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TCS, Infosys, Wipro, Vodafone Idea, Tata Tele and other hot stocks on January 12

<keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> saw another high profile exit as the MD of the $500 million <keyword id="3861225" type="UNKNOWN" weightage="20" keywordseo="infosys-innovation-fund">Infosys Innovation Fund</keyword> stepped down. This comes as a setback for <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> who seeks to strengthen new digital and innovation capabilities.<br /><br /> <keyword id="2825391" type="UNKNOWN" weightage="20" keywordseo="Yusuf-Bashir">Yusuf Bashir</keyword>, MD of Infosys Innovation Fund, had worked closely with Sikka at SAP and had joined Infosys in March 2015.<br /><br /> Bashir’s exit comes after <keyword id="2558261" type="UNKNOWN" weightage="20" keywordseo="Ritika-Suri">Ritika Suri</keyword> also resigned recently. Bashir’s role was to identify and invest in early-stage companies doing cutting-edge work in areas including AI, machine learning, big data, cloud and analytics.<br /><br /> Sikka’s vision is to build tech innovation and get more clients under its fold.<br /><br /> Bashir made 12 startup investments and the last investment that Bashir made from the Innovation Fund was in December 2016.<br /><br />

Another setback for Infosys; head of Innovation Fund quits

<ul><li>Shares of <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword> plunged as much as 9% today on lower than expected March quarter earnings.</li><li>Analysts have cut down company estimates as the profit margin of the company remains under pressure due to cost pressures led by higher employee costs and a rise in travel costs.</li><li>As a result, shares of other information technology firms also fell today in an already weak market.</li></ul>IT giant Infosys disappointed investors as the stock of the company plunged nearly 9% on poor Jan-Mar quarter earnings.<br /><br />Stable deal wins and lower than the expected profit margin of the company due to cost pressures led by higher employee costs and rise in travel costs among concerns that impacted Infosys stock. <br /><br />Infosys ADR stock, which trades on the US stock market, slipped 14% in previous 5 sessions because of weak earnings at a time when Indian markets were closed due to holidays. <br /><br />“Infosys' 4Q (March quarter) results missed estimates mainly due to muted growth of 1.2% on quarter constant currency. However, its 13-15% revenue growth guidance for FY23 and all-time high net additions reflect a strong demand outlook,” said analysts at Jefferies. <br /><br />After considering the seasonal weakness in the Jan-Mar quarter, Infosys result was still disappointing. “Infosys' growth in 4Q disappointed even considering the seasonal weakness. Muted growth in its top-2 verticals (BFSI and Retail) and top markets (North America and Europe) and a sharp decline in Life Sciences vertical possibly due to one-off contractual issues resulted in the subdued growth performance,” said a report by Jefferies. <br />                    <div type="image" title="infosys 2" height="900" width="1200" msid="90906620" hostid="261"></div><br />Besides, Infosys’ attrition worsened more in the 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 <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword>’ attrition rate of 17.4% in the same quarter.<br /><br />Moreover, it expects the attrition rate to decline gradually as it also kicks off hikes from April 1.<br /><br />The market capitalisation of the top company fell to ₹6.8 lakh crore from ₹7 lakh crore last week. <br />                <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div><br />Moreover, analysts expect the share price of the company to rise more as the demand outlook for the future remains strong. As of 11:27 p.m. shares of the company stand at ₹1,621 per share, down by 7.29%.<br /><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;">Brokerage house<br /><br /></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;">Target price<br /><br /></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;">JM Financial<br /><br /></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;">₹1,970 <br /><br /></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;">CLSA<br /><br /></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;">₹2,040 <br /><br /></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;">Jefferies<br /><br /></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;">₹2,135 <br /><br /></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;">Credit Suisse<br /><br /></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;">₹2,050 <br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/extreme-poverty-in-india-declined-12-in-the-last-decade-says-world-bank/articleshow/90905593.cms">Extreme Poverty in India declined 12% in the last decade, says World Bank</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/exim-bank-recruitment-2022-checkout-vacancies-eligibility-criteria-and-other-details/articleshow/90904895.cms">Exim Bank recruitment 2022: Checkout vacancies, eligibility criteria and other details</a>

Infosys slides 9% on poor March quarter earnings, other IT stocks follow suit

New Delhi, Jan 12 () Quarterly earnings, inflation data and the much-awaited US-China trade deal signing would drive the equity markets this week, according to analysts.
<p> "Market wants to look forward where Q3 earnings and pre-Budget movement will be the theme of this week. In terms of earnings, Wipro, IndusInd Bank, Reliance Industries, HCL Technologies and HDFC Bank will be key companies that will post their Q3 results this week," said Santosh Meena, Senior Research Analyst, TradingBells.
</p><p> He added that Infosys shares may react positively on Monday after the company's audit committee gave a clean chit to the management on allegations of misconduct.
</p><p> Infosys on Friday said the board's audit committee has completed the independent probe into the anonymous whistleblower allegations and found "no evidence" of financial impropriety or executive misconduct.
</p><p> The IT services major reported a 23.7 per cent rise in consolidated net profit at Rs 4,466 crore for the December quarter. The earnings were announced after market hours on Friday.
</p><p> "Markets will first react to IT major Infosys results in the early trade on Monday. Meanwhile, volatility would remain high on the stock-specific front due to prevailing earnings season and global uncertainty," said Ajit Mishra, VP - Research, Religare Broking Ltd.
</p><p> Among macroeconomic data announcements, retail and WPI inflation numbers will be released on Monday and Tuesday, respectively.
</p><p> On the global front, with US-Iran tensions cooling off, focus will largely shift to the upcoming US-China trade deal signing.
</p><p> Kotak Mahindra Asset Management Company, Senior VP and Head of Equity Research, Shibani Kurian said, "From here on, the equity markets would focus on the upcoming Union Budget and also RBI policy at the start of February. Markets would also take cues from the Q3 FY20 earnings season with key focus being on management commentary on business outlook."
</p><p> Markets would on Monday may also react to industrial production data which was announced post market hours on Friday.
</p><p> The country's industrial output grew 1.8 per cent in November, turning positive after three months of contraction, on account of growth in the manufacturing sector.
</p><p> "Markets are heading for testing times given that the result season has set in and Budget parleys too will have to be digested in weeks to come. Volatility is expected to increase, although prices are not expected to move much till Budget. However, sector specific rallies are likely to continue," Jimeet Modi, Founder &amp; CEO, SAMCO Securities &amp; StockNote said.
</p> During the last week, the Sensex advanced 135.11 points or 0.32 per cent.   SUM ABM
ABM

Markets to eye earnings report card, inflation, global events this week: Analysts

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TCS, Infosys, Wipro, Vodafone Idea, Tata Tele and other hot stocks on January 12

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Another setback for Infosys; head of Innovation Fund quits

BI India Bureau

Infosys slides 9% on poor March quarter earnings, other IT stocks follow suit

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Markets to eye earnings report card, inflation, global events this week: Analysts

PTI

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