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US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

New Delhi, Jan 28 () Moody's Investors Service and Fitch Ratings have given a stable outlook to the credit ratings of India Infoline Finance Ltd (IIFL), according to a regulatory filing on Tuesday.
 The agencies have assigned ratings to the company. 
 Moody's Investors Service has assigned a first-time Ba3 corporate family rating to India Infoline Finance Ltd.
 Moody's Corporate Family Ratings (CFR) are opinions on a corporate family's ability to honour all of its financial obligations.
 The global ratings firm has also assigned (P)Ba3 long-term foreign and local currency senior secured ratings to the company's USD 1 billion Euro Medium-Term Note (EMTN) programme, according to the regulatory filing. It added that the outlook is stable.
 On the ratings rationale, Moody's said it is driven by the company's stable and healthy solvency profile, including its asset quality, profitability and capital.
 Meanwhile, Fitch Ratings has assigned long-term issuer default rating (IDR) of 'BB-' to IIFL. It also kept the the outlook stable.
 'BB-' denotes elevated vulnerability to default risk.
 The agency has also assigned a 'BB-' rating to IIFL's USD 1-billion medium-term note (MTN) programme
 IIFL reported a 78 per cent rise in its consolidated net profit to Rs 193 crore for the December 2019 quarter.
 Incorporated in 2004, the mid-sized retail finance company targets low-ticket retail loans such as home, business, gold and micro finance in semi-urban and rural areas of the country. Such assets represented 86 per cent of its total assets under management (AUM) at 31 December 2019.
 Moody's Investors Service said about 14 per cent of IIFL's loans are exposed to riskier segments, including small and mid-corporate segments, in the form of loans to developers (13 per cent) and loans for capital market activities (1 per cent).
 "Despite the tight funding conditions, India Infoline Finance has managed to proactively diversify its funding to more stable and long-dated funding sources, such as term loans from banks and non-convertible debentures," Moody's said. KPM HRS

Moody's Investors Service, Fitch Ratings give stable outlook to India Infoline Finance Ltd

<ul><li>An estimated 8% hike is expected in each of the next two years until March 2021. </li><li>Rising cost of tobacco leaves has added pressure on ITC to hike prices. </li><li>But number of smokers in India seems to be coming down.</li></ul>The price of cigarettes has risen significantly in recent months, but that has not deterred the country’s smokers. And the prices could rise even further. ITC Limited, which <a href="https://economictimes.indiatimes.com/industry/cons-products/tobacco/cigarette-sales-will-continue-to-be-under-pressure-in-india-report/articleshow/61056049.cms">controls</a> over three-quarter of India’s cigarette market, showed that it’s revenue from the cigarettes sales in the last nine months fell 15% compared to the same time a year earlier. However, the earnings before interest and tax went up 9%; and it was still below expectations. Despite recent price hikes, ITC sold 8% more cigarette sticks in the last three months than last year’s winter. Broking house India Infoline believes there is room for further price hikes, an <a href="https://www.indiainfoline.com/article/general-editors-choice/why-did-itc-witness-slide-in-stock-price-despite-in-line-results-119012300668_1.html">estimated</a> 8% hike in each of the next two years until March 2021. Cigarette prices have been consistently rising over the last decade, more so since 2014. This was largely due to rise in government levies that aimed at pushing people to ditch the stick. Companies then passed on the rise in duties to smokers. Moreover, the rising cost of tobacco leaves has added pressure on ITC to hike prices. The cost of inputs, which includes tobacco, went up 20% in the last three months, according to company data. On the other hand, the number of smokers in India has come down drastically in the last decade. According to one estimate, India will have halved the proportion of smokers in the twenty years by end of 2020. 
 
