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India's second-largest IT behemoth managed to beat industry estimates with its Q1FY25 results, which were announced today. The company's <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> saw a YoY rise of 7.1% to touch Rs 6,368 crore. The company's <keyword id="19945274" type="General" weightage="20" keywordseo="revenue" source="keywords">revenue</keyword> rose 3.6% YoY to reach Rs 39,315 crore, as compared to Rs 37,933 crore in the year-ago period. The company managed to add 87 new clients to its base during the quarter. As of June 30th, 2023, the company had an active clientele of 1,867. The financial services segment was the biggest contributor (at 27.5%) to the IT giant's total revenue during the quarter. However, <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> registered the highest YoY growth, contributing 14.7% to the revenue between April-June 2024. This was a reported increase of 6.4%, up from 14.1% during April-June 2023. Revenue shares of other segments, including retail, communication, energy and utilities sunk during the quarter. Notably, the company's TCV (<keyword id="1149731" type="General" weightage="20" keywordseo="total-contract-value" source="Orion">total contract value</keyword>) for the quarter stood at $4.1 billion. Its free cash flows also swelled significantly on a YoY basis, up from $699 million during April-June 2023 to $1,094 million as of June 30th, 2023. <h2>Fall in headcount</h2>The company's <keyword id="20752187" type="General" weightage="20" keywordseo="employee-count" source="keywords">employee count</keyword> saw a dip for the 6th consecutive quarter, slipping by 1,908 during the quarter. With this, the company's current employee count stands at 3,15,332. In terms of geographical contribution to revenue, India reported a 18.4% YoY increase, up from 2.7% during April-June 2023 to 3.1% in April-June 2024. However, the company's total operating expenses marginally inched up by 3.6% YoY, up to $461 million during April-June 2024, as opposed to $445 million in the year-ago period. <keyword id="6354512" type="General" weightage="20" keywordseo="Infosys" source="Orion">Infosys</keyword> saw a YoY increase in the number of clients worth over $1 million. From 940 during April-June 2023, the number rose to 987 during the previous quarter. The contribution of top 5, 10 and 25 clients remained largely similar on a YoY basis, at 13.5%, 20.9% and 34.9% respectively, during April-June 2024.

Infosys Q1FY25 results: Net profits jump 7.1%, revenue beats market estimates at Rs 39,315 crore

Shares of <keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords">Infosys</keyword> climbed nearly 5 per cent in morning trade on Friday, a day after the IT major reported a 7 per cent rise in consolidated net profit in the April-June quarter and raised its growth outlook for the current financial year. The stock jumped 4.76 per cent to hit a 52-week high of Rs 1,843 on the BSE. At the NSE, it climbed 4.88 per cent to Rs 1,844 -- its 52-week high. The company's market valuation rallied Rs 20,843.19 crore to Rs 7,51,247.27 crore during the morning trade. The stock emerged as the biggest gainer among the BSE Sensex and NSE Nifty firms. IT major Infosys on Thursday reported a 7 per cent rise in consolidated net profit at Rs 6,368 crore in the April-June quarter and raised its growth outlook for the current financial year, signalling an improvement in the IT segment. With improvement in business, Infosys has shared plans to hire 15,000-20,000 freshers depending on the growth during the year. The company has been reporting continuous decline in headcount since March 2023 quarter. In the year-ago period, the company clocked a profit of Rs 5,945 crore, according to a BSE filing. "Infosys' Q1 numbers on all parameters have beaten market expectations," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. The consolidated revenue of Infosys increased by 3.6 per cent to Rs 39,315 crore during the reported quarter, from Rs 37,933 crore a year ago. For the current fiscal year, the company raised its revenue growth guidance to 3-4 per cent in constant currency terms from 1-3 per cent predicted earlier.

