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<ul><li>IT giant <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> fell to its 1-year low followed by sharp fall in other IT stocks.</li><li>Reportedly, US-based investment banker JP Morgan has downgraded its rating on <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword>, HCL Tech, Wipro, L&amp;T Tech to ‘underweight’ from ‘neutral’ on potential macro slowdown.</li><li>Indian stocks mirrored its global peers today that fell sharply as large retail giants like Walmart, Target delivered disappointing earnings.</li></ul>Azim Premji owned Wipro fell by 5.7% on May 19 to touch its lowest point yet in a year. HCL and Infosys too fell closer to their 52-week lows and TCS and Tech Mahindra too are racing towards it. All this is an after effect of the massive selloff in the US markets - which is where most of our tech majors’ revenues come from. The American stock markets fell after its top retailers Walmart and Target reported poor earnings indicating pain in the economy. “The American retail majors Walmart and Target have disappointed on the Q1 earnings front, indicating that even large companies are unable to cope with the supply chain and inflationary woes. This has created a huge sell-off and meltdown in the majority of the stock markets globally. India's WPI inflation jumped to a 17-year high, this will force RBI to further hike interest rates,” said Parth Nyati, Founder, Tradingo. Recently, Goldman Sachs CEO David Solomon told CNBC that there is a reasonable chance that the <a href="https://markets.businessinsider.com/news/stocks/goldman-sachs-ceo-recession-odds-economy-david-solomon-fed-rates-2022-5">US may head into a recession </a>while he urges caution for big businesses. “US markets saw the worst sell off since June 2020 as inflation fear looms. A day before Walmart posted its results and pruned its earning forecast. The Indian economy is set to face jitters due to rising inflation in the US thus, making further interest rate hikes all the more important,” said Mohit Nigam, head - PMS at Hem Securities. Margin headwinds for the Indian IT majors ahead JP Morgan has <a href="https://www.livemint.com/market/stock-market-news/tcs-3-other-largecap-it-stocks-downgraded-by-jpmorgan-11652935827467.html">reportedly</a> downgraded its ratings on TCS, HCL Tech, Wipro, L&amp;T Tech to ‘underweight’ from ‘neutral’ on potential macro slowdown. According to the brokerage firm, the sector would face rising margin headwinds in the near term and revenue headwinds in the medium term from a potential macro slowdown. It means that the sector’s earnings upgrade cycle is behind it. The IT stock fall today mirrored that of its global peers in the US market - which saw the biggest fall in almost two years. Amazon, Tesla, Apple, Alphabet, Microsoft too fell by over 1-2%. From being the top gainers last year to now top losers, IT firms have seen the worst of all <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;">Top losers in Nifty 50 </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;">% fall today </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;">Share price </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;">52-week low </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;">-5.78% </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;">₹453 </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;">₹450.10 </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 Technologies </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;">-5.80% </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;">₹1,011 </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;">₹922.05 </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;">-5.18% </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;">₹1,431 </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;">₹1,333.55 </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;">-5.13% </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;">₹3,271 </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;">₹3,053 </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;">-5.04% </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;">₹1,113 </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;">₹963 </td></tr></tbody></table> The domino effect of inflation to economy to IT spends There are enough reasons for investors to believe in a massive economic slowdown and a potential recession as prices of commodities spiked sharply in the last few months. While the situation was bad after the pandemic, the Russia-Ukraine war hammered it even more. The war led to rise in crude oil prices, essential food items, fuel, electricity etc. High inflation leads to poor demand thereby impacting the profitability of large companies. Inflation is at a 40-year high in countries like the UK, and US. “Global inflation has become the biggest spoilsport and has derailed the economic growth recovery globally,” said Nyati. In an ideal situation, the fall in Rupee value against the Dollar should be good news for IT firms which earn in Dollar. But this too gave no cushion for the stocks as investors seem to believe that would earn too little in the first place. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ethos-ipo-either-avoid-or-go-long-term-say-analysts/articleshow/91662449.cms">Ethos IPO — Either avoid or go long-term say analysts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/goa-has-the-highest-car-ownership-in-india-check-out-the-states-with-highest-and-lowest-car-ownership/slidelist/91664118.cms">Goa has the highest car ownership in India, check out the states with highest and lowest car ownership</a>