 
 
 
 
 
 
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 But the rising profits of ITC show that those who continue to smoke are willing to pay more to fulfill their urge.. So while the last quarter’s profit margin disappointed ITC’s investors, there is still hope and that has helped the stock <a href="https://economictimes.indiatimes.com/markets/stocks/news/itc-inches-up-on-brokerages-positive-outlook/articleshow/67666859.cms">bounce</a> a day after the earnings announcement. See more: <a href="https://www.businessinsider.in/india-spends-over-800-billion-every-year-on-health-effects-of-bidi-smoking-says-study/articleshow/67227937.cms">India spends over ₹800 billion every year on health effects of ‘bidi’ smoking, says study</a>

Smokers alert — cigarette prices in India may rise even further

<ul><li>The Securities and Exchange Board of India is reportedly considering allowing <keyword id="401684" type="PERSON" weightage="20" keywordseo="direct-market-access">Direct Market Access</keyword> (DMA) to retail investors. </li><li>If the regulator goes ahead with the decision, India’s broking industry is looking at a major change which could possibly also threaten their existence. </li><li>The top 10 brokers alone contribute to over 63% of the industry size, according to a report by ICICI Securities. </li></ul>In a move that could completely change the way India’s trading market functions, the Securities and Exchange Board of India is <a href="https://hindi.moneycontrol.com/news/market-news/market-live-sensex-nifty-trade-lower-icici-bank-top-loser-yes-bank-plunges-10_238311.html">reportedly</a> considering allowing Direct Market Access (DMA) to retail investors. If the regulator goes ahead with the decision, India’s broking industry is looking at a major change which could possibly also threaten their existence. <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;">Stock </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;">July 27 </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;">India Infoline </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;">₹71.30 (-3.26%) </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;">Edelweiss </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;">₹77.75 (-4.43%) </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;">ICICI Securities </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;">₹493 (-8.3%) </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;">Geojit Financial Services </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;">₹35.45 (-9.57%) </td></tr></tbody></table> The big beneficiary will be <keyword id="35140" type="CITY" weightage="20" keywordseo="BSE">BSE</keyword> ⁠— India's oldest stock exchange that is also a listed company ⁠— as well as the National Stock Exchange, which is preparing for an IPO. The stock of BSE rose 9% in trade today after the report. Nithin Kamath, co-founder of <keyword id="759851" type="COMPANY" weightage="20" keywordseo="Zerodha">Zerodha</keyword>, one of the biggest online stock trading platforms in India, wrote on Twitter that DMA has always been available for institutions, but through a broker. “Can this be offered to retail without a broker? Yeah, but retail investors use a broker for the platform (UI, UX, different order types, reporting, etc) on which they trade, DMA is not suitable. The biggest task for a broker is handling customer queries, complaints, etc. The industry has tens of thousands of employees for this. Can exchanges take over this and also act as a regulator to regulate itself when it comes to customer grievances? Maybe not,” he wrote. More and more millennials are moving to stock trading, as financial awareness has increased. The Indian online trading industry has risen quickly over the years. According to a report by HDFC Securities dated March 2019, Industry internet trading share has increased from 22% in FY13 to 29% in FY18. The top 10 brokers alone contribute to over 63% of the industry size, according to a report by ICICI Securities. Here are the top stock broking platforms for retail investors in India, who will be impacted by the move. <div type="image" title="fintech report" msid="77198149" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;br&amp;gt;&amp;lt;span class=&amp;quot;redactor-invisible-space&amp;quot;&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;"></div> SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/kotak-mahindra-bank-saw-rise-in-loans-under-moratorium-but-it-isnt-the-worst-hit/articleshow/77196435.cms">Kotak Mahindra Bank saw rise in loans under moratorium but it isn't the worst hit</a> <a href="https://www.businessinsider.in/stock-market/markets/news/earnings-of-companies-like-ril-tech-mahindra-hdfc-and-others-are-all-set-to-be-announced-this-week/articleshow/77189938.cms">RIL, Tech Mahindra earnings, options expiry and geopolitical events – top things that will move Sensex and Nifty 50 this week</a>

India's broking industry just got the shock of its life – SEBI may soon allow investors to trade directly on the exchanges