Infosys market valuation jumps by Rs 20,843 crore after earnings announcement; Shares climb nearly 5%

Both <keyword id="20204377" type="General" weightage="20" keywordseo="indices" source="keywords">indices</keyword>, <keyword id="19896381" type="General" weightage="100" keywordseo="Nifty" source="keywords">Nifty</keyword> and <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> opened the day in red. As of 9:30 am, Nifty was down by 0.21%, trading at 24,749.75 while Sensex inched to 81,318.21 points, down by 0.03%. All broad market indices opened in red, except for India VIX, which inched up by 1.08% during early trade. A similar bloodbath was seen in sectoral indices, with the only exception of IT, which inched up by 1.27%. Nifty realty and metal were down by over 1% each during early trade. <keyword id="19906778" type="General" weightage="20" keywordseo="infosys" source="keywords">Infosys</keyword>, Asian Paints, TCS, ITC and HCL Tech took lead during early morning trade, while Hindalco, BPCL, Power Grid, UltraTech Cement and ONGC were amongst the leading laggards. Notably, Infosys declared its Q1FY25 results yesterday, where it saw its net profits jump by 7% on YoY basis to touch Rs 6,368 crore. The company's revenue from operations during the quarter was also up by 3.6% YoY, up to Rs 39,315 crore. Aether India, Bluedart, ICICI Lombard, JSW Steel, Mahindra EPC, Wipro, NAM India and Ultratech are set to declare their Q1FY25 results later in the day. As Aditya Gaggar, Director of Progressive Shares notes, "IT counters-led rally propelled the index to end the session at another record level of 24,801. By engulfing the previous candle, the Index has formed a big green candle which implies a strong comeback of <keyword id="19962351" type="General" weightage="20" keywordseo="bulls" source="keywords">bulls</keyword>. The psychological level of 25,000 will be considered an immediate hurdle while 24,500 will serve as strong support on the lower side". " For the past couple of days/weeks, we have been recommending FMCG and IT (LTIM and TCS) counters, and the index rally was mainly driven by them only which boosted our confidence to remain bullish on both sectors with a buy-on-dips approach for fresh entry (if already invested then hold). Some <keyword id="21299367" type="General" weightage="20" keywordseo="NBFC-stocks" source="keywords">NBFC stocks</keyword> have given a strong breakout namely Bajaj Finserv, Chola Finance, and Shriram Finance", he continued. Shrikant Chouhan, Head Equity Research, Kotak Securities highlights that or trend-following traders, 24,500/80,400 would act as a crucial support zone. "However, 24,700-24,600/81,000-80,700 can serve as immediate support. Above 24,850/81,600, the market may continue its positive momentum towards 24,950-25,000/81,900-82,000. Per him, the strategy should be to buy around support levels and reduce long positions at resistance levels.

Stock market today: Infosys, Asian Paints take lead during early trade, realty tumbles over 1% in morning trade on 19th July