TCS, Wipro & Infosys saw a massive selloff after Walmart & Target’s revenues fell — explaining the domino effect

<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>Earnings season will begin next week with the results of major IT companies -- TCS on April 11 and Infosys on April 13.</li><li>Digital transformation deals continue to boost IT sector’s growth along with rupee depreciation in the recent months benefiting the sector.</li><li>However, profit margins of these companies are expected to be under pressure because of increase in employee salaries and record hiring.</li></ul>The March quarter earnings season will begin next week with the results of major information technology (IT) companies such as Tata Consultancy Services (TCS) on April 11 and Infosys on April 13. Most analysts believe March is a seasonally weak quarter for IT companies and they expect moderate earnings growth amid margin pressures. The profit margins of IT companies are expected to be under pressure because of increase in employee salaries and record hiring. “Sequential growth for Indian IT will be moderate in March 2022 quarter and in line with historical seasonal trends. Margins will remain under pressure resulting from elevated wage increases, onsite as well as offshore,” said Kotak Institutional Equities. The entire IT sector is struggling to retain employees including top five companies. In fact, in the last quarter <a href="https://www.businessinsider.in/tech/enterprise/news/more-employees-are-leaving-tech-mahindra-than-tcs-and-wipro/articleshow/89291721.cms">more employees left Tech Mahindra </a>than at TCS and Wipro. The report added that talent shortage continues even as the industry has added a record number of freshers. High cost to backfill attrition and retain talent will seep into margins across companies. <table style="border-width: initial; border-style: none;"></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;">Top IT companies </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;">Expected revenue growth in Jan-Mar* </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;">2.7% </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;">2.2% </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;">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;">3.6% </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;">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;">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;">5.2% </td></tr></tbody></table>Source: Emkay Research*Revenue growth in constant currency on a sequential basis Meanwhile, the growth momentum may sustain due to healthy broad-based demand as firms across the world have increased spending on new technologies. “The demand environment is robust at present. There could be moderate risk to demand as fallout of the Russia-Ukraine imbroglio starts impacting key economies. Nonetheless, we believe double-digit growth is feasible for many,” said a report by Kotak Institutional Equities. Higher employee cost and shortage of skilled talent will remain the key challenges in the short term for IT companies. Investors will keenly monitor the management commentary on any impact on technology spending from higher energy prices, inflation and potential economic slowdown, demand trends in key verticals such as banking, financial services and insurance (BFSI), retail, manufacturing and communications, and the attrition rates. <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;">Top IT companies </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;">Results date </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;">April 11 </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;">April 13 </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;">April 29 </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 Technologies </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;">April 21 </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/unacademy-reportedly-lays-off-1000-employees-from-sales-business-and-other-functions/articleshow/90709336.cms">Unacademy reportedly lays off 1000 employees from sales, business and other functions</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-takes-a-jibe-at-ashneer-grover-says-no-money-left-to-pay-salaries-since-grover-stole-it-all/articleshow/90706030.cms">BharatPe CEO takes a jibe at Ashneer Grover, says no money left to pay salaries since Grover stole it all</a>

Profit margins of IT companies must be under pressure for January-March quarter due to record hiring and salary hikes