<ul><li>Benchmark stock indices have broken below the 200-day moving average.</li><li>This is a key level watched by traders and a breach may lead to faster fall in the market.</li><li>Sensex and Nifty have lost over 5.7% since this month as foreign investors pulled out money after the tax on super rich imposed in the latest budget.</li></ul>Indian markets are firmly in a bear grip closing the day at a five-month low. Benchmark indices, Sensex and Nifty, have lost 5.7% since the start of the month and today (July 30), they broke below the average closing price over the last 200 days. This is a key level watched by traders and when it is breached, it indicates a sharper fall ahead. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 "The trajectory of the index shall remain downwards with an initial target of 11,100 and below that, a bigger target in the zone of 10,850–10,740 levels can't be ruled out going forward," Mazhar Mohammad, Chief Strategist – Technical Research &amp; Trading Advisory, Chartviewindia.in <a href="https://www.moneycontrol.com/news/business/markets/technical-view-nifty-breaks-200-dma-to-form-big-bearish-candle-next-downside-target-seen-at-11100-4261341.html" data-type="tilCustomLink" target="_blank">told Moneycontrol</a>. The Sensex ended the day down 289.13 points at 37,397.24, while Nifty was down 103.80 points at 11,085.40. All sectoral indices other than IT ended in the red. <table style="width: 96pt;"> </colgroup></colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:48pt">Index</td> <td class="xl64" style="border-left-width: initial; border-left-style: none; width: 48pt;">July 30</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">PSU Bank</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-4.90%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Auto</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2%</td> </tr> <tr> <td class="xl68" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Pharma</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2.20%</td> </tr></tbody></table> Over <a href="https://www.moneycontrol.com/news/business/markets/d-street-buzz-over-500-stocks-hit-52-week-low-on-bse-including-rbl-bank-hero-moto-vix-jumps-4266201.html" data-type="tilCustomLink" target="_blank">500 stocks hit their lowest level in a year</a> today, including some marquee names like Coffee Day Enterprises, Vodafone Idea, RBL Bank, Ashok Leyland, Bharat Forge, Godrej Consumer, Tata Steel, Tata Motors, Maruti Suzuki, and TVS Motor among others. 
 
 
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 Mukesh Ambani-owned Reliance Industries, one of the top three stocks in India, has been a drag on the market. The stock has lost over 8% in the last six days wiping out billions in investor wealth. 
 
 
 
 
 
 
 
 
 
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 A bunch of factors have pushed investors in India to pull out money. But none more than the recent budget, which imposed a tax on super rich, which automatically brought in nearly 40% of all foreign portfolio investors in India under a higher tax bracket. This has led to a sharp reaction from the foreign investors who have pulled out $2.5 billion from India in 3 weeks, according to <a href="https://www.indiainfoline.com/article/general-blog/forget-the-monsoons-there-is-fpi-drought-in-july-119073000341_1.html" data-type="tilCustomLink" target="_blank">an India Infoline (IIFL) report</a>. The tax on share buybacks did not go well with foreign investors and neither did the proposal to increase the free float-- shares publicly held for trading-- to 35% from the existing 25%. All of these proposals threatened to eat into the profits that foreign investors could have made. 
 
 
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 A combination of erractic and uncertain monsoon, a fall in consumption, and a slowdown in corporate earnings have further eroded investor confidence. Global factors like the trade war between the US and China, the tensions in the middle east affecting oil prices as well as the fear of the monetary policy moves from the US Fed have also contributed to the fall in India. SEE ALSO: <a href="https://www.businessinsider.in/top-20-mutual-funds-in-india-latest-data/articleshow/70256239.cms" data-type="tilCustomLink" target="_blank">The top 20 mutual funds in India and their performance over the last one year</a> <a href="https://www.businessinsider.in/share-price-of-maruti-tata-motors-and-mahindra-fall-as-government-pushes-for-electric-cars/articleshow/70430370.cms" data-type="tilCustomLink" target="_blank">India's push for electric vehicles is haemorrhaging car makers</a> <a href="https://www.businessinsider.in/hdfc-bank-reliance-industries-tcs-infosys-indusind-bank/articleshow/70329099.cms" data-type="tilCustomLink" target="_blank">Six Indian blue-chip companies have declared earnings so far - most of them lack the 'markets mojo'</a>

Sensex and Nifty have hit a 5-month low and the fall will be sharper hereon

<ul><li>KBS Anand, MD &amp; CEO of Asian Paints, took home a total remuneration of ₹11.8 crore in financial year ending March 2019.</li><li>His remuneration has nearly doubled from ₹6.1 crore in five years ago while the median remuneration in the company has grown about 50%.</li><li>The profit for the company grown 60% and the share price has grown 160% in the same period.</li></ul>Asian Paints is India's largest paints manufacturer and home owners like it more than industries. The sector is largely fragmented where the supply has traditionally, and continues to, exceeded demand. The company's Managing Director and Chief Executive Officer (CEO), KBS Anand, took home a total remuneration of ₹11.8 crore in financial year ending March 2019. His remuneration has nearly doubled from ₹6.1 crore in five years ago while the median remuneration in the company has grown about 50%. 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 The CEO's salary makes up for nearly 8% of the total employee cost. An increasing share of its workforce is on contract-- from 60% in FY15 to 68% at the end of FY19. 
 
