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TCS, Infosys, L&T triplets tank on US troubles — wiping $10 billion off tech wealth

<ul><li>Weak market blow takes down the shares of top information technology to hit their 52-week.</li><li>This is despite the positive commentary on the sector supported by the optimism that companies are still spending fortunes on digital transformation.</li><li>However, investors seem to be worried about the potential recession in the US to impact the sector badly.</li></ul>The fear of the US slipping into recession has imploded the valuations of Indian IT companies. The shares of the top five Indian companies including Infosys, TCS, Wipro have hit their 52-week low as investors fret over a possible recession in their biggest market – the US. "The stock price correction (in IT firms) has largely been due to de-rating of valuation multiples, as earnings estimates have largely remained intact or seen minor downgrades. The reasons for this sharp derating, as we mentioned above, are largely related to the global macro environment,” said a report by Phillip Capital. Over the past few months, stock markets across the world have been hit by concerns of the US Fed tightening liquidity, rising inflation in the US/European Union, the Russia-Ukraine conflict, volatile crude and commodity prices. All these macro risks point to growth slowdown in US/EU, key markets for the Indian IT services industry – putting the basic growth assumptions into question. High inflation reduces the spending power of corporates, and hence the revenue growth potential of IT services companies, at risk, says the report. Temporary effect say IT sector analysts Despite the heightened concerns of Indian IT firms losing business, analysts are confident that the impact will be short term and temporary. “While the global macro fears are for real, we believe their impact on earnings will be minimal and temporary. The demand outlook continues to be super-bullish – by Gartner, ISG, Accenture and Infosys/HCL (in their recent analyst meets). The commentary on tech spending by major BFSI and retail players (two major verticals for Indian IT) also remains strong, despite macroconcerns,” added the report. <div type="image" title="Copy of top 5 companies col" height="900" width="1200" msid="92279851" hostid="261"></div> Tech Mahindra and Wipro have seen a steep fall A<a href="https://www.businessinsider.in/stock-market/news/it-oil-pharma-fmcg-among-sectors-that-can-survive-in-bear-stock-market-as-per-analysts/articleshow/92223197.cms">ccording to analysts</a>, Indian markets are another 10% correction away from it, and it all hangs on an announcement around a recession in the US markets – indicating that the pain in this sector might continue for the foreseeable future, even though they believe in the fundamentals of the sector. Within IT stocks, however, analysts choose TCS and Infosys to better weather the storm - leaving TechM and Wipro with the steepest fall in valuations. Experts believe are optimistic that companies are still spending on digital transformation – which has become key to survival for many sectors. The tech spending cycle wave is in favour of IT majors like TCS, Infosys, Wipro and HCL Tech. As companies are spending a fortune on digitization, the IT sector is well placed in a volatile and recession-feared market as its demand is strong despite high inflation, says a report by Kotak Institutional Equities. In the meanwhile, however, the selling pressure looks like it’s far off from easing, aided by a broader weak sentiment in the markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/8-in-10-indians-want-28-of-higher-gst-on-casinos-online-games-and-horse-races/articleshow/92275659.cms">8 in 10 Indians want 28% of higher GST on casinos, online games and horse races</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/will-mukesh-ambanis-viacom18-and-star-make-a-profit-out-of-ipl-in-the-next-5-years/articleshow/92278191.cms">BCCI’s money-spinner a curse for Mukesh Ambani’s Viacom18: Will IPL make profits for media winners this time?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-jio-lose-7-5-million-active-subscribers-in-april-month/articleshow/92273669.cms">7.5 million Indians shut off second SIMs as Airtel, Jio clean house ahead of 5G auctions</a>

