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Being a Tata, Birla, Ambani or Mahindra Group company is not enough for this Indian fund manager

<ul><li>Zomato had a higher market cap than One97 Communications, the listed parent of the digital payments giant <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>.</li><li>Part of the sell-off in <keyword id="4326962" type="General" weightage="20" keywordseo="paytm-shares" source="Orion">Paytm shares</keyword> could also be a reflection of the market mood.</li><li>But, there is a lot more that the street is worried about.</li><li>Founder <keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword> wants the market to be excited about Paytm as a superapp but many others have argued that a smartphone itself is a super app.</li><li>Check out the latest news and updates on<a href="https://www.businessinsider.in/stock-market"> Business Insider</a>.</li></ul>Two of India’s most-awaited tech IPOs, that of Zomato and Paytm, came with a lot of anxiety around the price at which the shares were being sold to the first lot of public investors. Zomato still made some money for those who got the shares in the initial public offering (IPO) but those who got shares in the Paytm IPO have lost 27% on the opening day. <br /><br />By noon, Zomato had a higher market cap than One97 Communications, the listed parent of the digital payments giant Paytm. The overall market mood played a role in pushing down Paytm’s share price, Deven Choksey, managing director of KR Choksey Shares and Securities, told Business Insider. The sell-off seen earlier in the week intensified on Thursday (the day of Paytm’s market Debut) and 42 out of the Nifty 50 stocks were in the red. But that’s not the only reason why people sold Paytm shares. <br /><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;">Company<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;">Valuation pre-IPO<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;">Valution sought in IPO</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;">Market cap, as on November 18<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;">Zomato<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;">$5.8 billion<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;">$8.1 billion</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,21,731 crore ($16.3 billion)<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;">Paytm<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;">$16 billion<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;">$19.9 billion</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,01,399 crore ($13.6 billion)<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><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Companies, BSE<br /><br />It’s not that Paytm's advisors didn't see it coming. According to a Bloomberg report <a href="https://www.businessinsider.in/business/news/paytm-may-drop-its-pre-ipo-sale-as-advisors-recommend-lower-valuation/articleshow/87187525.cms">published in October</a>, Paytm was advised to go for a lower valuation than $20 billion in its pre-IPO round but the company decided to skip the round altogether. Even stock brokerage firm Macquarie had given Paytm a with an underperform rating, and projected that the stock may fall to as much as ₹1,200 (compared to an issue price of ₹2,150) any time in the next one year .<br /><br />Interestingly, Paytm was the highest valued Indian startup between 2019 to me this year. The company got a valuation of $19.9 billion in its public issue. The only smile that Paytm believers could steal was thanks to the meme fest on Twitter.<br /><br />                          <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778007" hostid="261"></div><br />The drop in Paytm’s share price led to a fall of the stock market. “Today’s fall in the market is also largely due to collateral damage, Paytm loss to investors,” Deven Choksey, managing director of KRChoksey Shares and Securities said.<br /><br />Manoj Dalmia, founder and director of Proficient Equities Private Limited also highlighted three reasons behind Paytm’s weak listing on the stock exchange. The issue ranges from high valuation to intense competition.<br /><br />These are some of the issues pointed out by Manoj Dalmia of Proficient Equities, Scenes by Avalon’s Shashank Udupa, TaxationHelp.in’s Neha Nagar<br /><br /><table style="border-width: initial; border-style: none;" 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;">Issue<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;">Reason<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;">Overvaluation <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;">The company is overvalued at a Price to Sales (P/S) value of 26 compared to its global peers, who have a P/S of 0.3-0.5<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;">Limited promoters in India<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;">Nearly 75% of the promoters of Paytm are from other countries and are selling shares worth ₹10,000 crore, which is more than 50% of the issue.<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;">Not a market leader<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;">Paytm is not a market leader in any business it operates in.