 
 
 
 
 
 
 
 
 
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 Last year, the median remuneration grew 10% while the CEO's salary grew 12%. There was a similar gap in the year earlier too. Going forward, a bunch of uncertain factors will continue to hound the paints sector including the monsoon, early festive season, and the sickness in India's construction as well as automobile industry. The return on capital invested declined for a third year in a row, according to India Infoline, as the company continued to invest in new factories. The Middle East contributes the largest share of revenue to its international business (47%), with the rest coming from Asia and South Pacific regions. The company has 27 manufacturing plants across the world, of which 17 are based in India. It has a strong distribution network in India with more than 60,000 dealers across the country. SEE ALSO: <a href="https://www.businessinsider.in/Heres-how-much-an-IT-employee-makes-in-different-countries/articleshow/69739244.cms" data-type="tilCustomLink" target="_blank">Here’s how much an IT employee makes in different countries</a>

Asian Paints CEO's salary has nearly doubled in last five years while the company average was 50%

<ul><li>A US court has ordered generic drug makers to stop selling a copy of Gilenya in US.</li><li>The annual sales of Gilenya, a drug used to treat multiple sclerosis, was about $3.3 billion in 2018.</li><li>The judge pegged the cumulative loss of opportunity on generic drug makers at $50 million.</li></ul> A US court has ordered generic drug makers including Mylan, Dr Reddy's Laboratories, Aurobindo Pharma, and Torrent Pharma to stop selling a copy of Gilenya, for which Novartis holds the patent. The annual sales of Gilenya, a drug used to treat multiple sclerosis, was about $3.3 billion in 2018 and the judge pegged the cumulative loss of opportunity on generic drug makers at $50 million. Novartis has sought to extend its patent on Gilenya beyond 2027, and the deadline to appeal for the extension ends this year. The patent case is still under trial. Double blow The court verdict has come a day after an Indian broking house, India Infoline (IIFL) downgraded Dr Reddy's by a notch. "The company’s market share uptake in Suboxone has been slow, and the key product filings of Nuvaring and Copaxone have also seen some delays," the report said. It has been a double whammy for Aurobindo Pharma too. The US Food and Drug Administration (USFDA) has issued a warning letter for one of the company's unit in Srikakulam in Andhra Pradesh. The unit, which manufactures active pharmaceutical ingredients, was inspected by the American drug regulator in February 2019 after the 'sartan' recall. "Our analysis of 34 WLs and interactions with the company suggest that the facility will be allowed to continue supplying existing molecules. However, future approvals will be withheld until the issues are resolved. There are 12 ANDAs (generic drug applications), including one injectable, pending from Unit 11, of which seven approvals were expected in FY20 and five in FY21. While a majority of these filings are „me too‟ products, there are a few that represent an $10mn+ opportunity annually," a report from SBI Cap Securities said, adding that if the warning escalated to a import ban into the US from the said facility, it could lead to 15% to 20% fall in earnings. SEE ALSO: <a href="https://www.businessinsider.in/abbvies-63-billion-mega-deal-for-botox-maker-allergan-is-the-pharma-industrys-latest-bet-that-bigger-is-better-but-the-deal-is-already-facing-big-questions-/articleshow/69945829.cms" data-type="tilCustomLink" target="_blank">AbbVie's $63 billion mega-deal for Botox-maker Allergan is the pharma industry's latest bet that bigger is better. But the deal is already facing big questions.</a> <a href="https://www.businessinsider.in/donald-trump-on-generic-drugs-indian-pharma-and-katherine-ebans-new-book-with-dinesh-thakur/articleshow/69407566.cms" data-type="tilCustomLink" target="_blank">The man who brought Ranbaxy to its knees is pushing for ‘Made in India’ tag on drugs sold in US</a> <a href="https://www.businessinsider.in/us-generic-drugs-risk-rises-for-indian-pharma-after-new-book-launch/articleshow/69332570.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst" data-type="tilCustomLink" target="_blank">One chart from a big pharma CEO reveals how drug pricing in the US really works</a>