<ul><li><keyword id="896278" type="PERSON" weightage="20" keywordseo="Indian-IT-services-companies">Indian IT services companies</keyword> <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> and <keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword> may see their stocks increase by more than 50% in the coming year, according to Edelweiss.</li><li>The current ‘tech upcycle’ could also put mid-cap stocks like MindTree and L&amp;T Infotech on the road to becoming large caps by 2035.</li><li>The surge of growth is pegged on the faster-than-expected recovery of the BFSI vertical, the prioritisation of spending on cloud services and the reduction of costs due to most employees working from home. </li></ul>The COVID-19 pandemic may have wreaked havoc on many industries but the IT sector exhibited extraordinary perseverance. Edelweiss estimates that despite the rally seen over the last three months, the best is yet to come. And, <keyword id="4126021" type="PERSON" weightage="20" keywordseo="Indian-IT-stocks">Indian IT stocks</keyword> like Infosys, HCL Tech and TCS are most likely to reap the benefits. “Among mid-caps, we believe Mindtree and L&amp;T Infotech might well be the large caps of 2035 (perhaps much like Infosys and TCS, respectively),” said the analysts’ December report on the IT sector. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Projected upside </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Eclerx </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,536 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">96.70% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,480 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">72.90% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,850 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">63.10% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">LTTS </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,740 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">52.10% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹4,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">46.90% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mindtree </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,044 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">42.10% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T Infotech </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹4,197 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">28.50% </td></tr></tbody></table>Source: Edelweiss Research This is because ‘clients are more determined to spend than ever before,’ according to Edelweiss. This is further bolstered by the fact that the IT companies themselves are gaining on margins with employees working from home. Most companies will have a larger than usual budget for tech upgrades Companies don’t normally carry over their budget allocation for IT into the next year. But this time around, they’re making an exception. Majority of IT departments are likely to carry forward any of the unused technology budgets from 2020 into 2021, according to Edelweiss. That means next year, most clients of IT services companies will have a significant amount to spend in addition to traditional allocation for technology upgrades. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">Quarter </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;">TCS’ Total Contract Value </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;">Infosys’ large deal signings </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;">Q1 FY20 </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;">$5.7 billion </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;">$2.7 billion </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;">Q2 FY20 </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;">$6.4 billion </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;">$2.8 billion </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;">Q3 FY20 </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;">$6 billion </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;">$1.8 billion </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;">Q4 FY20 </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;">$8.9 billion </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;">$1.7 billion </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;">Q1 FY21 </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;">$6.9 billion </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;">$1.7 billion </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;">Q2 FY21 </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;">$8.6 billion </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;">$3.2 billion </td></tr></tbody></table>Source: Respective company reports “[This implies] FY22 revenue growth for Indian technology companies can be comfortably in the 12–14% range or even more,” said the report. The best phase of the ‘tech upcycle’ The surge in spending on technology upgrades has been dubbed the ‘tech upcycle’. It’s a result of the increase in online activity during the coronavirus pandemic. Back in June, the upcycle was just kicking off and the most expansive phase — when the money actually starts rolling — is yet to begin. This is called the ‘squeeze up’ phase of the cycle. <div type="image" title="Copy of canara bank" msid="79659488" hostid="261" caption="&amp;lt;p&amp;gt;The share prices of HCL Tech, Infosys and TCS over the last six months&amp;lt;/p&amp;gt;"></div> Why will some companies gain more than others? According to Edelweiss, all IT companies have something to gain from the increased spending on digital that will flow in. But, some will gain more than others depending on where their focus lies within the digital space. For instance, spending on cloud technology is more important than investing in non-cloud digital services. “Cloud has clearly taken precedence in spends as clients now increasingly and strongly-than-ever believe that they need an agile IT infrastructure to manage variable data loads,” notes the report. With companies like HCL Tech, Infosys and TCS being the strongest contenders for cloud technology right now, they have the most to gain. Another positive for these companies is that the BFSI segment, in particular, is witnessing decade-high budgetary allocations to upgrade its technology. <div type="Article" hostid="261" msid="76334123" title="TCS, Infosys, HCL Tech and others will gain from Microsoft, Amazon and Google spending more on technology" mstype="2" mssubtype="0"></div> IT sector gains aren’t without its risks The IT sector may be on the precipice of massive growth but the risks have never been higher. A serious data breach — keeping in mind that the number of cyberattacks on companies during the last six months has been increasing — could have a serious impact on client trust and customer confidence. The depreciation of the dollar versus the rupee could also moderately affect growth and the resulting earnings estimates of IT companies, according to Edelweiss. And, while it is true that technology spends are stepping up, the North American market is an exception to that rule. Since most clients within the US are already digitally savvy, their budgets for IT may be slashed. <keyword id="6357549" type="UNKNOWN" weightage="20" keywordseo="Indian-IT-companies">Indian IT companies</keyword> may bear the brunt since, for most, the majority of their revenue comes from customers in the US. Lastly, while the BFSI sector is racing to catch up, it also means there’s a higher risk of companies within that vertical declaring bankruptcy. If a large enough BFSI client was to go bust, it wouldn’t impact the whole industry, but the IT services company providing services would be in for a rough ride. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/india-desi-gps-finally-joins-china-russia-and-the-us-after-a-two-year-long-wait/articleshow/79656300.cms">India’s desi-GPS is now in the same league as the US, Russia and China — can scan 1,500 kilometres beyond its own borders</a> <a href="https://www.businessinsider.in/science/health/news/canada-has-enough-covid-19-vaccine-doses-to-cover-each-citizen-five-times-over-while-the-fate-of-67-poor-countries-remains-undecided/articleshow/79645493.cms">Canada has enough COVID-19 vaccine doses to cover each citizen five times over while the fate of 67 poor countries remains undecided</a> <a href="https://www.businessinsider.in/india/news/farmers-plan-to-block-delhi-jaipur-and-delhi-agra-highways-starting-december-12-and-start-nationwide-protests-on-december-14/articleshow/79644167.cms">Farmers call for nationwide protest on December 14 — plan to block Delhi-Jaipur and Delhi-Agra highways starting December 12</a>