Both indices, <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> closed the day in the green. While Nifty closed at 24,800 points, up by 0.76%, Sensex inched up by 626.91 points to close at 81,343.46 points on 18th July, 2024. LTI Mindtree (up by 3.48%), ONGC (up by 2.99%), Wipro (up by 2.41%), Bajaj Finserv (up by 2.39%) and TCS (up by 2.84%) were amongst the top gainers of the day. On the other hand, Hero Moto Corp (down by 1.49%), Coal India (down by 1.48%), Asian Paints (down by 1.40%), Grasim (down by 1.25%) and Bajaj Auto (down by 0.86%) were amongst the leading laggards. Amongst broad market indices, Nifty next 50 closed in red, down by 1.09%. Nifty smallcap 100 dipped by 1.22%, while smallcap 250 shed 1.11% and smallcap 400 lost 1% during the day. Nifty microcap also closed the day in red, losing 1.04%. Amongst sectoral indices. <keyword id="6354185" type="General" weightage="20" keywordseo="IT" source="Orion">IT</keyword> inched up by 2.22%, while <keyword id="6354777" type="General" weightage="20" keywordseo="Media" source="Orion">media</keyword> was biggest loser, down by 3.57%. Realty, metal and consumer durables also closed the day in red, while FMCG, auto and pharma closed the day in green. Out of the 2,791 stocks traded during the day, 932 advanced while 1,793 declined. 66 stocks were unchanged. Around 145 stocks hit their 52-week high, while 19 stocks also hit their 52-week low prices. 87 stocks hit the upper circuit, or maximum permissible trading price during a single trading session, while 108 stocks remained in the lower circuit, or the lowest permissible trading price during a singular session. <keyword id="6354512" type="General" weightage="20" keywordseo="Infosys" source="Orion">Infosys</keyword>, <keyword id="6370462" type="General" weightage="20" keywordseo="Tata-Communications" source="Orion">Tata Communications</keyword> and <keyword id="186288" type="General" weightage="20" keywordseo="Persistent" source="Orion">Persistent</keyword> Systems also announced their Q1FY25 results during the day. Infosys saw a 7.1% YoY rise in its net profit, taking it to Rs 6,368 crore. The company's revenue from operations also jumped up 3.6% YoY to reach Rs 39,315 crore. On the other hand, Persistent recorded $328.2 Million as revenue for Q1 FY25, witnessing a 16% YoY and 5.6% QoQ growth. As for Tata Communications, the company's Q1 net profit dipped 13% to reach Rs 333 crore. However, its revenue for the quarter was up 18%, at Rs 5,633 crore. <h2> Expert outlook</h2>Osho Krishan, Senior Analyst, Technical &amp; Derivatives, Angel One Ltd noted that the Indian equity market experienced a remarkably positive trading day, with the Nifty50 benchmark index reaching a new milestone of 24,800. Despite initial concerns caused by weak global cues, the market demonstrated resilience and confidence as the day progressed. The latter half of the session saw a strong upward movement, and the Nifty soared to settle at the 24,800 mark, securing a gain of 0.76% "As far as levels are concerned, the 24,500 is now expected to provide strong support, before which some cushioning to upcoming blips could be seen around the 24,650 subzones. On the higher end, it's challenging to anticipate the exact resistance zone, but achieving the milestone of 25,000 is now seen as a significant target for the bulls, especially in the context of the pre-budget rally", he continued. Aditya Gaggar Director of Progressive Shares noted extreme volatility in the morning trade today, as index swung on both sides. "On a sectoral front, media was the top loser by ending the day with a loss of over 3% followed by metal. Recovery was seen in the broader markets as well but not enough to outperform the frontline index as mid and smallcap shed by 0.96% &amp; 1.22% respectively. By engulfing the previous candle, the Index has formed a big green candle which implies a strong comeback of bulls and now the psychological level of 25,000 will be considered as an immediate hurdle while on the lower side, 24,500 will serve as strong support", he highlighted. As Ajit Mishra – SVP, Research, Religare Broking Ltd notes, "Markets have been inching higher as expected, driven by rotational buying in heavyweight stocks. We are now eyeing the new milestone of 25,000 in the Nifty. However, the recent underperformance of the broader indices is tempering the overall buoyancy. Amid these mixed signals, we reiterate our recommendation to focus on stock selection and prefer hedged positions, given the anticipated rise in volatility due to the upcoming Union Budget and ongoing earnings season".

Stock market closing: Sensex climbs over 600 points to close in green, LTIM, ONGC amongst top gainers

Both indices, <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword>, opened the day in red. As of 9:30 am, Nifty was down by 0.27%, trading at 24,546.35 points, while Sensex was down by 0.30%, trading at 80,475.63 points. All broad market indices opened the day in red except for India VIX which climbed up by 2.61%. Only Nifty IT opened the day in green with marginal gains of 0.29%, while media slipped by over 2% in early morning trade. In early morning trade, LTI Mindtree, Axis Bank, <keyword id="6354512" type="General" weightage="20" keywordseo="Infosys" source="Orion">Infosys</keyword>, Wipro and Tech Mahindra gained significant ground, while Bajaj Auto, Asian Paints, Eicher Motors, Hero Moto Corp and Cipla were amidst the leading laggards. Asian Paints declared its Q1FY25 results yesterday, which saw its quarterly net profit take a hit of about 25% to stand at Rs 1,170 crore. Infosys, Persistent Systems and <keyword id="20130840" type="General" weightage="20" keywordseo="polycab-india" source="keywords">Polycab India</keyword> will be declaring their Q1 FY25 results during the day. Sameet Chavan, Head Research, Technical and Derivatives at Angel One, notes that there have been no significant developments in the benchmark index, indicating a lack of substantial price movement. Specifically, the price structure has remained stagnant within a narrow range. The Nifty's trading range has notably shrunk to 80 points, making it more challenging for traders to navigate. However, despite this, the broader markets have continued to see active participation, which has contributed to maintaining a positive undertone for market participants. The support zone for Nifty is at 24,500–24,400, which is expected to see buyers stepping in when there are dips. However, it's not entirely clear if the trend will continue at higher levels, he added. "Currently, market participants are closely monitoring sectoral rotation and <keyword id="22454094" type="General" weightage="20" keywordseo="thematic-movers" source="keywords">thematic movers</keyword>, which are playing a pivotal role in driving market trends. It is advisable to continue observing and analyzing these movements until the key indices show a resurgence in momentum. Furthermore, it is essential to maintain a keen watch on global developments following the mid-week holiday, as these factors could significantly influence and establish the initial market sentiment," Chavan noted. Mr. Aditya Gaggar, Director of Progressive Shares, notes that after oscillating in a tight range, the index settled on July 16th, trading marginally higher at 24,613. Back-to-back DOJI candles at record levels indicate rejection at the higher levels; however, with each passing day, the support level is shifted higher, and now the immediate support is placed at 24,500. "An early indication from GIFT Nifty suggests a muted opening of the Indian equities, and we believe that the rangebound activity will continue. The same view holds for BankNifty. By registering a new high daily, the FMCG segment is performing as per our expectations, and we continue to maintain a positive stance. In the energy space, gas stocks are likely to extend their positive momentum (IGL and Petronet). After a day of correction, the IT sector resumed its uptrend. We are overweight in the sector (Tech Mahindra). Bearish divergence in the pharmaceutical sector indicates a temporary pause in its uptrend", he said.