Mylan, Dr Reddy's, Aurobindo, and Torrent Pharma can't sell generic Gilenya that is patented by Novartis

<ul><li>Indian companies have already seen their profits hit, but now it seems that revenue growth over the near term will also be subdued, according to a report published by S&amp;P Global Ratings. </li><li>This is due to a number of external factors such as volatile oil prices, a botched <keyword id="6355333" type="UNKNOWN" weightage="20" keywordseo="Brexit">Brexit</keyword>, an economic slowdown in China and global trade tensions. </li><li>The assessments of other brokerages are largely in line with S&amp;P. They expect profit growth to stall and downgrades to happen. </li></ul>Indian companies have already seen their profits hit, but now it seems that revenue growth over the near term will also be subdued, as a number of external factors such as volatile oil prices, a botched Brexit, an economic slowdown in China and global trade tensions come to bear. These external factors will have a negative impact on corporate earnings and exports growth in India in the next 12-24 months, according to a report published by S&amp;P Global Ratings titled "Indian Corporate 2019 Outlook--Time For Caution”. The report comes in the wake of <a href="https://economictimes.indiatimes.com/wealth/invest/indian-incs-q3-results-few-companies-pulled-down-earnings-growth/articleshow/68019945.cms">disappointing Q3 results </a>for <keyword id="46431" type="CITY" weightage="20" keywordseo="India-Inc">India Inc</keyword>, especially in the auto, oil &amp; gas, and telecom sectors. Despite a rise in revenues, net profit growth, on a cumulative basis for listed companies, was down as a lack of pricing power put a damper on margins. However, the market may not have fully priced the upcoming risks yet. “While consensus estimates imply a modest single-digit EPS growth for FY19, FY20 growth is estimated to be more than 20%. This is an extremely optimistic assumption and earning downgrades are, therefore, likely to continue through FY20 too,” India Infoline said in a report dated February 18. In the face of global headwinds, and pressure on earnings, Indian companies will likely have to dial down their capital expenditure in order to keep their cash flow positions healthy and debt burdens manageable. However, Indian companies may be able to maintain margins at their current sluggish levels, as opposed to a decline, owing to “low costs, capacity expansion, and benign input prices," said Krishnakumar Somasundaram Vishwanathan, a credit analyst at S&amp;P. Additionally, India Inc is expected to pare down debt within the next few years, not by choice, but out of necessity, as debt levels reach their highest levels in a decade, predicted S&amp;P. And higher debt would mean higher interest cost. This may further erode the growth in earnings before interest, tax, depreciation and amortization (EBITDA), which is an indicator of a company’s profitability minus financing and tax costs. The rise in interest costs has leapfrogged EBITDA growth, as interest expenses now comprise 19.4% of EBITDA, compared to 15.5% a year ago, according to India Infoline. Lastly, one big area of uncertainty will further exacerbate corporate India’s problems: the national elections. A victory by the incumbent BJP administration will signal policy continuity and stability, portending a sustained increase in foreign capital inflows as well as strong stock markets and depressed bond yields. However, a shaky coalition government or a victory by the Opposition could endanger this. SEE ALSO: <a href="https://www.businessinsider.in/indian-corporates-demand-lower-tax-rates-ahead-of-budget-2019/articleshow/67520197.cms">Indian corporates demand lower tax rates ahead of Budget 2019</a> <a href="https://www.businessinsider.in/indias-gdp-growth-projected-at-7-2-in-2018-19-says-government-data/articleshow/67430158.cms">Indian economy to grow slower than earlier government estimates</a>

Indian companies have two tough years ahead — are the markets prepared?

There has been news of the use of a new method to lend rate calculation, but apparently, this is going to squeeze banks' <keyword id="6548026" type="ORGANIZATION" weightage="100" keywordseo="net-interest-margin">net interest margin</keyword> (<keyword id="173910" type="ORGANIZATION" weightage="100" keywordseo="NIM">NIM</keyword>), depress interest income and hit their profits. This is expected to happen especially to banks with a high concentration of corporate loans. 
 