TCS, Infosys, Wipro continue their downward slide into a 52-week low

<ul><li>HNI share by value in companies listed on NSE went down to 1.9%, in the third quarter as compared to the last quarter, said a <keyword id="198574" type="General" weightage="20" keywordseo="prime-database" source="Orion">Prime Database</keyword> report. </li><li>Infosys, Bajaj Finserv and Kotak Mahindra are among the top companies with HNI holdings by value. </li><li>Here are some of the top small cap stocks where HNIs holdings are over 40%. </li></ul>High networth individuals (HNIs) held stocks worth ₹5 lakh crore in NSE-listed companies, as on 31 September, 2022, as per a Prime Database report. Individuals with over ₹5 crore investible surplus are defined as HNIs. Those with over ₹25 crore of investible surplus are defined as ultra HNIs. “HNI share by value in companies listed on NSE went down to 1.9% as on September 30, 2022 from 2.08% as on June 30, 2022,” the report said. While Infosys, Bajaj Finserv and Kotak Mahindra are the top companies with HNI holdings by value, here are some small cap stocks where HNIs have the highest stake – all above 40%. <div type="image" title="HNI-" msid="95584991" hostid="261" sizebytes="59432"></div> Debcock Industries HNI holding: 52.3% Market cap: ₹118 crore This Rajasthan-based company runs a hotel in Deoli, manufactures agricultural products and has entered into the business of mining granite and marble near Kekri district in Ajmer. In the September quarter, its net profit stood at ₹7 crore on revenue at ₹45 crore. Hotel Rugby HNI holding: 44.87% Market cap: ₹7 crore The company that offers catering services to weddings and other events said in its annual report that it has not been earning from its main business activities, and is looking out for new business avenues. In Q2, it posted a net loss of ₹12.63 lakh, and ₹0.03 lakhs in revenue. Oriental Trimex HNI holding: 42.93% Market cap: ₹26 crore The Greater Noida-based company is engaged in the business of processing rough marble blocks into slabs and tiles. The company imports its raw materials, but also has a mining lease in Odisha. In Q2, it posted a net loss of ₹20 lakh and a revenue of ₹3.37 crore. Jyoti Structures HNI holding: 42.42% Market cap: ₹907 crore The company is engaged in the business of providing turnkey solutions for power transmission projects. It has two manufacturing units in Nashik and Raipur and also takes up projects internationally. In Q2, it posted ₹4 crore net loss, and 14 crore in revenue. Som Distilleries &amp; Breweries HNI holding: 42.33% Market cap: ₹777 crore As the name suggests the company manufactures alcoholic beverages like beer, whisky, vodka, gin, rum, and brandy along with non-alcoholic drinks like cranberry, orange, and tangy lemon fruit drinks. Zenith Steel Pipes &amp; Industries HNI holding: 42.28% Market cap: ₹72 crore The Mumbai-based manufacturer of steel pipes caters to various applications like water distribution, fire fighting systems, scaffolding and more. Nandani Creation HNI holding: 41.45% Market cap: ₹99 crore Nandani Creation is a fashion company that designs and produces women’s apparel like dresses, tunics, tops and more. The Rajasthan-based company also has a store named Amaiva. Cigniti Technologies HNI holding: 41.19% Market cap: ₹1,624 crore The Hyderabad-based company is primarily known for its software product testing services but also claims to offer digital engineering services to help accelerate the digital transformation of its clients.

These small cap companies have attracted big investments from high-networth individuals

<ul><li>Indian IT behemoth <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> touched the ₹3 lakh crore market cap milestone on June 3.</li><li>Thursday’s high comes after the company announced its new partnership with Finastra, a fintech giant that serves 90 of the top 100 banks globally.</li><li>With Wipro focusing on the banking sector, the company’s stock has rallied by over 31% with TCS, <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, HCL Tech and Tech Mahindra showing muted share price movement in the last two months.</li></ul>The Indian information technology (IT) giant, Wipro, touched the ₹3 lakh crore ($41 billion) market cap milestone in early trade on June 3. In the last two months, its stock has far outperformed its peers. <div type="image" title="wipro share price chart" msid="83223480" hostid="261" caption="&amp;lt;p&amp;gt;Wipro&amp;#39;s share price from 1 April 2021 to 3 June 2021&amp;lt;/p&amp;gt;"></div> Wipro’s share price has rallied by over 31% since April 1, whereas the stocks of other IT companies — Tata Consultancy Services (TCS), Infosys, HCL Tech and Tech Mahindra — have, more or less, stagnated. Among top five IT players in India, HCL Tech was the worst performing with its share price dipping by nearly 6%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Increase in share price since 1 April 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">31% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.9% </td></tr></tbody></table>Source: Compiled using BSE data <cmsannotation type="cmsannotation" annotationid="Wipro is expected to bring in more revenue than its peers this year" comment="subhead" text="Wipro is expected to bring in more revenue than its peers this year">Wipro is expected to bring in more revenue than its peers this year</cmsannotation> In the fourth quarter, Wipro net profit grew by 27% as compared to the same three months the year before. This was the company’s best result in nearly a decade. The last time it delivered double-digit growth in its quarterly net profit was in FY16. Barring Wipro, most IT companies have seen muted share price movement since the results of the previous financial year came out. <div type="image" title="it share price chart" msid="83223517" hostid="261" caption="&amp;lt;p&amp;gt;Performance of the top 5 Indian IT companies over the last two months&amp;lt;/p&amp;gt;"></div> However, all five of the top IT companies in India are bullish about their prospects in the ongoing financial year. Riding the wave of outsourcing and cloud adoption, IT players are aiming for double-digit revenue growth. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue guidance (in constant currency terms) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Operating margin guidance </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Does not issue guidance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Does not issue guidance </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12-14% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22-24% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Double-digit growth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19-21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8-10% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Double-digit growth in enterprise, and single digit growth in telecom </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Less than 15% </td></tr></tbody></table> With its focus on growing the banking, financial services and insurance segment (BFSI), expected recovery in manufacturing, and lead in healthcare, analysts predict that Wipro will deliver higher revenue growth than its peers over the next two years. <div type="image" title="it cos Fy22 fy23 expected revenue increase" msid="83223553" hostid="261" caption="&amp;lt;p&amp;gt;Expected revenue growth of top 5 Indian IT companies in India in FY 22 and FY 23&amp;lt;/p&amp;gt;"></div> Wipro management disclosed they don’t see overall spending coming down anytime soon, during the fourth-quarter earnings call. Cloud solutions account for 25% to 30% of Wipro’s revenue and it is growing much faster than the average growth of the company. <cmsannotation type="cmsannotation" annotationid="What is driving Wipro’s share price rally?" comment="subhead" text="What is driving Wipro’s share price rally?">What is driving Wipro’s share price rally?</cmsannotation> Wipro has seen a flurry of activity this week. The jump in Wipro’s share price comes after the IT giant announced its new partnership with Finastra — a fintech giant that serves 90 of top 100 banks globally — to help its client banks with their digital transformation. Wipro said that the new partnership is focused on its clients in the Asia-Pacific region. This includes India’s largest public sector bank — the State Bank of India (SBI) — and ING Australia, the fourth biggest bank on the island nation. The company also sold its entire stake in Denim Group, a application security firm, for a consideration of $22.42 million. That’s triple what Wipro paid for its 33.33% stake back in march 2018. Furthermore, the enterprise picked up a minority stake in Squadcast, an incident response platform that helps software engineers do on-call scheduling, for $1.2 million. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indusind-bank-shares-slide-as-a-year-old-cayman-islands-order-against-hinduja-bank-resurfaces/articleshow/83197693.cms">IndusInd Bank shares slide as a year-old Cayman Islands order against Hinduja Bank resurfaces</a> <a href="https://www.businessinsider.in/science/health/news/the-indian-government-is-doling-out-1500-crore-to-reserve-300-million-of-biological-es-covid-19-vaccine-doses/articleshow/83196362.cms">The Indian government is doling out ₹1500 crore to reserve 300 million of Biological-E’s COVID-19 vaccine doses</a> <a href="https://www.businessinsider.in/business/corporates/news/rossari-biotech-to-acquire-peer-unitop-chemicals-for-421-crore-this-will-ramp-up-its-production-capacity-by-86000-million-tonnes-a-year/articleshow/83176380.cms">Here's why Rossari Biotech bought Unitop Chemicals for ₹421 crore</a>

