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New Delhi: After two <keyword id="19945688" type="General" weightage="20" keywordseo="acquisitions" source="keywords">acquisitions</keyword> this year, India's second-largest IT services company <keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="268" meta.entityid="Infosys">Infosys</keyword> is on the lookout to scoop-up more firms and says the acquisition matching scale of recent in-tech buy is certainly a possibility. In an interview to PTI, <keyword id="24144" type="General" weightage="20" keywordseo="infosys-ceo" source="Orion">Infosys CEO</keyword> <keyword id="20115570" type="General" weightage="20" keywordseo="salil-parekh" source="keywords">Salil Parekh</keyword> said the company is keen on acquisitions in areas like data analytics, SAAS, and may look at some geographies within Europe, and the US. Asked if more acquisitions could be of the scale matching in-tech, which came with a price-tag of 450 million euros, <keyword id="20039787" type="General" weightage="20" keywordseo="parekh" source="keywords">Parekh</keyword> said, "Absolutely, I think those would be the size that we will look at in terms of scale, and given our structure we could do a few of those." Back in January, Infosys announced a definitive agreement to acquire 100 per cent of the equity share capital in InSemi Technology Services, a semiconductor design services company headquartered in India, for a consideration (including earn-outs, and management incentives and retention bonuses) totalling up to Rs 280 crore. A bigger acquisition followed in three months. In April, Infosys Germany, a wholly-owned step-down subsidiary, entered into a definitive agreement to acquire 100 per cent of the equity share capital in in-tech Holding -- leading provider of engineering R&amp;D services headquartered in Germany -- for a consideration of up to 450 million euros (about Rs 4,045 crore). "We have very good business in engineering services already within Infosys and then we did those two acquisitions, both of them in engineering services, one on semiconductor side and one on the automotive side... very strong businesses, and we feel quite good about expanding that footprint," Parekh said. Infosys is eyeing more acquisitions, he said, adding that the company is evaluating several firms. "We have a good balance sheet and good cash generation and now we are quite comfortable with the integration of acquisition in different areas. We have done engineering services, we will look at other areas... for example data analytics... may look at SAAS (software as a service) areas, and maybe at some other geographies in Europe, maybe the US as well," he said. Parekh, however, said a lot depends on strategic synergies, financial cost, cultural fit and integration aspects. "We are continuing to look, and we have things that are normally in the pipeline but those take their own time... there are a lot of discussions on strategic fit, on financial cost of it and cultural fit into the company and then how will we integrate them. Many of those discussions are ongoing and we will see what comes out," the Infosys top honcho said. On whether he is hopeful of closing more acquisitions this fiscal year, Parekh indicated that it is tough to put a timeline on the outcome of ongoing discussions. "It is difficult to say... we are evaluating several (of them). But to get a fit on the strategic parameters, financial parameters, culture, integration... all of it may not work out. But these two (InSemi and in-tech) happened relatively quickly... before that for some quarters we had not done anything. It is not a predictable thing, but the evaluation is ongoing," he said. According to the Grant Thornton Bharat Dealtracker Q2 2024 report, Indian dealmaking saw overall 501 deals, valued at USD 21.4 billion. The report said the second quarter of 2024 witnessed the highest quarterly volumes since the second quarter of 2022, while values declined due to the absence of big-ticket merger and acquisition transactions. Grant Thornton Bharat Dealtracker further said the merger and acquisition (M&amp;A) activity during the second quarter saw 132 deals worth USD 6.2 billion, marking a slight increase in volumes but a substantial 50 per cent drop in values. As per the report, domestic deals drove growth with volumes rising 29 per cent and values increasing 2.5 times compared to the first quarter of the current year. In contrast, cross-border deals experienced a decline, with volumes decreasing 24 per cent and values plummeting 85 per cent from the first quarter of 2024.