Analysts said that NIMs of banks could fall by as much as 10 to 30 basis points as they get adjusted to a new interest rate regime with public sector banks. They would be bearing the impact of the squeeze because they depend so much on corporate loans. The basis point in question is 0.01 percentage points. 
 Banks will be using marginal cost of funds to price lending rates. <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> said that the central bank would be releasing final guidelines within weeks so that the transmission of RBI’s policy actions since January can be quick. 
 
The banks that have larger floating rate pools are supposed to be affected more by this change; Axis Bank, Yes Bank, ICICI Bank, SBI, Bank of Baroda and PNB are amongst the banks expected to be impacted. The impact will be more severe in the coming six months as banks with a big 
floating rate corporate book would be adjusting with the new system. 
 
"However some private sector banks like Kotak Mahindra, IndusInd and HDFC Bank which have a high concentration of fixed rate retail loans will be least impacted," Rajiv Mehta, analyst at India Infoline, told ET. 
 
To calculate interest rates, the so-called marginal costs of the funding method will be using incremental cost of funds. To state simply, banks will now have to use the changed deposit rates as a benchmark while calculating lending rates. Earlier, base rates were arrived at by calculating the weighted average cost of deposits. 
 
Since January, the benchmark repo rate has been reduced by 125 basis points by RBI. A report by Crisil on Tuesday stated 10 major banks have seen a drop in the average lending rate by only 58 basis points. 
 
By adjusting their lending rates to lower the deposit rates, banks are likely to lose about 15,000 crore in interest income, as per Daljeet Singh Kohli, director and head research at India Nivesh Securities. "Small public sector banks like Dena Bank, Corporation and Indian Overseas will be hit more because they will have to reduce their base rate in line with the cost of new deposits," Kohli told ET. 
 
<a href="http://anilnotes.com/wp-content/uploads//2011/04/5f5615d6be6a251e94c97f723c5afefb.jpg">Image source</a>

New lending rate norm expected to hit SBI, Axis, PNB & likes

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> has alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani Group</keyword> may be because of its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation that the SEBI head called "baseless" and an attempt of "character assassination". Hindenburg alleged that Buch and her husband had undisclosed investments in <keyword id="22746661" type="General" weightage="20" keywordseo="obscure-offshore" source="keywords">obscure offshore</keyword> funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI in October 2020 began a probe into the shareholding structure of Adani Group companies after red flags were raised over high concentration of foreign holdings in the conglomerate's listed companies. Investigation was launched to determine if the foreign investors are genuine public shareholders or acting as fronts for the promoters. SEBI last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publicly traded stocks of the conglomerate. It hasn't stated if the two incomplete probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." While the statement did not talk on the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Hindenburg on Saturday stated that the Madhabi and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." The Buchs may have first opened their account with IPE Plus Fund 1 on June 5, 2015 in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod...used this structure to invest in Indian markets with funds allegedly siphoned from over invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. In January last year, Hindenburg accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. After the Hindenburg report, the SC asked SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalising and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticised the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the group creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that was raised pledging shares, reined in expenses and refocused energies on core business. Adani is now ranked 12th richest in the world. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funnelled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI whole-time member, Dhaval wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval requested to "be the sole person authorised to operate the Accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval is a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan.

After Adani, Hindenburg targets SEBI chief, she calls allegations baseless, character assassination