<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;">Analyst rating<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;">Falling grey market premium and Macquarie's downrating has pushed the stock into a downward momentum. <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;">Lack of focused business model<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;">It is present in all over the Fintech space but not doing well in any of them while the competition is rising from players like Google, Amazon, PhonePe. <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><tbody></tbody><tbody></tbody><tbody></tbody></table><br />Dalmia is not alone in his pessimism around Paytm’s near-term prospects. “Dabbling in multiple business lines inhibits PayTM from being a category leader in any business except wallets, which are becoming inconsequential with the meteoric rise in UPI payments. Competition and regulation will drive down unit economics and/or growth prospects in the medium term in our view,” Macquarie Research analysts Suresh Ganapathy and Param Subramanian said. <br /><br /><strong>ALSO WATCH: Even the biggest of conglomerates find it difficult to do more than two things right, market expert Saurabh Mukherjea told Business Insider. <br /></strong><br />                            <div type="Youtube" id="kSf5f3gXjKg" title="A ₹3,000-crore fund manager explains why he won&amp;#39;t buy RIL, why he sold ITC and bought HDFC Life" thumbUrl="https://i.ytimg.com/vi/kSf5f3gXjKg/mqdefault.jpg"></div><br />Paytm is one of the biggest digital payments companies in India with offerings across several digital modes of payments like unified payments interface (UPI), credit and debit cards payments. It also offers wealth management solutions through Paytm Money and banking services through Paytm Payments Banks.The company has 333 million total customers, 114 million annual transacting users and 21 million registered merchants. <br /><br />Paytm has a strong market share in digital payments via the unified payments interface (UPI) but the margin is zero in peer-to-peer payments and wafer thin when merchants get paid. <br /><br />In the personal finance space ⁠— where Paytm sells mutual funds, gold and stocks ⁠— it has a less than 1% market share and makes zero commission, according to Macquarie. In insurance, only one out of 100 policies are sold online and Paytm is pitted against an early bird like Policybazaar as well as legacy banks, which dominate the space.<br /><br />Paytm aims to make money from its lending business. “Since Paytm will largely be engaged in selling down these loans to partner banks or NBFCs (non-banking financial companies) balance sheets, the addressable fee pool is much lower,” said Macquarie, which pegged the potential market for buy now, pay later schemes to be anywhere between $45 billion and $50 billion by March 2026.<br /><br />                            <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778072" hostid="261"></div><br />Despite a massive user base, the company’s revenue has been marginally declining on a year-on-year (YoY) basis. The company reported a revenue of ₹3,186 crore, with net loss of ₹1,761 crore. “Loss-making businesses will find it hard to sustain premium valuations,” Choksey added.<br /><br />Ravi Singh, head of research and vice president at ShareIndia, noted that Paytm’s future growth is a key to watch for long term investors. “We advise the investors after looking at the overall valuations and earlier losses of Paytm, to book their positions and wait for 1700-1600 levels for fresh investment. Retail investors may remain cautious as the overall market is in profit booking zone pushing maximum stocks in downside territory,” he added. <br />                            <div type="image" title="Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp" msid="87778081" hostid="261"></div><br />“People ask me how do you raise money at such a high price? I say, I don’t raise money on a price but I raise money on a purpose,” founder and chief executive officer Vijay Shekhar Sharma. He wanted India to be as excited about his dream of a super app for anything that can be bought and sold online. <br /><br />But many others have argued that a smartphone itself is a super app. Another startup founder Kavin Mittal, the man behind the $1.4 billion Hike Messenger, had similar ambitions but found it to be a misguided goal and dropped the plan in January 2021. <br /><br />Will Sharma prove his detractors wrong with Paytm? Only time will tell. <br /><br /><strong>SEE ALSO:<br /></strong><a href="https://www.businessinsider.in/stock-market/news/paytm-ipo-listed-at-discount-of-9-starts-trading-at-1955/articleshow/87772082.cms" data-type="tilCustomLink">India’s biggest IPO lists 9% below the IPO price and it may fall even further, warn analysts</a><br /><br /><a href="https://www.businessinsider.in/business/startups/news/paytm-shares-listing-below-ipo-price-but-experts-say-not-to-invest/articleshow/87762352.cms">Paytm is likely to list below IPO price and experts advice serious investors to wait a while before buying</a><br /><br /><a href="https://www.businessinsider.in/business/corporates/news/itc-reportedly-plans-to-spin-out-it-business-itc-infotech/articleshow/87758056.cms">ITC has a ₹2,500 crore IT business hiding in plain sight and that makes the street go Yippee!</a><br />

Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp

In the first week of September Saurabh Mukherjea, CEO, Institutional Equities, Ambit Capital became one of the first <keyword id="47445" type="UNKNOWN" weightage="20" keywordseo="Indian-market">Indian market</keyword> analysts to say 30-share benchmark index <keyword id="6484188" type="CITY" weightage="20" keywordseo="Sensex">Sensex</keyword> may fall deeply to touch 22,000, triggered by weakness in the home territory, uncertainty on China's yuan devaluation and possible interest rate hike by the US Federal Reserve.<br />
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Close to four months later, the index is yet to touch 22,000. However, it has declined more than 20 per cent from the peak of 29,682 seen on January 29, 2015 and has already breached the psychologically significant 24,000 level to touch 23,962 on January 21, 2016.<br />
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This was the biggest dip in more than 20 months and ever since Narendra Modi-led BJP government came to power, kindling hopes of an decisive economic revival and an exceptional market run.<br />
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In the September report, Ambit Capital said a few things will play spoilsport for the domestic market.<br />
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With a likelihood of the Chinese central bank embarking on a continued devaluation of the yuan, the Indian stock market will be exposed to domestic products losing their competitiveness to their Chinese counterparts; and risks to India’s $0.5 trillion of foreign currency debt are likely to rise, it said, adding this is likely to drag Sensex to a deep fall.<br />
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Till a few months ago, many felt that Sensex dipping below 24,000 is an unlikely event.<br />
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But the carnage in the once bellwether Chinese market—that provided a cushion to the world economy when sub-prime mortgage crisis in the US ballooned to a crippling global slowdown in 2008—in recent months and resultant ripples in Europe and elsewhere has already taken its toll on the Indian market.<br />
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The huge outflow of funds from emerging markets, especially India, following Janet Yellen-led Federal Reserve’s December decision to raise interest rates after a long gap of close to 10 years coupled with the free fall of oil prices that tumbled to below $30 level, added fuel to the fire.   <br />
<br /> It is true that weak corporate earnings are an indicator of the choppy waters the markets are already in. However, the weak demand in Indian <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> across cities is a more representative pointer to the trouble the broader economy is facing. With extremely low sales, realty is crumbling and this can have significant repercussions.<br />
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While markets like Bangalore and Pune managed to keep heads above water, Delhi-NCR and Mumbai have reported worst sales number in recent history, pointing to piling inventory which may take years to clear up and slumping demand. The still astronomical realty pricess in a market like Mumbai will continue to keep prospective home-buyers from testing the waters. While the developers have started cutting prices in order to boost sales, the banking sector will face the brunt of it in terms of bad assets.<br />
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An increasing number of developers finding themselves in the dock after defaulting on delivery datelines and facing rising number of cheating cases will add salt to the wound of the realty space.<br />
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The recent court rulings against top management of Mantri Realty and Unitech are just examples. While the Bombay High Court asked an official liquidator to seize assets, books and records of Mantri Realty in connection with a cheating filed by a bunch of investors and lenders, a Delhi court sent Unitech chairman Ramesh Chandra to 14-day judicial custody in alleged cheating cases filed by two investors.<br />
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As regulators clamp down on defaulting developers and trust-deficit continues to keep home-buyers way, battering realty space can widen cracks in the economy, aggravating the pain the markets are already going through. <br />
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Ambit Capital’s early premonition should be read along with a global outlook for the year ahead released recently by Henry McVey, head of global macro asset allocation at New York-based alternative assets management firm KKR &amp; Co.<br />
<br /> According to McVey, decelerated <keyword id="176734" type="ORGANIZATION" weightage="20" keywordseo="global-trade">global trade</keyword> will impact <keyword id="47890" type="ORGANIZATION" weightage="20" keywordseo="global-economy">global economy</keyword> more than more than China’s slowdown. The current slump in both trade and cross-border fund flows will have huge implications for the global economy over the next three to five years as economies become more inward facing to drive growth, KKR’s outlook stated.<br />
<br /> McVey is just one among a litany of analysts who warn against the disturbing trend of a fall in nominal <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> in several countries, especially emerging ones, despite real GDP growing at healthy rates. An increasing number of corporates reeling under mounting debt is yet another pointer of underlying weakness across economies.<br />
<br /> However, compared with several developed markets including the US, where incomprehensive regulations are cited as a chink in armour, Reserve Bank of India has historically been religious in enforcing strict regulations to tame volatility in the market. Also, despite the recent market dip, the underlying strength of <keyword id="6356076" type="UNKNOWN" weightage="20" keywordseo="indian-economy">Indian economy</keyword> is still intact. Therefore, if the Modi government refuses to dilute its focus on reforms, the domestic market is stoic enough to rebound once the bears loosen the grip over the medium term. <br />
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(Image: Indiatimes)<br />