One research firm says shares of Infosys, HCL Tech, and TCS may see another surge — here's why

<ul class="summary-list"><li><keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">Oil</keyword> prices neared $100 a barrel after Russia ordered troops into Ukraine, fuelling supply concerns.</li><li><keyword id="11909347" type="UNKNOWN" weightage="60" keywordseo="putin" source="Orion">Putin</keyword>'s recognition of two breakaway regions in Ukraine could lead to shipments being obstructed.</li></ul>Oil prices rose to seven-year highs Tuesday after Russian President Vladimir Putin <a href="https://www.businessinsider.com/putin-orders-russia-troops-to-ukraine-major-escalation-2022-2">ordered troops to enter eastern Ukraine</a>, raising the risk of disruptions to <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> shipments.Putin's move followed his <a href="https://twitter.com/rianru/status/1495872830650687495">signing of a decree</a> that recognizes the two eastern Ukrainian provinces of Donetsk and Luhansk as independent states. Both these provinces are <a href="https://www.businessinsider.com/ukraine-president-says-not-afraid-after-russia-moves-2022-2">controlled</a> by pro-Russian separatists, fuelling fears that war will be increasingly difficult to avoid."This constitutes a noticeable escalation of the Russia-Ukraine conflict and is likely to see the West respond by imposing tough sanctions on Russia," said Commerzbank's Carsten Fritsch.<a href="https://markets.businessinsider.com/commodities/oil-price?type=brent">Brent crude</a> was last up 2.4% at $97.63 a barrel as of 12.50 a.m. GMT, after earlier hitting its highest level since September 2014 at $99.50. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> rose 3.2% to $93.99 a barrel, after peaking at $96 earlier in the day."Seeing oil prices soar to a seven-year high today is reminiscent of the 1970s," Simon Tucker, head of energy at Infosys Consulting, said in reference to the <a href="https://www.businessinsider.com/photos-oil-crisis-in-the-1970s-2012-11">1973 oil crisis</a>. "We have seen this before — prices skyrocket, the public is cornered into using less, and ultimately, it's the poorer countries that suffer the most."Oil was already trading at record highs on concerns of possible disruptions to supply from major producer Russia. So Tuesday's price gains weren't surprising. But since Moscow has <a href="https://www.businessinsider.com/russia-has-target-and-kill-lists-of-opponents-invade-ukraine-2022-2">consistently denied</a> any plans to invade Ukraine, there were hopes prices would stabilize."The biggest moves we've seen from clients so far is buying into oil prices, expecting the recent escalation to hit supply and push energy prices higher," said Walid Koudmani, chief market analyst at financial brokerage <a href="https://www.xtb.com/en">XTB</a>. There's a strong chance oil could rise above $100 a barrel, depending on Russia's response to economic sanctions, he added. Investors are pricing in other factors that are unlikely to offset Russia and Ukraine's tensions, since analysts say additional supply from the OPEC+ can't be relied upon for now.After Saudi Arabia and the United Arab Emirates <a href="https://www.reuters.com/business/energy/arab-oil-producers-say-opec-should-stick-current-output-agreement-2022-02-20/">rejected calls to pump more oil</a> to ease price pressure over the weekend, Iraq has also declined a more marked expansion of production by OPEC+.Iraq's oil minister <a href="https://www.bloomberg.com/news/articles/2022-02-22/iraq-says-opec-doesn-t-need-to-raise-oil-output-any-faster">told Bloomberg</a> on Tuesday that there's no need to produce more because "the market will have more and more oil."Global <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> were rattled on Tuesday after Russia's recognition of the two breakaway Ukrainian regions fuelled further tensions. UBS suggested investors should hedge their portfolios by allocating to <keyword id="11895969" type="UNKNOWN" weightage="60" keywordseo="commodities" source="Orion">commodities</keyword> and energy stocks."Energy prices would likely rise in the event of an escalation around Ukraine, as well as if cooler heads prevail amid rising demand and somewhat constrained supply," UBS strategists said in a Tuesday note.Read More: <a href="https://www.businessinsider.com/investing-strategy-portfolio-tips-to-deal-with-ukraine-crisis-ubs-2022-2">UBS lays out the most likely scenario for how the Ukraine-Russia crisis will play out and reveals the 3 key things investors should do to protect their portfolio and deal with the turmoil</a>

