Major IT firms such as Tata Consultancy Services, HCL Technologies, Infosys, Cyient, and L&T Technology Services have direct exposure to Boeing or its suppliers' ecosystem, which comprises engine manufacturers, body suppliers, and avionics providers. These firms provide services like application development, testing, engineering, avionics, and business process management for the Boeing 737 Max programme.
Benchmark indices started the trade on a weak note on Wednesday with the Sensex falling 564.77 points, following feeble global market trends and persistent foreign capital outflows. The 30-share BSE Sensex was trading 564.77 points lower at 52,612.68. The NSE Nifty dipped 162.4 points to 15,687.80. Among the Sensex pack, IndusInd Bank, Hindustan Unilever, Bajaj Finserv, Titan, Kotak Mahindra Bank and Bajaj Finance were the major laggards in early trade.
Equity investors became poorer by over Rs 6.71 lakh crore on Thursday as domestic benchmark indices tumbled amid a global market meltdown. The 30-share BSE benchmark Sensex tanked 1,416.30 points or 2.61 per cent to settle at 52,792.23, tracking weak global markets and persistent foreign fund outflows. In line with the weak market trend, the market capitalisation of BSE-listed firms tumbled by Rs 6,71,051.73 crore to stand at Rs 2,49,06,394.08 crore.
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.
The early bird results for the January-March 2022 quarter (Q4FY22) hint at a slowdown in corporate sector growth in the upcoming quarters. The combined net sales of the 81 early bird companies in the Business Standard sample were up 15.1 per cent year-on-year in Q4FY22; this was less than the 15.9 per cent YoY jump reported in Q3FY22. The slowdown could be much stronger for the domestic market-focused companies, including those in the banking, finance, and insurance (BFSI) space.
In the last couple of months, top Indian IT services providers, including TCS, Infosys, Wipro and HCL Tech have announced setting up cyber threat management centres in the US and Europe.
A slowdown in hiring by India's top IT companies has resulted in a sharp increase in the industry's profit per employee in Q3FY23. The top four IT companies earned a net profit of 1.7 lakh per employee during October-December 2022, up 8.6 per cent from Rs 1.57 lakh in Q2FY23 and 16.3 per cent from a record low of Rs 1.47 lakh in Q1FY23. Earnings per employee in the third quarter were, however, still down 0.9 per cent on a year-on-year (YoY) basis.
Equity indices chalked up losses for the second straight session on Monday, in tandem with a bearish trend overseas as ratcheting up of hostilities in Ukraine and prospects of further rate hikes by the US Fed soured global risk sentiment. The rupee slipping to another all-time low against the US dollar amid foreign fund outflows added to the gloom, traders said. After tumbling over 800 points in intra-day trade, the 30-share BSE Sensex clawed back some lost ground to end 200.18 points or 0.34 per cent lower at 57,991.11.
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.
While Wipro leads the pack on absolute numbers, analysts for Infosys for reporting consistent growth, revising FY22 guidance and beating TCS on revenue growth.
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.
In one of the biggest donations by a business family in India, the family of Adani Group chairman Gautam Adani on Thursday committed to donating Rs 60,000 crore (around $7.7 billion) to various charities related to health care, education, and skill development. The commitment has been made to mark Gautam Adani's 60th birthday on Friday as well as the birth centenary year of his father Shantilal Adani. The corpus will be administered by the Adani Foundation. "At a very fundamental level, [programmes] related to all these three areas should be seen holistically and they collectively form the drivers to build an equitable and future-ready India.
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.
The Nifty IT has been one of the worst-performing indices on the bourses this calendar year. Rising concerns of a potential global recession, which investors fear can dampen demand for export-facing domestic information technology (IT) giants, have sent the index down over 30 per cent on a year-to-date basis. By comparison, the Nifty50 Index has shed 2.8 per cent during the period, reveals data by ACE Equity.
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.
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.
From the 30-share pack, Indusind Bank, Axis Bank, Maruti Suzuki, Bajaj Finance, Bajaj Finserv, UltraTech Cement and Mahindra & Mahindra were the biggest drags, tumbling up to 7.63 per cent.
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.
IT services firm HCL Technologies on Friday reported a 16.7 per cent increase in net profit at Rs 2,014 crore for the quarter ended September 2016.
The company's total income was up 2.2 per cent to Rs 13,480 crore in the quarter under review from Rs 13,183 crore in the corresponding quarter last year
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.
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.
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.
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.
The company's net profit stood at Rs 572.7 crore (Rs 5.72 billion) in the October-December quarter of 2011, HCL Technologies said in a statement.
'We're seeing major Bollywood celebrities, fashion icons, and even movie studios all wanting to build Metaverse experiences'
HCL Technologies has to fine-tune strategies to improve performance in the March quarter.
After a sharp correction over the last few months, analysts seem to be turning cautiously optimistic on the information technology (IT) sector and suggest there could be trading opportunities in select counters despite revenue and growth concerns that still plague the sector. "IT stocks valuations have corrected 17 per cent-49 per cent and stock prices have corrected 9 - 42 per cent since mid-December 2021. Nifty IT index valuation has corrected by 27 per cent and price by 21 per cent. "About two quarters ago, we made a case that valuation drivers have peaked.
IT services firm HCL Technologies on Thursday reported a 14.4 per cent increase in net profit at Rs 1,926 crore (Rs 19.26 billion) for the quarter ended March.
Among the many exits from the billionaire's club in 2022 are D Uday Kumar Reddy of Tanla Solutions (net worth down 66 per cent), Sushil Kanubhai Shah of Metropolis Healthcare (down 65.7 per cent), Vijay Shekhar Sharma of One97 Communications (down 66 per cent), and C K Birla (down 43.4 per cent).
Reliance Industries Ltd, the country's largest company by revenues, profits and market value, has topped Indian corporate in the World's Best Employers rankings 2021 published by Forbes. Reliance was placed at 52 in the overall ranking of 750 global corporates likes Phillips, Sanofi, Pfizer and Intel. Other Indian names in the top 100 rankings were ICICI Bank at 65, HDFC Bank at 77 and HCL Technologies at 90, according to the Forbes ranking.
Technology stocks rallied, with the IT index up 2.45 per cent as TCS, Infosys, Wipro and HCL Technologies spurted following favourable rupee movement.
Indian IT major HCL Technologies will provide training for three months to 100 students each in its Lucknow and Madurai campuses.
Equity benchmarks began the week on a downbeat note on Monday, weighed by heavy selling in market heavyweight Reliance Industries and persisting weakness in global bourses. The rupee plunged to its lifetime low against the US dollar amid unabated foreign fund outflows, underscoring the risk-off sentiment prevailing globally as central banks embark on policy tightening to tame soaring inflation. Slipping for the second straight session, the 30-share BSE Sensex shed 364.91 points or 0.67 per cent to close at 54,470.67.
HCL Technologies Ltd, India's No. 4 IT services exporter, beat expectations with a 41.6 percent rise in quarterly profit, after order wins boosted earnings.
HCL Technologies on Tuesday reported a 3.6% increase in net profit at Rs 1,683 crore (Rs 16.83 billion) for the quarter ended March 31, 2015.
The first quarter earnings season will dictate the trend in the equity markets in this holiday-shortened week amid absence of major macroeconomic drivers, say analysts. Besides, lacklustre global markets may increase volatility in the market, they added. Equity markets would remain closed on Wednesday for Bakri-Id.
'Companies are being forced to pay higher salaries to retain and hire employees due to a big rise in attrition in the industry.'
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