Infosys is keen on more acquisitions, says CEO Salil Parekh

<ul><li>The demand from clients to migrate to cloud servers and to implement digital transformation has been strong.</li><li>From Sony Liv to London banks, the Tata Group company has signed on many new clients in the three months ending September.</li><li>TCS will be the first among IT companies to release September quarter earnings on October 8.</li><li>Check out the latest news and updates on Business Insider.</li></ul>Tata Consultancy Services (TCS) is expected to kick off the earnings seasons with strong growth numbers. The fact it signed as many as 14 new deals in the last three months ending September is a sign that the demand for digital transformation and migration to cloud services remains strong. Most analysts expect around 5% revenue growth in the Jul-Sep quarter compared to the preceding three months. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue forecast by brokerages </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% QoQ growth </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Emkay Global </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IIFL Securities </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.50% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.10% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.7% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Phillip Capital </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.2% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HSBC </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.1% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Analysts at Goldman Sachs expect the trend in migration to cloud services will continue for at least 3-5 years more. A Phillips Capital report said that the strong momentum in client spending will convert strong bookings to revenue. The 14 new deals signed on TCS is more than any of its peers including Infosys, Tech Mahindra and HCL Technologies. <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;">Client name </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;">Vertical </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;">Royal London </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;">BFSI </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;">John Wiley &amp; Sons </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;">Communication &amp; media </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;">SonyLIV </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;">Communication &amp; media </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;">Converge ICT Solutions </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;">Communication &amp; media </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;">Dutch Open </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;">Communication &amp; media </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;">Neptune Energy </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;">Energy &amp; utility </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;">Wabtec </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;">Manufacturing </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;">Rich Products </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;">Manufacturing </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;">Standard Bank </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;">BFSI </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;">Avianca </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;">Travel &amp; transportation </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;">Transport for London </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;">Travel &amp; transportation </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;">NXP Semiconductors </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;">Manufacturing </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;">NORD/LB </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;">BFSI </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;">Apoteket </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;">Healthcare &amp; pharma </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> However, the Indian IT services behemoth’s stock has not performed well in the last one month as shares of the company have fallen 2.54%. Most of the brokerages expect the company’s stock to cross the ₹4,000 mark or even more. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Emkay Global </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3,700 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IIFL Securities </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4,080 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3,790 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4,578 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Phillip Capital </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4,580 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HSBC </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4,145 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/whatsapp-instagram-and-facebook-are-down/articleshow/86759457.cms">Facebook shareholders lost nearly $50 billion in the 9 hours that the social network, WhatsApp and Instagram were down</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hdfc-bank-srei-infra-ongc-airtel-and-other-stocks-to-watch-out-for-as-markets-tumble-across-the-world/slidelist/86771522.cms">HDFC Bank, SREI Infra, ONGC, Airtel and other stocks to watch out for as markets tumble across the world</a>

TCS earnings may excite the street thanks to the 14 new deals in last three months

Samvat 2077: Bharti Airtel, Infosys, ICICI Bank, SBI, Varun Beverages and Can Fin Homes stocks are among the top Diwali picks

New Delhi, Mar 24 () Infosys on Tuesday said the US Securities and Exchange Commission (SEC) has concluded the investigation in the whistleblower allegations made last year, and that it does not anticipate any further action by the regulator. In October last year, Infosys had informed stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. It then started a probe into the matter and roped in external investigators. US market regulator SEC had also initiated a probe into the matter. In a regulatory filing on Tuesday, Infosys said it has received a notification from the SEC stating that its investigation investigation has concluded. "The company does not anticipate any further action by the SEC on this matter." The Bengaluru-based company said it has responded to all the inquiries received from Indian regulatory authorities and that it will continue to cooperate with the authorities if there are any additional requests for information. In January this year, Infosys had said its audit committee had found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who were accused by anonymous whistleblowers of rigging the company's balance sheet. SR ANSANS

SEC concludes probe in whistleblower case; no further action expected: Infosys

New Delhi, Jan 24 () Shares of Infosys on Friday managed to pare some losses after falling over 1 per cent during the day amid reports that market watchdog Sebi is likely to call for forensic audit of books of the company on whistleblower allegations of financial irregularities at the firm.
 The scrip declined 1.37 per cent to Rs 773.80 during the day on the BSE. Later, it closed at Rs 782.95, down 0.20 per cent.
 At the NSE, shares of the company fell 1.37 per cent to Rs 773.60 during the day. It, however, narrowed the losses to close 0.17 per cent lower at Rs 783.
 Infosys on Friday said it has not received any request from Sebi for conducting further investigation in the whistleblower case where top executives were accused of rigging the company's balance sheet.
 Sources had said Sebi is likely to call for a forensic audit of books of Infosys.
 Earlier this month, Infosys had said its audit committee had found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who had been accused by anonymous whistleblowers.
 "The company has not received any request from Sebi to conduct further audits as reported by media on January 23, 2020," Infosys said in a regulatory filing on Friday.
 In October, Infosys had informed stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. It then started a probe into the matter and roped in external investigators. SUM
RVK

