INFOSYS SHORT SQUEEZE
Eternal’s strong Q2 report; Exits outpace hiring at top IT firms
Happy Thursday! Eternal’s Q2 revenue surged on Blinkit’s growth. This and more in today’s ETtech Morning Dispatch.
Software majors add more hands in Q2 on deal wins, growth optimism
Data showed the top six had added a net 5,500 to their rolls in the April-June quarter. Employee data of Infosys, the country’s second-largest software exporter, isn’t included in these calculations as the company is due to announce earnings on October 23 and hasn’t shared its latest manpower data.
MFs push back on Zepto valuation; PEs take AI bets
Happy Monday! Zepto's IPO pricing expectation has run into resistance from top mutual funds. This and more in today's ETtech Morning Dispatch.
Why ADRs are prone to sudden price spikes? Feroze Azeez explains
Infosys American Depository Receipts saw a significant intraday surge. Experts attribute this spike primarily to derivative strategies and options trading mechanics. While the stock closed with a modest gain, reflecting underlying fundamentals, the dramatic intraday movement was largely driven by short gamma positions. Investors are advised to focus on end-of-day prices for a clearer picture of stock performance.
Explainer: Why Infosys ADRs jumped 40% and why the NYSE halted trading
Infosys ADRs surged 40% on the NYSE, hitting a 52-week high of $30 and triggering two trading halts. Analysts cite a combination of a short squeeze, automated trading glitches, and low holiday liquidity. Infosys clarified there were no material developments behind the sharp spike.
Nifty roars past 24,000 for first time since January
The NSE Nifty gained 1.2%, or 273.90 points, to finish at 24,125.55. The BSE Sensex moved 1.1%, or 855.30 points, higher at 79,408.50. Both indices have surged up to 6% each in the past five trading sessions.
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Top IT companies boost margins amidst market struggles
To be sure, Infosys, HCLTech and Wipro have slashed their revenue guidance for the upcoming quarter and full fiscal amid a freeze on tech spends and delay in decision making.
Banking crisis: Indian IT-BPM companies may feel the heat
The collapse of large banking institutions may not only lead to a reduction in existing business but also trigger reduced tech spending in the future along with delayed deal closures, they said. Companies such as Tata Consultancy Services (TCS), Infosys, Wipro and LTIMindtree, which have high exposure to US banking institutions, are likely to be impacted if the crisis worsens.
Utilisation benefits on margin to take two more quarters for IT services
Utilisation refers to the percentage of overall workforce employed in billable projects. IT leaders have reported a 30-40-basis-point improvement in margins in the July-September quarter, helped by better utilisation metrics.
IT stocks surge most since Sept 2020 on Nasdaq rebound
On average, IT stocks have fallen 30% from their yearly highs due to worries about a recession in the US, sell-off on the Nasdaq, steep valuations after the recent run-up and the impact of wage inflation on their operating profitability
Day trading guide for Wednesday
One needs to be cautious as long-legged candles are usually indecisive and can bring in short-term reversal.
Why Dipan Mehta continues to be neutral to underweight on IT
Growth is flattening out and getting to double digit growth rates is going to be a challenge.
ICRA hires agency to probe charges of officials’ meddling in ratings
An anonymous complaint was forwarded by market regulator to the ICRA management.
Infy’s strong Q3, buyback likely to trip short sellers
Shares of Infosys ended up 0.6 per cent at Rs 683.70 on the BSE on Friday.
Narayana Murthy gets support from US experts, thinkers
Murthy on Sunday had said that in a poor country like India, every senior management person of an Indian corporation has to show self-restraint in his or her compensation.
Indian IT industry will do very well in medium and long term: CP Gurnani, Tech Mahindra
CP Gurnani says that we help Trump in not only creating jobs because let us face it, Indian IT industry spends almost four to five billion dollars in US.
Nasscom cuts growth outlook to 8-10% for FY 17
Revenue from the sector is likely to grow 8 to 10 percent in constant currency terms in the fiscal year ending March 2017, lower than an earlier forecast of 10 to 12 percent.
Stock indices slide on profit-booking
Speculation are that MSCI will have China’s mainland shares, which may squeeze weightage of countries like India and spark outflows by foreign investors.
US firms seek stricter visa rules for Indian IT firms
US-based cos are using their clout to push for visa rules which will make it costlier for firms like Infy, TCS, Wipro to send professionals on US assignments.
IT companies resort to 'tail trimming'; Wipro, MindTree, iGate and others discard small clients
The reluctance to entertain clients who are not adding bulk or value comes at a time when the $100-billion Indian IT-BPO industry is facing slow growth.
Expect GDP growth to come back to 7% next year onwards: G Chokkalingam, Centrum Wealth Management
The moment the interest rate cycle reverses, I am expecting the GDP growth to come back to at least 7% level.
Economic conditions in US could hit clients' IT budgets: Mahindra Satyam
IT company said uncertain economic conditions in the US could impact clients' IT budgets in the near-term, Mahindra Satyam CEO Gurnani said.
HCL sees $300-mn opportunity in new tech
HCL plans to have new technologies to compete better with multinational rivals apart from larger Indian software firms, including TCS and Infy.
Expect Infosys to go up to Rs 3100: Shrikant Chouhan, Kotak Sec
Lot of traders are bearish right now on this sector, but if the overall market is going to go up from here, thies stock will also participate.
Trade Infosys, TCS, Wipro on every fall and they would lead every rally: Anil Manghnani
ET Now caught up with Anil Manghnani, eqwise.in, Director, Modern Shares and Stockbrokers Limited to get his views on IT stocks.
IT sector looks good: Anil Manghnani
Anil Manghnani, Director, Modern Shares & Stock Brokers, in an interview with ET Now says that IT sector looks good and the pack as a whole has upper targets.
More working hours for techies
By increasing work hours by an hour a day, an employee works an additional 22 hours a month. Tips to ward-off Negativity at Work | Cities that are IT hubs
For now, India may not feel the heat, feel experts
There is a consensus among asset managers that Indian investors will not be affected very badly. Buffett's success secrets I Stock picking in turbulent mkts
Rupee rise pinches IT, textile exporters
IT majors like TCS and Infosys are concerned about the impact it will have on export targets.
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