Oil prices barrel towards $100 as Putin's order to send troops into Ukraine fuels fears of disruptions to energy shipments

IT major <keyword id="10862" type="CITY" weightage="100" keywordseo="Wipro">Wipro</keyword> has listed cybersecurity breaches as a potential risk to its business, stating that such attacks could lead to financial obligations to its customers, according to PTI news report. The development comes weeks after 'WannaCry' ransomware hit systems across sectors like telecommunications and healthcare in over 100 countries, including India, Russia and the UK. One of the most widespread cyber attacks in history, WannaCry infected computers running on older versions of <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> operating systems like XP, locking access to files on the computer. Wipro, in its filing to the <keyword id="108474" type="ORGANIZATION" weightage="20" keywordseo="US-Securities-and-Exchange-Commission">US Securities and Exchange Commission</keyword>, noted that while there is an increase in the number of connected devices and transition to cloud, the impact of threats is also on the rise. It added that attempts for unauthorised access, malwares, fraud, misuse/loss/tampering of personal and business data, deliberate or accidental act of its employees or other stakeholders are also on the rise. "While various security controls mechanisms are deployed at different technology layers and re-enforced periodically, it may be difficult always to be successful considering the complexity of the environments...," it said. In the past, the Bengaluru-based firm has acknowledged the growing cyber threat in its annual reports, but had not listed it as a risk factor. "...any potential cyber event impacting confidentiality, integrity ... could lead to financial, disclosure of data, privacy, security, reputational, customer loss, legal, regulatory and contractual obligations to Wipro and may have direct impact (on) our customers and partners," Wipro said in its filing. In a recent study, Wipro has said at least 1.38 billion records of data were reported stolen -- that is about 43 records every second -- during the year 2016 through data breaches at enterprises globally. Such breaches not only impact the business operations but also often result in customer faith being severely dented for enterprises in the aftermath of these attacks. This negative sentiment, after the breaches are notified, are often reflected in stock price dips and/or lower business online, ultimately hitting the company's bottom line. Wipro's larger rival <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> also has a similar cautionary note in its annual filing. It says that while Infosys has put in place adequate infrastructure and business continuity plans against cyber security breaches, there could be an impact on active voice and data communications between its various development centres and clients' sites due to such disruptions.