Infosys shares fall on reports Sebi likely to call for forensic audit

New Delhi, Jan 24 () Infosys on Friday said it has not received any request from Sebi for conducting further investigation in the whistleblower case where top executives were accused of rigging the company's balance sheet.
 Sources had said market watchdog Securities and Exchange Board of India (Sebi) is likely to call for a forensic audit of books of Infosys as it continues to probe whistleblower allegations of alleged financial irregularities at the company.
 Earlier this month, Infosys had said its audit committee had found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who had been accused by anonymous whistleblowers.
 "The company has not received any request from Sebi to conduct further audits as reported by media on January 23, 2020," Infosys said in a regulatory filing on Friday.
 It added that as disclosed previously, the company had received letters from regulatory authorities seeking information on the anonymous whistleblower investigation.
 "The company continues to cooperate with regulatory authorities," Infosys noted.
 In one of the letters dated September 20 and signed by 'Ethical Employees', it was alleged that Infosys CEO Salil Parikh as well as its Chief Financial Officer Nilanjan Roy engaged in forced revenue recognition from large contracts not adhering to accounting standards. There was another undated complaint also.
 In October, Infosys had informed stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. It then started a probe into the matter and roped in external investigators.
 The audit committee commissioned a through investigation with the assistance of an independent legal counsel.
 US market regulator SEC had also initiated a probe into the matter, while Rosen Law Firm had said it was preparing a class-action lawsuit to recover losses suffered by Infosys' investors in the US. 
 Shares of Infosys were trading Rs 774.70 apiece on the BSE, down 1.26 per cent from the previous close. SR ANS
ANS

Not received any Sebi request for further audit in whistleblower case: Infosys

New Delhi, Jan 13 () Infosys' shares on Monday closed with nearly 5 per cent gains after the company reported a 23.7 per cent rise in consolidated net profit for the December 2019 quarter.
 The IT services major on Friday also said its audit committee has found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who were accused by anonymous whistleblowers of rigging the company's balance sheet.
 The scrip climbed 4.76 per cent to close at Rs 773.40 on the BSE. During the day, it jumped 5.32 per cent to Rs 777.55.
 On the National Stock Exchange (NSE), it gained 4.65 per cent to close at Rs 772.50.
 It was the top gainer on both Sensex and Nifty during the day.
 In terms of traded volume, 9.69 lakh shares of the company were traded on the BSE and 3.6 crore shares on the NSE during the day.
 The country's second-largest IT services major Infosys on Friday reported a 23.7 per cent rise in consolidated net profit at Rs 4,466 crore for the December 2019 quarter, which the company executives called satisfactory.
 The company had posted a net profit of Rs 3,610 crore in the year-ago period, Infosys said in a BSE filing.
 Its revenue during the October-December 2019 period grew 7.9 per cent to Rs 23,092 crore, compared with Rs 21,400 crore in the corresponding period last fiscal, it added.
 The company has raised its revenue outlook for 2019-20 in constant currency to 10-10.5 per cent, from its topline guidance of 9-10 per cent given in October.
 In October, Infosys had told stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. It then started a probe into the matter and roped in external investigators. SUM HRS

Infosys shares gain nearly 5 pc on Q3 earnings

New Delhi, Jan 13 () Shares of Infosys on Monday jumped over 5 per cent after the company reported a 23.7 per cent rise in consolidated net profit for the December quarter.
 Infosys on Friday said its audit committee has found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who were accused by anonymous whistleblowers of rigging the company's balance sheet.
 The scrip climbed 5.32 per cent to Rs 777.55 on the BSE.
 On the NSE, it jumped 5.33 per cent to Rs 777.50.
 It was the top gainer on both Sensex and Nifty during morning trade.
 The country's second-largest IT services major, after market hours on Friday, reported a 23.7 per cent rise in consolidated net profit at Rs 4,466 crore for the December quarter, which the company executives called satisfactory.
 The company had posted a net profit of Rs 3,610 crore in the year-ago period, Infosys said in a BSE filing.
 Its revenue grew 7.9 per cent to Rs 23,092 crore in the quarter under review from Rs 21,400 crore in the corresponding period last fiscal, it added.
 The company has raised its revenue outlook for FY2019-20 in constant currency to 10-10.5 per cent, from its topline guidance of 9-10 per cent given in October.
 In October, Infosys had informed stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. It then started a probe into the matter and roped in external investigators. SUM ANS
ANS