Sensex at 20-month low: Why bears may lurk around for a while

<br /> The growth slowdown of the past few years doesn't seem to have taken the edge off India Inc’s appetite for profit. As many as 18 companies are poised to join the club of those reporting $1 billion in net income in FY14, the highest in the past six years, keeping the rupee-dollar rate constant at current levels. While this is just one more than last year, the number is significant in the context of India’s prolonged slump. ONGC and <keyword id="6355199" type="CITY" weightage="40" keywordseo="Reliance-Industries">Reliance Industries</keyword> occupy the top two berths in that order while <keyword id="6357585" type="CITY" weightage="40" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> replaces Coal India at the third place that it occupied last year. According to an ETIG analysis, 18 companies are expected to cross Rs6,100 crore or $1 billion in profit in FY14 against only four in FY08.<br />
<br /> The tally is also higher than the 13 companies that made it to the $1 billion club in FY08 even after considering the rupeedollar rate of 40 prevailing at the end of that fiscal year. “Inflation, rupee depreciation and commodity price increases, while hurting the <keyword id="34412" type="ORGANIZATION" weightage="40" keywordseo="economy">economy</keyword>, have also benefited certain sectors," said P Phani Sekhar, fund manager, portfolio management services, Angel Broking. Sekhar added that consumer-facing businesses have benefited from price increases. “One of the primary characteristics of the inflationary conditions that prevailed from 2009-14 has been the propensity to consume at the altar of savings.”<br />
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The nature of companies that are members of the club has also changed significantly over the years. In FY08, of the four companies that crossed Rs6,100 crore in profit, three belonged to the public sector with RIL being the only non-state entity. In FY14, 13 out of 18 companies will likely be from the private sector. “In the last 5-6 years (since FY08), Indian domestic manufacturing industry has suffered a slowdown,” said Sachin Shah, fund manager, Emkay Investment Managers.<br />
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<br /> “On the other hand, the domestic services sector and export-oriented businesses have done reasonably well. And this is the primary reason why companies like ONGC, RIL, <keyword id="45179" type="CITY" weightage="40" keywordseo="NTPC">NTPC</keyword> have taken a back seat and companies like TCS, Infosys, <keyword id="10862" type="CITY" weightage="40" keywordseo="Wipro">Wipro</keyword>, <keyword id="42747" type="CITY" weightage="40" keywordseo="Tata-Motors">Tata Motors</keyword> (JLR), HDFC Bank, <keyword id="6653" type="CITY" weightage="40" keywordseo="ICICI-bank">ICICI Bank</keyword> have done reasonably well.”<br />
<br /> Considering the rupee’s appreciating trend and the expectation of a recovery in the domestic economy after the general elections, some analysts believe the number of billion dollar profit companies will be maintained in FY15. “I don't see any reason why the number of Indian companies reporting $1 billion or more of profits per annum should fall given that the <keyword id="6356076" type="UNKNOWN" weightage="40" keywordseo="indian-economy">Indian economy</keyword>, even in a recession, continues to grow at 13% per annum (on a nominal basis),” said Saurabh Mukherjea, CEO, institutional <keyword id="45369" type="CITY" weightage="40" keywordseo="equities">equities</keyword>, Ambit Capital. “If anything, given that the informal segment of the economy is being relentlessly squeezed by better organized, listed companies, we should see a sharp pick-up in billion dollar or more profit reporters in the years ahead.”<br />
<br /> A sustained growth revival could see more companies joining the club in subsequent years. “We are expecting 16% earnings growth in <keyword id="6484188" type="CITY" weightage="40" keywordseo="Sensex">Sensex</keyword> earnings for FY15, (so) $1 billion PAT (profit after tax) companies would largely remain the same," said Rikesh Parikh, vice-president, institutional corporate broking, Motilal Oswal Securities. “However, afew more companies could make their mark in FY16 in case of economic revival.” The top three IT companies, including TCS, Infosys, and Wipro, will figure in the list for FY14 as well following sustained momentum in global IT outsourcing demand and the weaker rupee.<br />
<br /> “Export-oriented sectors such as IT have benefited from 33% depreciation in the rupee against the dollar," said Sekhar of Angel Broking. Bharat Heavy Electricals (<keyword id="6354446" type="CITY" weightage="40" keywordseo="BHEL">BHEL</keyword>) is likely to miss the list this time around, considering the public sector electrical engineering giant’s poor show in the first nine months of FY14, when net profit halved to Rs 1,616 crore from Rs 3,377 crore a year earlier. It’s unlikely that the company will be able to exceed last year's profit of Rs 6,614 crore. Axis Bank is expected to debut in the club in FY14, given its double-digit net profit growth in each of the three quarters of the fiscal year so far. It has clocked a profit ofRs4,375 crore in the nine months and is likely to cross the Rs6,100 crore mark by the end of the March quarter.<br />

In FY14, 18 Companies To Join Group Reporting $1 Billion And More In Net Income, The Most In 6 Years

You Searched For "Saurabh Mukherjea" and got 4 results

Being a Tata, Birla, Ambani or Mahindra Group company is not enough for this Indian fund manager

Navdeep Yadav

Zomato is now bigger than Paytm — reasons why the market is not excited about Vijay Shekhar Sharma’s vision of a superapp

Kritti Bhalla

Sensex at 20-month low: Why bears may lurk around for a while

Preetam Kaushik

In FY14, 18 Companies To Join Group Reporting $1 Billion And More In Net Income, The Most In 6 Years

Economic Times

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