Wipro flags cybersecurity breaches as potential risk to business

<ul class="summary-list"><li>Infosys, founded by Rishi Sunak's father-in-law, is still operating in Russia, The Guardian reported. </li><li>The IT firm still has staff in Moscow and is paying two subcontractors, per the report. </li></ul>Infosys, the company owned by the UK prime minister's billionaire father-in-law, is still operating in Moscow, eight months after it said it was pulling out, <a href="https://www.theguardian.com/world/2022/nov/04/infosys-still-operating-russia-rishi-sunak-akshata-murty">The Guardian</a> reported.The Indian IT firm said it was exiting the Russian market in March following Russia's invasion of Ukraine, yet it still has a staffed office in the Russian capital and is paying subcontractors to carry out IT services for a global client, according to the newspaper. The Moscow office of <a href="https://www.businessinsider.com/rhode-island-45-million-workforce-development-plan-2020-7?r=US&amp;IR=T">Infosys</a> still has a company plaque outside on a wall, per the report. Company sources told The Guardian that some administrative staff were still working there as part of the process to leave Russia. Those sources said staff still in Moscow were removing computer equipment and offloading it in a "sustainable" manner ahead of a move to India. A spokesperson told The Guardian that it was seeking to end the arrangement and had taken measures to "suspend its operations in Russia". They said employees working on client projects "have been transitioned out" and that Infosys was still paying two Moscow-based subcontractors to carry out work for a client. The spokesperson added: "Infosys does not have any active relationship with local Russian enterprises. The process of transitioning a few remaining partner and administrative staff is under way." Akshata Murthy, the wife of the <a href="https://www.businessinsider.com/rishi-sunak-new-uk-prime-minister-wealth-akshata-murthy-britain-2022-10?r=US&amp;IR=T">UK's prime minister</a>, receives annual dividends worth £11.5 million ($13.1 million) from her 0.91% stake in Infosys that is worth about $785 million.Murthy, daughter of the company's founder, N.R. Narayana Murthy, this year agreed to pay tax in the UK on her dividends after it was revealed that she didn't do so due to her "non-domiciled" status.A Downing Street spokesperson told The Guardian: "Neither Akshata Murty nor any members of her family have any involvement in the operational decisions of the company."Infosys didn't immediately respond to Insider's request for comment.

The company that pays Akshata Murthy, wife of British PM Rishi Sunak, £11.5 million a year is still operating in Russia, report says

<ul><li>At 7:30 am the SGX Nifty was trading 0.11% higher pointing towards a cautious but a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li>Check out the latest news and updates on Business Insider. </li></ul>Indian stock market is likely to open higher amidst positive cues from global peers. At 7:30 am the SGX Nifty was trading 0.11% higher pointing towards a cautious but a positive start for Nifty50. On Tuesday, US stocks ended higher, fuelled by a rally in tech-related names. The Dow Jones Industrial Average jumped 0.76%, to close at 28,645.66 points. The S&amp;P 500 also rose 0.75%. Here’s a list of stocks to watch for in trade on September 2: Infosys The IT major Infosys said it has plans to hire 12,000 workers in America over the next two years. This takes the company’s hiring commitment in the country to 25,000 over the next five years. In 2017, Infosys committed to hiring 10,000 American workers over two years and created 13,000 jobs in the US till date. The shares of Infosys closed 1.15% lower on September 1. Bharti Airtel Watch out for telecom stocks in trade today as well post the AGR verdict. Bharti Airtel has witnessed some brokerage action. Julius Baer has initiated coverage with the ‘Buy’ call and target at ₹ 650. The shares of Airtel closed 7% higher on September 1. Vodafone Idea The board of Vodafone Idea will meet on September 4 to discuss fund raising. The shares of Vodafone Idea cracked 13% in trade yesterday. Indian Oil Corp The state-owned Indian Oil said the board had approved an investment of ₹1,268 crore for setting up a needle coker unit at its Paradip refinery in Odisha. With the production of CNC, Indian oil will enter this niche product segment for the first time. “The proposed unit will have a Calcined Needle Coke (CNC) production capacity of 56-kilo tonnes per annum. The estimated project cost is Rs 1,268 crore,” IOC said in a statement. The shares of Indian Oil Corp closed 0.87% lower on September 1. V-Mart V-Mart informed stock-exchanges that its board is scheduled to meet September 5 to consider and approve the matter related to raising funds. The shares of V-Mart closed 4% lower yesterday. Hero MotoCorp, TVS and other auto stocks The shares of Hero MotoCorp, TVS and other auto stocks might react to the sales number posted by these companies. According to the stock exchange filing, Hero reported nearly 8% growth whereas TVS saw a 1% decline in its overall sales. The shares of Hero and TVS closed 0.30% lower and 2% higher, respectively. Embassy Office Parks REIT Embassy Office Parks REIT approved the issuance of NCDs up to ₹15 billion rupees in one or more tranches. The non-convertible debenture is unsecured bonds that cannot be converted to company equity. The shares of Embassy Office Parks REIT closed 0.16% higher. ONGC The state-owned ONGC reported a net loss of ₹3,098 crore in the first-quarter ended June 30. The company’s overall revenue was down 40%. The shares of ONGC closed 2.87% lower on September 1. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/armed-with-returns-from-the-reliance-netmeds-deal-this-fund-will-now-invest-in-two-three-more-startups-before-the-end-of-the-year/articleshow/77882045.cms" data-type="tilCustomLink">INTERVIEW: Armed with returns from the Reliance-Netmeds deal, this fund will now invest in two-three more startups before the end of the year</a> <a href="https://www.businessinsider.in/science/news/russia-released-secret-footage-of-historys-largest-man-made-explosion-a-nuclear-blast-thousands-of-times-stronger-than-hiroshima/articleshow/77881310.cms" data-type="tilCustomLink">Russia released secret footage of history's largest man-made explosion — a nuclear blast thousands of times stronger than Hiroshima</a>