Stock market today: Sensex, Nifty open in red, media slips by 2% as IT manages marginal lead

The combined <keyword id="20097096" type="General" weightage="20" keywordseo="market-valuation" source="keywords">market valuation</keyword> of seven of the top-10 most valued firms jumped Rs 1,72,225.62 crore last week, with IT bellwether <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="153" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (<keyword id="19950203" type="General" weightage="100" keywordseo="TCS" source="keywords">TCS</keyword>) stealing the show, amid a rally in equities. Last week, the BSE benchmark jumped 522.74 points, or 0.65 per cent. The 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to settle at a record closing level of 80,519.34 on Friday. During the day, it zoomed 996.17 points, or 1.24 per cent, to hit an all-time high of 80,893.51. The market capitalisation (mcap) of TCS surged Rs 62,393.92 crore to Rs 15,14,133.45 crore. Shares of TCS on Friday surged nearly 7 per cent after the country's largest IT services player reported an 8.7 per cent growth in the June quarter net profit at Rs 12,040 crore. <keyword id="19896958" type="General" weightage="20" keywordseo="ITC" source="keywords" meta.keywordsubtype="org" meta.entityname="ITC" meta.hostid="153" meta.entityid="ITC">ITC</keyword> added Rs 31,858.83 crore taking its valuation to Rs 5,73,258.78 crore. The mcap of <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="153" meta.entityid="Infosys">Infosys</keyword> zoomed Rs 26,905.14 crore to Rs 7,10,827.27 crore and that of <keyword id="19903587" type="General" weightage="20" keywordseo="Life-Insurance-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Life Insurance Corporation of India" meta.hostid="153" meta.entityid="Life Insurance Corporation of India">Life Insurance Corporation of India</keyword> (LIC) jumped Rs 22,422.12 crore to Rs 6,64,947.01 crore. <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindustan Unilever" meta.hostid="153" meta.entityid="Hindustan Unilever">Hindustan Unilever</keyword>'s market valuation rallied Rs 17,668.92 crore to Rs 6,16,156.81 crore and that of <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="153" meta.entityid="Reliance Industries">Reliance Industries</keyword> soared Rs 9,066.19 crore to Rs 21,60,628.75 crore. The mcap of Bharti Airtel climbed Rs 1,910.5 crore to Rs 8,15,705.36 crore. However, the valuation of <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="153" meta.entityid="HDFC Bank">HDFC Bank</keyword> got eroded by Rs 18,069.29 crore to Rs 12,35,825.35 crore. The mcap of State Bank of India diminished Rs 356.99 crore to Rs 7,67,204.26 crore and that of <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="153" meta.entityid="ICICI Bank">ICICI Bank</keyword> declined Rs 210.5 crore to Rs 8,67,668.16 crore. Reliance Industries retained the title of the most valued firm followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever and ITC.

Market valuation of 7 of top-10 most valued firms jump Rs 1.72 lakh cr; TCS steals show

