insiders.
The key proposals from the IT industry that were not addressed included removal of dual levies on software products
ICICI Bank was the top gainer in the Sensex pack, surging nearly 3 per cent, followed by HDFC, Axis Bank, Sun Pharma, NTPC and M&M. NSE Nifty surged 119.75 points to 15,812.35.
ITC was the top gainer in the Sensex pack, rising around 3 per cent, followed by HDFC Bank, PowerGrid, ICICI Bank, IndusInd Bank and NTPC. Nifty surged 176.80 points to a new lifetime closing high of 18,338.55.
This State-corporate 'cooperation' didn't begin with the arrival of the Modi government.
Many of the big licences, contracts, and even environmental clearances for the Adani group had come in the UPA's time, points out Shekhar Gupta.
Overlooked yet capable candidates will now have the opportunity to apply for TCS open requirements.
Strong performance by technology (tech) stocks in the current year has led to superior returns in information technology (IT) sector funds. On average, tech funds have given returns of 63.53 per cent in the past one year, the highest among all categories of funds, reveals the data from Value Research. Market participants say that Covid-19 has accelerated the growth of IT companies with rise in demand for digitisation.
Infosys has emerged as the fastest growing IT services brand following 52 per cent brand value growth since last year and 80 per cent since 2020 to $12.8 billion, earning it third spot, the brand valuation consultancy said in its latest Global 500 IT Services Ranking report. TCS and Infosys have pushed IBM to fourth spot from second. IBM's brand value now stands at $10.6 billion, a decline of 34 per cent from last year and 50 per cent since 2020.
Despite the wobble in the markets over the past few weeks, Indian equities remain expensive as measured by several yardsticks. India's market capitalisation-to-GDP ratio, for instance, has touched a multi-year high. The ratio is currently at 116 per cent, based on the FY22E gross domestic product (GDP) number, above its long-term average of 79 per cent.
Bajaj Finance was the top gainer in the Sensex pack, soaring around 8 per cent, followed by IndusInd Bank, Bajaj Finserv, ICICI Bank, Kotak Bank, SBI, Bajaj Auto and HDFC Bank. NSE Nifty surged 211.50 points to 14,864.55.
Powered by a rally in index heavyweight Reliance Industries, equity benchmark Sensex broke its four-session losing run to close above the 55,000-mark on Thursday despite a weak trend overseas. Investors made a cautious return to IT, pharma and bank stocks after their recent sell-off. However, a depreciating rupee and persistent foreign fund outflows capped the gains, traders said. Overcoming a lacklustre start, the 30-share BSE Sensex surged 427.79 points or 0.78 per cent to close at 55,320.28.
ICICI Bank was the top gainer in the Sensex pack, rising over 3 per cent, followed by ITC, SBI, HCL Tech, Axis Bank, Bajaj Finserv and Tech Mahindra. NSE Nifty advanced 32 points to 15,856.05.
Investors have become poorer by a massive Rs 19,50,288.05 crore as equity market sell-offs continued for the fifth day in a row on Monday. The BSE Sensex plunged 1,545.67 points or 2.62 per cent to settle at 57,491.51 on Monday, while, the NSE Nifty slumped 468.05 points or 2.66 per cent to settle at 17,149.10. This is the steepest single-day drop for the indices in about two months. Over the last five sessions, the 30-share Sensex has tumbled 3,817.4 points or 6.22 per cent.
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