Top stocks to watch— Infosys, Bharti Airtel, Vodafone Idea, Hero MotoCorp, TVS, ONGC, V-Mart, Embassy Office Parks REIT and more

If all goes well, Phase-II clinical trials of Russian vaccine Sputnik V will commence at state government-run College of Medicine and Sagore Dutta Hospital by the end of this month, a senior official of the health department said on Tuesday. The necessary surveys -- which include visiting the hospital to check its infrastructure and cold storage facilities -- have been carried out by a site management organisation before starting the process, he stated. Snehendu Koner, the head of business development at site management organisation CliniMed LifeSciences, said a report on survey findings has been sent to the Drug Control General of India (DCGI) for approval. "We have visited the site, conducted checks on its infrastructure as well as facilities for storing vaccines and immunogenicity samples. "We have also gone through the hospital's records and found it has experiences of conducting clinical trials. Our findings are quite satisfactory and we have sent it to the DCGI for approval," Koner told when contacted. Once the DCGI gives green signal, the hospital's ethics committee will issue a clearance to start the Phase-II clinical trials there, he said "We have also identified the principal investigator as well the co-investigator for the process," he said. The clinical trial of Sputnik V, scheduled to be held throughout the country, will be conducted by pharma company Dr Reddy's Lab, which has joined hands with the Russian Direct Investment Fund (RDIF). According to a health department official, the RDIF will be supplying 100 million doses of its potential COVID-19 vaccine to Dr Reddy's Lab. Hundred volunteers will be chosen all over the country, and out of them 75 will be administered the vaccine. Twenty five others will be given placebo -- a substance or treatment which is designed to have no therapeutic value. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/tcs-infosys-hcl-tech-and-others-to-see-more-freshers-than-lateral-hires-in-the-next-six-months/articleshow/79014794.cms">TCS, Infosys, HCL Tech, and others to see more freshers than lateral hires in the next six months</a> <a href="https://www.businessinsider.in/thelife/personalities/news/prajakta-koli-aka-mostlysane-advice-for-content-creators-on-the-fine-line-between-brand-collaborations-and-staying-honest-on-social-media/articleshow/79013162.cms">Prajakta Koli aka MostlySane’s advice for content creators on the fine line between brand collaborations and staying honest on social media</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-acquires-gaming-startup-mech-mocha-as-it-looks-to-tap-the-social-gaming-space-for-more-consumers/articleshow/79014466.cms">Flipkart acquires gaming startup Mech Mocha as it looks to tap the social gaming space for more consumers</a>