Infosys shares jump over 5 pc post Q3 earnings

<ul><li>The Indian rupee hit ₹70.84 against the US dollar. </li><li>This may be bad news for some but good news of Indian IT companies that bill in dollars. </li><li>It could increase revenue for them of what was otherwise shaping up to be a 'glum quarter'. </li></ul>The Indian government is trying to rein in the fall of the rupee’s value against the US dollar, that hit ₹70.84 when the markets closed yesterday. While this may be bad news for importers, people looking to travel overseas and India’s foreign exchange reserves — it could spell good news for <a href="https://www.businessinsider.in/wipro-profit-growth-beats-tcs-and-infosys/articleshow/70262851.cms">Indian IT companies</a> on account of larger exposure to US markets and dollar billing. <keyword id="149348" type="PERSON" weightage="20" keywordseo="weaker-rupee">Weaker rupee</keyword> means stronger revenue Tech giants like Tata Consultancy Services (<a href="https://www.businessinsider.in/after-becoming-the-third-largest-it-service-brand-in-the-world-tcs-surpasses-ibm-in-market-cap/articleshow/69741769.cms">TCS</a>), HCL Technologies, <a href="https://www.businessinsider.in/yes-bank-wipro-and-other-big-earnings-keep-indian-markets-on-the-edge/articleshow/70255005.cms">Wipro</a> and <a href="https://www.businessinsider.in/tata-lic-infosys-sbi-and-mahindra-are-among-the-top-10-indian-corporate-brands/articleshow/70257037.cms">Tech Mahindra</a> were looking at a ‘glum quarter’ after missing their revenue goals in June, according to Kotak Institutional Equities Research. Even Infosys, barely met its target. “Cost increase, higher visa applications and large deal transition costs contributed to the pressure," stated the report. Yet, there is a light at the end of the tunnel, thanks to rupee fall. More than 80% of the total business done by top IT services companies in India comes from overseas markets, which is billed in currencies other than the rupee — usually the US dollar. This year, Infosys increased its revenue growth guidance for FY20 from 7.5 to 9.5% to 8.5 to 10%. However, Wipro expects its revenue to either decline by a percent to grow by a percent. TCS doesn’t issue an annual guidance but analysts expect double digit growth revenue from the company in FY20. But the real question for the company is whether or not it will meet its ambitious target of a 26-28% margin guidance, which it hasn’t been able to meet over the past three years due to currency pressures. Now, these pressures seem to be easing. Profit or risk Tech companies, like all others with exposure abroad, tend to hedge their exposure in case of a fall or a gain — usually at around 30%. In spite of that, some benefits might seep into tech companies’ balance sheets. Even if profit isn’t seen in the short run, a weakening rupee offsets some of the key risks faced by IT firms. "This includes sharp cross country movement that could appreciate the value of the rupee, pricing pressure and lower margins," according to Edelweiss Securities Limited. IT companies in India have already been hit by the Union Budget’s decision to impose a 20% tax on <a href="https://www.businessinsider.in/tcs-wipro-infosys-and-it-companies-hit-by-budgets-buyback-shares-tax-and-increase-in-minimum-public-shareholding/articleshow/70136810.cms">buyback shares</a> making their financial performance all the more important. Amidst a host of bad tidings, <keyword id="841408" type="PERSON" weightage="20" keywordseo="falling-rupee">falling Rupee</keyword> could be a morale booster. See also: <a href="https://www.businessinsider.in/the-global-trade-war-has-morphed-into-a-currency-war-heres-why-thats-a-scary-proposition-for-markets-/articleshow/70572130.cms">The global trade war has morphed into a currency war. Here's why that's a scary proposition for markets.</a> <a href="https://www.businessinsider.in/china-takes-measures-to-keep-the-yuan-from-plummeting-further-stabilizing-markets-after-2019s-worst-rout/articleshow/70556237.cms">China takes measures to keep the yuan from plummeting further, stabilizing markets after 2019's worst rout</a> <a href="https://www.businessinsider.in/stocks-plunge-as-global-recession-fears-rattle-investors/articleshow/70575112.cms">Stocks plunge as global recession fears rattle investors</a>

Weaker rupee might turn things around for TCS, Wipro and Infosys

<a href="http://www.businessinsider.in/searchresult.cms?query=T+K+Kurien&amp;sortorder=effectivedate">T K Kurien</a>, the Vice Chairman of <a href="http://www.businessinsider.in/searchresult.cms?query=Wipro&amp;sortorder=effectivedate">Wipro</a>, has decided to quit after nearly two decades of handling different roles in the company. Kurien will be leaving ahead of the end of his current tenure, which ends in March and the announcement is expected to be made at the company's third-quarter results. 
 