Wipro outshines TCS, Infosys and others with a 31% jump in share price over the last two months

<keyword id="19900617" type="General" weightage="20" keywordseo="stock-markets" source="keywords">Stock markets</keyword> rebounded from early lows to close higher on Friday, snapping the four-day losing streak on heavy value buying in banking and auto shares. The 30-share BSE <keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword> climbed 599.34 points or 0.83 per cent to settle at 73,088.33. The index opened lower and tanked further 672.53 points or 0.92 per cent to hit a low of 71,816.46 in early trade. However, the index rebounded in the second half on value-buying in banking shares. The NSE <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> jumped 151.15 points or 0.69 per cent to close at 22,147. The broader index dropped to a low of 21,777.65 in early trade before paring its losses to end in the green. From the Sensex basket, Bajaj Finance, Mahindra &amp; Mahindra, HDFC Bank, JSW Steel, Maruti, Wipro, Bharti Airtel, <keyword id="19950210" type="General" weightage="20" keywordseo="bajaj-finserv" source="keywords">Bajaj Finserv</keyword>, ICICI Bank and ITC were the major gainers. Nestle India, HCL Technologies, Larsen &amp; Toubro, Tata Consultancy Services, <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> and Infosys were among the laggards. Infosys declined nearly 1 per cent after the company's revenue growth guidance for FY25 failed to meet market expectations. In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled in the negative territory. European markets were trading in the red. Wall Street ended mostly lower on Thursday. Global oil benchmark Brent crude climbed 0.55 per cent to USD 87.62 a barrel. Foreign institutional investors (FIIs) offloaded equities worth Rs 4,260.33 crore on Thursday, according to exchange data. "Despite global weakness, Indian markets staged a strong recovery driven by large-cap stocks, buoyed by the expectation of limited prospects of escalation following Israel's action against Iran. However, fragility persists with elevated oil prices, posing <keyword id="20993332" type="General" weightage="20" keywordseo="inflation-risks" source="keywords">inflation risks</keyword>," said Vinod Nair, Head of Research, Geojit Financial Services. Meanwhile, the 2024 <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls kicked off on Friday with the beginning of polling for the first phase. The BSE benchmark tanked 454.69 points or 0.62 per cent to settle at 72,488.99 on Thursday. The NSE Nifty declined 152.05 points or 0.69 per cent to 21,995.85.

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TCS, Infosys, L&T triplets tank on US troubles — wiping $10 billion off tech wealth

Rounak Jain

TCS, Infosys, Wipro continue their downward slide into a 52-week low

Bhakti Makwana

These small cap companies have attracted big investments from high-networth individuals

Katya Naidu

Wipro outshines TCS, Infosys and others with a 31% jump in share price over the last two months

Prabhjote Gill

Stock markets stage strong rebound after 4 days of slump; Sensex rallies 599 pts

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