As the results season kicks in, the <keyword id="20097634" type="General" weightage="20" keywordseo="quarterly-earnings" source="keywords">quarterly earnings</keyword> numbers of several <keyword id="22405488" type="General" weightage="20" keywordseo="blue-chip-firms" source="keywords">blue-chip firms</keyword> — such as <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> and Reliance Industries — along with <keyword id="20837523" type="General" weightage="20" keywordseo="global-trends" source="keywords">global trends</keyword> and <keyword id="20223116" type="General" weightage="100" keywordseo="trading-activity" source="keywords">trading activity</keyword> of foreign investors, will determine <keyword id="22405487" type="General" weightage="20" keywordseo="equity-market-movement" source="keywords">equity market movement</keyword> in the holiday-shortened week ahead, according to analysts. The domestic <keyword id="22405489" type="General" weightage="20" keywordseo="WPI-inflation-data" source="keywords">WPI inflation data</keyword> for June — scheduled to be announced on Monday — will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram. Among major quarterly earnings to be tracked this week are from HDFC Life Insurance Company, Bajaj Auto, BPCL, JSW Steel, Asian Paints, Infosys, and Reliance Industries. "Q1 earnings will be a key focus this week as numerous companies, including heavyweights Infosys, and Reliance, are set to release their results. Additionally, <keyword id="22194639" type="General" weightage="20" keywordseo="pre-Budget-discussions" source="keywords">pre-Budget discussions</keyword> are expected to contribute to market volatility," Santosh Meena, Head of Research, Swastika Investmart Ltd, said. On the global front, a significant focus will be on China. The country is scheduled to announce its GDP and Industrial Production (IIP) numbers, Meena said. "Other global factors to watch include the speech by the US Federal Reserve Chairman, US retail sales figures, and macroeconomic data from Japan," he added. Meanwhile, IT services company HCL Tech on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution. "On Monday, markets will react to India's inflation data. Key results this week include Jio Financial Services, HDFC Life, Asian Paints, LTIMindtree, Infosys, Wipro, JSW Steel, Paytm, etc. Also globally, investors will take cues from China's GDP numbers, US core retail sales data, and ECB (European Central Bank) interest rate decision," Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services Ltd, said. Retail inflation increased to four-month high of 5.08 per cent in June as food items, including vegetables, became dearer, according to government data released on Friday. Vinod Nair, Head of Research, Geojit Financial Services, said, "We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook." In the week ahead, economic data like China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech will be watched by investors to get cues on market momentum, Nair added. On a weekly basis, the BSE benchmark jumped 522.74 points, or 0.65 per cent, while the Nifty climbed 178.3 points, or 0.73 per cent. The 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to settle at a record closing level of 80,519.34 on Friday. During the day, it zoomed 996.17 points, or 1.24 per cent, to hit an all-time high of 80,893.51. The NSE Nifty surged 186.20 points, or 0.77 per cent, to settle at a record closing high of 24,502.15. Intra-day, it jumped 276.25 points, or 1.13 per cent, to hit a new lifetime peak of 24,592.20.

Trading activity to hinge on Q1 results, global trends in holiday-shortened week: analysts

Mumbai, <keyword id="19896379" type="General" weightage="20" keywordseo="benchmark" source="keywords">Benchmark</keyword> equity indices declined in early trade on Tuesday, halting their three days of rally, on profit-taking amid weak trends from the US markets and foreign fund outflows. The 30-share BSE <keyword id="19896382" type="General" weightage="20" keywordseo="sensex" source="keywords">Sensex</keyword> declined 222.02 points to 73,792.53. The NSE Nifty dipped 47.65 points to 22,414.35. Later, the benchmark indices faced volatile trends and were trading with marginal gains. From the Sensex basket, ICICI Bank, <keyword id="19950119" type="General" weightage="20" keywordseo="tata-consultancy-services" source="keywords">Tata Consultancy Services</keyword>, Wipro, Infosys, Bajaj Finance, and Asian Paints were the major laggards. <keyword id="19901053" type="General" weightage="20" keywordseo="indusind-bank" source="keywords">IndusInd Bank</keyword>, HDFC Bank, Tata Steel and Titan were among the gainers. In Asian markets, Seoul traded lower while Tokyo, Shanghai, and Hong Kong quoted in the positive territory. Wall Street ended mostly lower on Monday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 522.30 crore on Monday, according to exchange data. Global oil benchmark Brent crude climbed 0.48 per cent to USD 87.84 a barrel. "Profit-taking may come into play due to excessive optimism, subdued US market close in overnight trades, and FIIs turning net sellers in Monday's positive session," <keyword id="20226500" type="General" weightage="20" keywordseo="prashanth-tapse" source="keywords">Prashanth Tapse</keyword>, Senior VP (Research), <keyword id="21163359" type="General" weightage="20" keywordseo="mehta-equities-ltd" source="keywords">Mehta Equities Ltd</keyword>, said in his pre-opening market comment. Extending its winning momentum to the third day in a row on Monday, the BSE benchmark jumped 363.20 points or 0.49 per cent to settle at 74,014.55. During the day, it zoomed 603.27 points or 0.81 per cent to hit the record intra-day high of 74,254.62. The NSE Nifty climbed 135.10 points or 0.61 per cent to 22,462. During the day, it jumped 203.05 points or 0.90 per cent to hit the all-time peak of 22,529.95.