Kurien was to continue also as member of the board until March 31. It is still not clear what his plans are, after he leaves the company. He has invested in a few startups in the <a href="http://www.businessinsider.in/searchresult.cms?query=artificial+intelligence&amp;sortorder=effectivedate">artificial intelligence</a> (AI) space and in mobile payments startup ToneTag. 
 Everyone around him called him a hardworker but despite the hard work and despite being the hard taskmaster that everybody in <keyword id="10862" type="CITY" weightage="100" keywordseo="Wipro">Wipro</keyword> said he was, Kurien struggled to make the company grow. Revenue growth was way short of those of its peers. He could never achieve his desire to demonstrate at least four successive quarters of 4%-4.5% sequential growth. 
 
"Previous Wipro CEOs had come up through the system, whereas TK had come up in other companies and was viewed as an outsider. One of the big challenges which TK inherited was that the other industry leaders had already made the changes to focus on industry, and TK was constantly playing catch up, having lost the first mover advantage that <a href="http://www.businessinsider.in/searchresult.cms?query=TCS&amp;sortorder=effectivedate">TCS</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Cognizant&amp;sortorder=effectivedate">Cognizant</a> gained. His focus on moving quickly, and impatience to catch up created a backlash in the Wipro culture which he had to constantly deal with," Peter-Bendor Samuel, CEO of outsourcing research firm <a href="http://www.businessinsider.in/searchresult.cms?query=Everest+Group&amp;sortorder=effectivedate">Everest Group</a>, told ET. 
 A chartered account by training, Kurien's penchant for numbers, cleaning up balance sheets, and bringing the GE-approach to operational efficiency was evident during his time with Wipro. This and his aggressiveness would have been what made chairman <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> pick Kurien for the CEO's job but for all that, Wipro under Kurien failed to catch up with its peers. Even its closest rival, <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>, surged ahead under CEO Vishal Sikka

Wipro Vice Chairman T K Kurien to quit

MUMBAI: IT major <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> has remained firm after reporting a 3.5 per cent cut in Q1 net profit. The change of guard at Infosys, with <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> taking over as the <keyword id="5645" type="POSITION" weightage="20" keywordseo="CEO">CEO</keyword>, has been positively accepted by both the Infosys employees and investor community 
 
Since taking over, Sikka has taken five key steps, early signs of which seem to suggest that there has been a change in the mood from near-despondency to excitement. 
 
Sikka’s 5-point strategy includes winning confidence of seniors, promoting engineers, connecting with employees, meeting clients and meeting venture capitalists. 
 
“Infosys was going through a period of internal struggle and turmoil and it came to grips with a generational change in leadership,” said Dipen Sheth, Head-Institutional Research, HDFC Securities, to ET Now. 
 
“By and large the ship has been steadied now. It is a fantastic business. It has got lots of cash on the balance sheet. It has got probably the best or close to the best name that one can think of in terms of brand salience in Indian IT,” he added. 
 
According to him, the inflexion point in Infosys happened when the sentiment was at its worst near Rs 3,000. 
 
“If you will allow me the luxury of hindsight, I do not think there is much that can go wrong unless they shoot themselves in the foot from here on. I do not see how you can lose money in Infosys,” Sheth added. 
 <keyword id="48670" type="CITY" weightage="20" keywordseo="Morgan-Stanley">Morgan Stanley</keyword> is of the view that Infosys can surprise the street positively on margins. 
 “Going by historical patterns, we think the <keyword id="54324" type="UNKNOWN" weightage="20" keywordseo="india-business">India business</keyword> will revert to profitability from 2Q15 and could boost Infosys’ overall margins. Overall, we believe Infosys could continue to surprise the Street positively on operating margins, and earnings estimates could further move up over the coming quarters,” the report said. 
 
The brokerage will now be looking for factors such as pickup in revenue growth in 2Q, strong deal wins, sustenance of FY guidance and strategy possibly from the new CEO in the second quarter results. 
 
Morgan Stanley has a target of Rs 4,000 on the stock. 
 