Phase-II trial of Russia's COVID-19 vaccine awaits DCGI nod in India

Logistic supply agreements with various countries have helped the <keyword id="6355100" type="ORGANIZATION" weightage="20" keywordseo="Indian-Navy">Indian Navy</keyword> to enhance its role as the primary responder to any crisis, especially in the <keyword id="150701" type="PERSON" weightage="20" keywordseo="Indian-Ocean-Region">Indian Ocean Region</keyword> (IOR). The Indian Navy has reciprocal military logistics agreements with US, France, Australia, South Korea and Singapore. Japan is the sixth country that India signed logistics agreements with earlier this month. "India is now moving ahead to sign similar deals with Russia and United Kingdom," said a senior government official. While India has some notable accomplishments as an overseas responder, the assistance to Maldivian President Gayoom as part of Operation Cactus in 1988 was a key event. Thereafter the 'coming of age' event for the Indian Navy was the post-tsunami response in December 2004, which went on well into 2005.The tsunami was catastrophic for many nations in Asia, particularly in South and South East Asia where India was one of the most severely affected nations."Whilst the Indian nation mobilised all resources at its disposal, including the armed forces, to provide succour to its citizens, it did not forget its neighbours," said the official adding that as a responsible neighbour and collaborator, the government of the day rushed help and supplies to many countries in South and South East Asia; principal being Sri Lanka, Maldives and Indonesia. Recognising India's capabilities and resources, the US invited India to be a part of the Tsunami Core Group, the others being Japan and Australia. The group was subsequently expanded to include the UN, EU and Canada. The Tsunami Core Group clearly brought out the capabilities and response mechanisms of nations with similar governance and ability to reach out to others in their hour of need. The original core group would pave the way for the 2007 proposal of Shinzo Abe, then Prime Minister of Japan for initiation of a Quadrilateral Security Dialogue or 'Quad'. "We are currently dissecting QUAD 2.0 and how it is an anti-China group, which may be a disservice to the larger aims of this grouping," the official explained. The Tsunami was a trigger for many reforms and change in operational mindset for India. India and its Navy realised the need for large deck amphibious ships; ships that can carry men and material to places that are in need of them and using helicopters on the ships to quickly transfer them ashore, as also more pronounced outreach. India was one of the first responders in the 2006 Israel-Lebanon conflict and directed the Indian Navy to evacuate Indian nationals. Along with Indians, the Navy evacuated Sri Lankans, Nepalese and Lebanese nationals. In 2015, India launched Operation Raahat and ordered the Indian Navy into war-torn Yemen to evacuate Indian nationals. Along with Indians, the Navy rescued more than 1,000 nationals from over 30 nations, including the US and UK, who directed their citizens to seek help from India. The Navy has therefore been doing the heavy-lifting in the Indian Ocean Region to help countries in the region and beyond. "Operational logistics simply put, is ensuring availability of diesel, spares and lubricants for machinery onboard ships and water and food for the crew, towards undertaking uninterrupted operations," the official pointed out. It makes sense to get these operational logistic requirements from close to an area of operation, rather than from India. This is particularly so if naval ships are undertaking an operation say in the Southern Indian Ocean or South East Asia. The logical step, therefore, is to identify nations and their infrastructure that have the capacity to provide services to India to facilitate continued operations. Similarly, nations that have amicable relations with India and enjoy a high level of inter-operability also prefer to have similar agreements with India to suit their needs in the region. Towards this, India has in recent years, concluded Logistic Supply Agreements with many nations across the Indian Ocean, South China Sea and the Pacific Ocean. "These provide our nation with the ability to expeditiously respond to an emerging situation in remote and inaccessible parts of the world, using the assets of the Indian Armed Forces," the official added. As the world shifts increasingly towards multi-lateralism, India is negotiating various new agreements and pacts with like-minded nations to meet common threats and challenges. "One must also remember that agreements and pacts are not always a zero-sum game," the official said. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/its-not-just-india-chinese-intelligence-has-its-eye-on-more-than-2-4-million-individuals-across-the-us-japan-canada-australia-and-the-uk/articleshow/78101034.cms">It's not just India — Chinese intelligence has its eye on more than 2.4 million individuals across the US, Japan, Canada, Australia, and the UK</a> <a href="https://www.businessinsider.in/defense/news/india-china-border-tension-will-be-in-focus-as-the-parliaments-monsoon-session-begins-today/articleshow/78098575.cms">India-China border tension will be in focus as the Parliament's Monsoon session begins today</a> <a href="https://www.businessinsider.in/finance/banks/news/all-eyes-on-parliaments-monsoon-session-the-banking-regulation-amendment-bill-2020-may-not-be-on-the-docket-for-long/articleshow/78101791.cms">All eyes on Parliament's Monsoon session — the Banking Regulation (Amendment) Bill 2020 may not be on the docket for long</a> <a href="https://www.businessinsider.in/stock-market/news/hcl-tech-share-price-jumps-after-mid-quarter-guidance-pulling-tcs-infosys-wipro-and-tech-mahindra-in-the-green-along-with-it/articleshow/78103743.cms">HCL Tech's mid-quarter guidance optimism sparks rally in TCS, Infosys, Wipro, and Tech Mahindra too</a>

You Searched For "Infosys Russia" and got 10 results

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The company that pays Akshata Murthy, wife of British PM Rishi Sunak, £11.5 million a year is still operating in Russia, report says

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