Markets fall in early trade on profit-taking, foreign fund outflows

Mumbai, Closing in the red for the second straight session, benchmark <keyword id="19896382" type="General" weightage="20" keywordseo="sensex" source="keywords">Sensex</keyword> on Monday declined 352 points due to profit-taking in IT, metal and consumer durable goods shares amid weak global trends. The 30-share <keyword id="19895774" type="General" weightage="20" keywordseo="bse" source="keywords">BSE</keyword> barometer closed at 72,790.13 points, down 352.67 points or 0.48 per cent over the previous close. As many as 26 index constituents declined while four advanced. The broader Nifty of NSE dropped 90.65 points or 0.41 per cent to end the day at 22,122.05 points and 37 stocks in the index were in the red. Selling in index heavyweights, including Infosys, TCS, ICICI Bank and Reliance Industries, dragged the benchmark indices into the negative for the second straight session, analysts said. Among the Sensex shares, Asian Paints fell the most by 3.9 per cent as analysts expressed concerns over rising competition in the domestic paints market following the entry of Aditya Birla group company Grasim Industries into the paints segment. IT shares Infosys, TCS, HCL Tech, <keyword id="19945574" type="General" weightage="20" keywordseo="wipro" source="keywords">Wipro</keyword> and Tech Mahindra continued to slide amid inflation concerns in the US market. Tata Steel, JSW Steel, Titan, Bharti Airtel, Axis Bank, Kotak Bank, IndusInd Bank, Bajaj Finance and <keyword id="19950117" type="General" weightage="20" keywordseo="maruti" source="keywords">Maruti</keyword> were among the other Sensex losers. On the other hand, Larsen &amp; Toubro gained the most by 2.36 per cent. <keyword id="19950209" type="General" weightage="20" keywordseo="power-grid" source="keywords">Power Grid</keyword>, HUL and Nestle were also among the gainers. "The market took a breather after the recent run-up as investors' focus shifted from earnings to economic triggers this week. "The US and India GDP data, eurozone inflation, and US jobless claim data will be influential economic numbers for the central bank to take a call on interest rates, which will dictate market sentiment in the near term," Vinod Nair, Head of Research at Geojit Financial Services, said. The uncertainty over demand and high US inventory pushed oil prices down, Nair added. In the broader market, BSE midcap fell 0.38 per cent while BSE Smallcap slipped 0.06 per cent. Asian markets mostly declined on Monday. Hong Kong's Hang Seng fell 0.5 per cent, the Shanghai Composite dropped 0.9 per cent and South Korea's Kospi declined 0.8 per cent. However, the Nikkei 225 in Tokyo gained 0.4 per cent. European shares also traded lower with Euro Stoxx 50 dropping 0.22 per cent. The FTSE 100 in London slipped 0.34 per cent while CAC 40 in France declined 0.45 per cent. Oil benchmark Brent Crude dropped 0.5 per cent to USD 76.11 per barrel in futures trade. On Friday, Foreign Institutional Investors (FIIs) were net buyers as they purchased securities worth Rs 1,276.09 crore.