Meanwhile, Jefferies has downgraded the stock to hold from buy. It has cut the price target to Rs 3,520 from Rs 3,675 earlier. According to the brokerage, incremental improvements are a challenge for the company. The margin gains now depend on revenue growth, which is still lacking. For the new management, opportunities are not without challenges, it says. 
 
The stock of Infosys has gained over 8 per cent since its Q1FY15 quarter results reported last month.

Will Vishal Sikka's Strategy Take Infosys Stock To Rs 4,000?

NEW DELHI: The Indian markets have been on a roll of late, hitting fresh record highs consistently, supported by strong global liquidity and easing of geo-political concerns. 
 The 50-share <keyword id="6354813" type="COMPANY" weightage="20" keywordseo="nifty">Nifty</keyword> index managed to hit a fresh record high of 7929.05 on 22 August 2014, while the <keyword id="6484188" type="CITY" weightage="20" keywordseo="Sensex">Sensex</keyword> recorded its fresh lifetime high of 26,508.27 on 19 August 2014. 
 
Most analysts do not see many triggers which can lead to a big fall in the markets, but given the fact that we are trading at the higher end of the range or near-key resistance levels, some bit of consolidation or correction cannot be ruled out. 
 
However, the broader trend remains to be on the upside. Given the momentum that we have seen in the Indian markets, analysts see the Nifty touching 8000-8200 levels by December-end. 
 
And for the Sensex, the rally may extend to 27000-28000 in the same period, but beyond that the market would require additional triggers to move forward. 
 
“I would assume the market will still be range-bound for the time being, given the fact that valuations are at the upper end of the historical trading band,” said Sanjeev Prasad, Senior Executive Director &amp; Co-Head, Kotak Institutional Equities. 
 “If you look at <keyword id="35140" type="CITY" weightage="20" keywordseo="BSE">BSE</keyword> 30 index on a 12-month forward basis, it is already at about 15.5 times, not very different from what you see historically. Band is more like 12.5 to 16-16.5 times. So we are pretty much at the upper end of the trading band,” he added. 
 Prasad is of the view that the scope for re-rating is looking a little big difficult given the fact that most of the <keyword id="6354298" type="ORGANIZATION" weightage="20" keywordseo="stocks">stocks</keyword> have gone up pretty significantly without any meaningful change in the fundamentals as yet or without any meaningful upgrades to earnings so far. 
 
However, analysts are of the view that the party on Dalal Street is likely to carry for some more time aided by strong global liquidity and reform push by the newly-elected Modi government. 
 
On Thursday, Deutsche Bank in its latest report reiterated its positive view on the Indian markets and is confident that the government will move towards big bang reforms progressively. 
 
The global investment bank sees the Sensex touching 28000 by December 2014 end, which translates into an upside of 6.2 per cent from Wednesday’s closing value of 26360.11. 
We have collated list of ten stocks from different brokerages which can deliver up to 34% return in the next 12 months:
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Cox &amp; Kings: Target price set at Rs 360 (Motilal Oswal) 
 
With the recent sale of camping business, Motilal Oswal believes Cox &amp; Kings is on the path of deleveraging its balance sheet with the net debt/equity expected to reduce from 2.4x in FY14 to 1x in FY17E. 
 They believe that Cox &amp; Kings has a balanced portfolio now both in India and international business across categories, which is synergetic to post 30 per cent PAT <keyword id="107168" type="ORGANIZATION" weightage="20" keywordseo="CAGR">CAGR</keyword> over FY15E-17E. 
 
The stock trades at 13.6x FY15E and 10.1x FY16E earnings. It values Cox &amp; Kings at 14x FY16E earnings of INR25.7, with a Buy rating and target price of Rs 360. 
 
Britannia Industries: Target price set at Rs 1320 (Motilal Oswal) 
 
Visible improvement in business fundamentals such as operating margins, return on equity and cash flow from operations and responsive management have driven BRIT's re-rating over the past 18 months. 
 
The brokerage firm expects this re-rating to sustain and gather steam as it premiumizes portfolio and drives cost efficiencies, aiding further margin expansion. As emphasized in its earlier notes, the key change for BRIT compared to three years ago is the ability to defend margins despite unfavorable RM movement. 
 