<ul><li>The IT sector outperformed the broader markets in 2021 and many continue to do so this year as well backed by pent up demand for digital transformation.</li><li>Order book, deal pipeline and hiring trend indicate that the demand momentum could sustain in 2022, say analysts.</li><li>Earnings season begins with the results of major IT companies — <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword>, <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> — on January 12.</li></ul>Infosys, TCS and Wipro are among India’s top five technology services giants that will declare their quarterly earnings on Wednesday (January 12). For the last three months ending December 2020, consensus on the street seems to be that the earnings, for all the companies, are likely to strong growth. Remarkably, Infosys is likely to outpace TCS. <div type="image" title="infosys" height="900" width="1200" msid="88802110" hostid="261"></div>The tech party is likely to continue The last three months of any year is usually not the best time for India’s software exporters but the street is excited. This space has been one of the biggest gainers of the pandemic and that trend is likely to continue. In fact, foreign portfolio investors (FPIs) seem to be betting big on this space given their weightage in <a href="https://economictimes.indiatimes.com/markets/stocks/news/it-sector-weight-in-fpi-portfolio-at-record-high-in-december/articleshow/88737301.cms?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=Marketnewsletter&amp;ncode=609ddbe86ff2ff11618ff79bd180e80cd758fbea4c2dfe44681cd9faffcdd48188b59b1090491028dcd35b3a89d06fcfdd8912cfa3db8f278f6031edf028b4907f97bf07e2eb26884a6269d018789df0">technology stocks has risen to a multi-year high.</a> Optimists hark back to the improved guidance from Accenture last month, where the Nasdaq-listed information technology (IT) giant, which <a href="https://www.businessinsider.in/business/corporates/news/indian-it-firms-infosys-wipro-tcs-and-others-gain-after-us-based-peer-accenture-raised-fy22-revenue-guidance/articleshow/88335343.cms">increased its growth estimate </a>for the current financial year. And Infosys may beat TCS in revenue growth, according to at least two analysts. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Stock price change in last 5 days </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% </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;">-2.5% </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;">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% </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;">-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;">-4.5% </td></tr></tbody><tbody></tbody></table>Although TCS bagged 13 deals, the highest number of orders, Infosys may show better revenue growth compared to the Tata Group company, according to analysts at two broking firms, India Infoline and Motilal Oswal. Infosys shareholders have the ramp up in the Daimler contract to thank for this. The top IT companies are expected to post a revenue growth around 3-4.5%. Analysts at JM Financial expect IT major Infosys to raise its revenue guidance for the financial year 2022 to 18-19% from current 16.5 - 17.5%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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 Oct-Dec </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;">3.2% </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;">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;">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;">3.9% </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;">4.5% </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;">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;">4.5% </td></tr></tbody><tbody></tbody></table>Source: India Infoline *Revenue growth in constant currency on a sequential basis The demand for IT services has been stronger than ever since the start of the pandemic, and that’s likely to continue. However, the biggest challenge of the last few months for the entire sector, the high levels of attrition, may have peaked, according to Motilal Oswal, another Mumbai-based broking firm. But the easing may not be enough to improve margins yet. “Among Tier I players, EBIT [earnings before interest and taxes] margin will be in a tight (-20 basis points to +40 basis points compared to three months ago) range, although they will see a steep decline v/s 3QFY21 profitability,” a Motilal Oswal report dated January 3 said. Here, if Accenture’s numbers are any sign, its attrition rate declined to 17%, which is still very high compared to other IT players, from 19% just three months earlier. Another factor that may play a significant role in the earnings of these software exporters is the nearly 3% weakening of the rupee during the three months between September and December. A weaker rupee magnifies the numbers for these companies who primarily earn in dollars and other foreign currencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/elon-musks-starlink-faces-its-first-setback-in-india-even-before-launch/articleshow/88702976.cms">Elon Musk’s Starlink faces its first setback in India even before launch</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/future-retail-hindustan-unilever-bharti-airtel-and-other-hot-stocks-on-january-5/slidelist/88701641.cms">Future Retail, Hindustan Unilever, Bharti Airtel and other hot stocks on January 5</a>

You Searched For "India Infoline" and got 11 results

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

PTI

Moody's Investors Service, Fitch Ratings give stable outlook to India Infoline Finance Ltd

PTI

Smokers alert — cigarette prices in India may rise even further

Sriram Iyer

India's broking industry just got the shock of its life – SEBI may soon allow investors to trade directly on the exchanges

Sanchita Dash

Sensex and Nifty have hit a 5-month low and the fall will be sharper hereon

Sriram Iyer

Asian Paints CEO's salary has nearly doubled in last five years while the company average was 50%

Sriram Iyer

Mylan, Dr Reddy's, Aurobindo, and Torrent Pharma can't sell generic Gilenya that is patented by Novartis

Sriram Iyer

Indian companies have two tough years ahead — are the markets prepared?

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New lending rate norm expected to hit SBI, Axis, PNB & likes

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