Sensex declines 352 points on profit taking, weak global trends

<ul><li>IT major reports 2.3% sequential growth in its constant currency revenues.</li><li>Company’s net profit has grown by 4.5% sequentially to ₹6,212 crore.</li><li><keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> reports highest large orders’ total contract value at $7.7 billion.</li></ul> IT major Infosys reported a 2.3% sequential growth in its constant currency revenues for the second quarter on Thursday. While it did beat street expectations of around 1% growth, the Bengaluru-based tech major also slashed the upper end of its constant currency revenue guidance for FY24. The company has also announced wage hikes which will be rolled out from November 1, 2023. The company’s dollar revenues sequentially grew 2.2% to $4,718 million in Q2 as compared to $4,617 million in Q1. It had earlier guided that its constant currency (CC) revenues for FY24 will grow at 1-3.5%. Half way through the fiscal year, it believes that it can grow anywhere between 1-2.5%. It has however retained its operating margin guidance 20-22% for the year. The net profit grew by 4.5% sequentially to ₹6,212 crore in Q2 from ₹5,945 crore in the last quarter. Its operating margin for the quarter increased by 40 basis points sequentially to 21.2%. “Our Q2 operating margin of 21.2% demonstrates the early benefits of the recently unveiled margin improvement plan and is a clear reflection of our ability to continuously identify opportunities for improving operational efficiencies,” said <keyword id="2984280" type="General" weightage="50" keywordseo="nilanjan-roy" source="Orion">Nilanjan Roy</keyword>, CFO. <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;">Particulars </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;">Q2FY24 </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;">Q1FY24 </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;">%change </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;">Dollar revenues </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;">$4,718 million </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;">$4,617 million </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;">Net Profit </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;">₹6,212 crore </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;">₹5,945 crore </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><tbody></tbody></table> Comment on earnings by Prashanth Tapse of Mehta Equities said, “Infosys Q2 earnings are in line with markets expectation but the company trimming its revenue guidance would be negative for the stock. Overall results are not so bad but discounted in prices. FY24 guidance - revised downwards would put pressure on prices to sustain while it has maintained margins." He added that technically the last minute fall in prices shows that results were not in favour of bulls and hence a gap down opening between ₹1,400-1,420 could be seen in the opening trade. Large deal wins The company is also sitting on a robust orderbook of large deals. Its large orders’ total contract value (TCV) of large deals at $7.7 billion. “We had our highest large deals value at $7.7 billion in Q2 spread across all verticals and geographies. This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to the evolving client needs, by delivering the benefits of transformation as well as productivity and cost savings at scale”, said <keyword id="328377" type="General" weightage="50" keywordseo="salil-parekh" source="Orion">Salil Parekh</keyword>, CEO and MD. Like its peer TCS, Infosys also reported a drop in attrition to 14.6%. “Strong H1 performance with significant large deal wins, builds a solid foundation for the future. The growing adoption of our Generative AI offering, Topaz, is helping us deliver consistent value and expand market share”, Parekh added.

Infosys Q2 US dollar revenue up 2.2%; cuts upper end of guidance for FY24

<ul><li>Infosys’ attrition worsened more in the January-March quarter reaching at 27.7% from 25.5% in the previous quarter.</li><li>Also, the IT major’s attrition rate is worse in the industry compared to other Indian peers.</li><li>The company is looking to hire 50,000 employees in FY23 as against 85,000 it hired in FY22.</li></ul>Infosys, India’s second-biggest information technology (IT) company in terms of market capitalisation, continues to be the biggest victim of the talent war with a high number of employees leaving the organisation. Infosys’ attrition worsened more in the January-March quarter reaching at 27.7% from 25.5% in the previous quarter. The IT major’s attrition rate is worse in the industry compared to other Indian peers, even more than TCS’ attrition rate of 17.4% in the same quarter. <div type="image" title="infosys attrition" height="900" width="1200" msid="90826018" hostid="261"></div>However, the management at Infosys said the attrition rate has come down on a quarterly basis as against the LTM (last twelve months) data disclosed. Moreover, it expects the attrition rate to decline gradually as it also kicks off hikes from April 1. “Attrition for the quarter has come down by close to 5% both in percentage and absolute headcount. So we talked that last quarter attrition had actually stabilised… of course the tail effect will continue to climb. Good news is we have seen stability and of course the intervention we are looking at like the April 1 hike plan, we should continue to see some improvement in them,” said Nilanjan Roy, chief financial officer at Infosys. Further, the company is looking to hire more than 50,000 employees in FY23 as against 85,000 it hired in FY22. Infosys has an employee base of 3.14 lakh, half of what TCS has. The company’s net profit for the March quarter rose about 12% to ₹5,686 crore with revenue growth of 22.7% year-on-year at ₹32,276 crore. Infosys has set a revenue growth guidance of 13-15% for FY23. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-green-energy-firm-now-even-bigger-than-hdfc-bajaj-finance-bharti-airtel/articleshow/90819094.cms">Gautam Adani’s renewable energy firm now bigger than HDFC, Bajaj Finance, and Bharti Airtel</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/web-3-0-saas-and-fintech-will-be-big-investment-focus-for-2022/articleshow/90819387.cms">Web 3.0, SaaS and fintech will be big focus areas for 2022 even though early stage investments are expected to slow down</a>

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