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IT shares gain ahead of Q1 earnings; TCS hits all-time high, Infosys up 4%
Posted on 7th July 2020
Shares of information technology (IT) companies were in focus on Tuesday with the Nifty IT index gaining more than 1 per cent ahead of the announcement of their June quarter (Q1FY20) results. Tata Consultancy Services will kickoff the earnings season by announcing its numbers on Thursday, July 9.

Shares of TCS hit an all-time high of Rs 2,303, up 1.8 per cent on the National Stock Exchange (NSE) in Tuesday's trade. The stock surpassed its previous high of Rs 2,296, touched on September 3, 2019.

Infosys, the top gainer among Nifty IT index, was up nearly 4 per cent to Rs 792 on the NSE. The stock is 7 per cent away from its 52-week high level of Rs 847, hit on September 6, 2019.

NIIT Technologies, Mindtree, Wipro, HCL Technologies, and Tech Mahindra from Nifty IT index gained up to 7 per cent on the NSE. At 09:51 am, Nifty IT index, the top gainer among sectoral indices, was up 2 per cent, as compared to a marginal 0.06 per cent decline in the Nifty50 index.

Accenture's recent result and commentary have set a baseline expectation for Indian IT companies. While supply-side issues eased in the quarter, demand issues persist and are more pronounced in some verticals (e.g., retail, travel, transportation and hospitality, and aerospace).

Analysts at ICICI Securities expect companies with higher exposure to travel, hospitality & retail to witness a sharper fall in revenues. In addition, companies with higher BPO revenues are also expected to be impacted by supply related challenges and lower client approval for work from home mode. The sharp fall in revenues is also expected to negatively impact margins of IT companies.

"While the pandemic is expected to impact near-term growth, we expect a revival in H2FY21E. This, coupled with increased traction in digital technologies, vendor consolidation opportunity for Indian IT players, improved IT spending bodes well from long term growth perspective," the brokerage firm said in IT sector update.

Motilal Oswal Securities expects margin disruption to not be as severe as feared due to a lower-than-anticipated pricing impact and other tailwinds (deferred wage hikes, currency depreciation, absence of certain G&A/PM Cares fund related expenses) partially offsetting the COVID-19 impact.

"Indian Tier I techs will have a weak June’20 quarter, with sequential revenue falling 4-8.1 per cent. EBIT (earnings before interest and tax) margin decline, however, may be limited by currency depreciation and other cost optimisation measures," analysts at Emkay Global Financial Services said in sector update.

The brokerage firm sees greater confidence around the underlying belief on stability in business in Sep’20, with growth recovery in H2FY21 along with an outlook on pricing, possible offshore shift, and the likelihood of leveraging balance sheet strength for inorganic growth.

Other Latest News
ICICI Bank shares gain 3% after setting floor price for QIP issue
Posted on 11th August 2020
Shares of ICICI Bank gained as much as 3 per cent to Rs 374.15 on the BSE on Tuesday after the private lender launched its qualified institutional placement (QIP), setting the floor price at Rs 351.36 per share.

The bank plans to raise up to Rs 15,000 crore to support business growth and create a buffer to absorb any shock from the economic disruption caused by the coronavirus pandemic.

Axis Bank raises Rs 10,000 cr via allotment of equity shares to QIBs
Posted on 11th August 2020
Private sector lender Axis Bank on Tuesday said it has raised Rs 10,000 crore through allotment of equity shares to qualified institutional buyers (QIB).

Last week, Axis Bank had set a floor price of Rs 442.19 per equity share for its proposed Rs 15,000-crore qualified institutional placement (QIP).

JSW Steel production rises 9% in July at 1.2 million tonnes
Posted on 11th August 2020
JSW Steel, the flagship business of 12 billion dollar JSW Group, on Tuesday reported crude steel production of 12.46 lakh tonnes in July, up 9 per cent from 11.44 lakh tonnes in the previous month.

In July last year, however, it had recorded crude steel production of 13.17 lakh tonnes, it said in a statement. The average capacity utilisation was 83 per cent as against 76 per cent in June.

Hyundai Creta's sales milestone, crosses 500,000 mark in domestic market
Posted on 11th August 2020
Hyundai Creta's sales number has touched 5,00,000-mark in the domestic market, the company announced on Tuesday.

Hyundai Creta has been the blockbuster model in the Indian Automobile industry ever since its launch in 2015. Redefining the SUV landscape in India, Creta’s supremacy transpires from Hyundai’s technological prowess and innovation, outperforming the industry benchmarks in all aspects, said Tarun Garg, Director (Sales, Marketing & Service), Hyundai Motor India Ltd.

Dr Reddy's Laboratories launches drug to treat infections in US market
Posted on 11th August 2020
Dr Reddys Laboratories Ltd on Tuesday announced the launch of a generic version of Ciprodex (ciprofloxacin 0.3% and dexamethasone 0.1%) Otic Suspension in the American market, following approval from the US Food and Drug Administration (USFDA).

Ciprodexis used in adults and children 6 months of age or older to treat certain types of infections caused by certain germs called bacteria.

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