Monsanto India Ltd: Target price set at Rs 2300 (Motilal Oswal) 
 
Motilal Oswal expects revenue to grow at 17 per cent CAGR and PAT at 23 per cent CAGR over FY14-16. They have downgraded their earnings estimates by 25 per cent for FY15 and by 14 per cent for FY16 to factor in lower than expected growth. 
 The brokerage firm believes <keyword id="6362476" type="ORGANIZATION" weightage="20" keywordseo="investments">investments</keyword> made during FY09-12 will start paying off for MCHM in terms of new product launches and market share gains. They remain excited about the huge potential in genetically-modified (GM) foods and MCHM's Roundup Ready Flex. 
 
As per the report, lower than expected earnings led by a poor monsoon could result in a correction in the stock price in the near term, which should be utilized as a buying opportunity. 
 
Kaveri Seeds Company: Target price set at Rs 1045 (Motilal Oswal) 
 
The brokerage firm has upgraded their estimates for FY15E by 3 per cent given the increasing popularity of ATM and Jadoo which will drive the market share gain going forward. 
 
They expect KSCL to be a market leader in the cotton segment in FY16, which should lead to a re-rating in the multiple, going forward. The stock trades at 18.6x and 14x FY15E and FY16E respectively. 
 
<keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> Ltd: Target price set at Rs 1875 
 
Healthy core operations driven by gradual NIM improvement and strong control over opex are leading to strong core ROAs of over 1.6 per cent despite moderate fee income. 
 Improvement in macro-economic environment and <keyword id="6359987" type="COMPANY" weightage="20" keywordseo="resolution">resolution</keyword> of infrastructure bottle-necks shall lead to reduction in NSL. ICICI Bank is well positioned to leverage onto opportunities with core ROA of 1.6 per cent, strong distribution network and capitalization. 
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<keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>: Target price Rs 4,040 (Prabhudas Lilladher) 
 
The brokerage firm expects new strategic initiatives to be announced by Infosys under the new leadership of Dr. Vishal Sikka. However, in the near term, it sees more tailwinds for margins to be played out in FY15. It sees no downside risks to its estimates. It has revised its target price to Rs 4,040 (from: Rs 3,920), 17x FY16e earnings estimate. 
 
<keyword id="6357149" type="CITY" weightage="20" keywordseo="HDFC-bank">HDFC Bank</keyword>: Target price Rs 925 (Prabhudas Lilladher) 
 
Underlying macros remain challenging impacting financials but the brokerage firm sees limited risks to earnings growth as the bank sweats out its branches further and credit costs will get cushioned by floating buffer. 
 
Though profit growth levels have moderated, RORWAs have inched to an all-time high of over 2.6 per cent on improved operating leverage. With intended capital raise, balance sheet will strengthen and improve RoAs further as revenue momentum will start picking up and opex costs increase will be gradual. 
 
State Bank of India: Target price Rs 3,000 (Prabhudas Lilladher) 
 
SBI's asset quality has improved on some ARC sales and better recoveries, though slippages are still high but overall stress seems to be diminishing bringing stability to asset quality. 
 
Opex efficiencies are now kicking in on measures of correction in overheads and also is best placed on pension and wage provisions which will keep Opex growth lowest among peers. 
 
SBI is best placed on provisions and less net additions to staff will keep employee expenses under check which will result in lowest Opex growth among peers in FY15. 
 
Whirlpool of India: Target price set at Rs 580 (Microsec Capital) 
 
The company's P/E has been ranging between the levels of negative 3x to 24x in last ten years. Currently the industry P/E is trading at the levels of 38-41x, much higher than the company's P/E of 36.8x. 
 
Also, the 2 year forward industry P/E is expected to trade at 21x as compared to company's P/E of 12x. We have revised the estimates on higher side. Diversification of products in a single segment, launching of new models and rupee appreciation/ stable commodity prices are likely to increase margins. 
 
Mangalam Cement Ltd: Target price set at Rs 330 (Karvy) 
 
The brokerage firm believes that Mangalam Cement should benefit as cement demand accelerates going forward, from its production ramp-up and from better plant efficiency. The management guided for over 40 per cent volume growth in FY15E ahead of our estimates of 30 per cent. 
 
They have re-iterated their ‘BUY; recommendation with a TP of Rs 330 valuing it at USD55 per MT on its 3.25 mn MT capacity, 4.0x FY16E EBITDA and 2.7x its FY17E EBITDA. 
 
(Views and recommendations expressed in this section are the analysts’ own and do not represent those of EconomicTimes.com. Please consult your financial advisor before taking any position in the stocks mentioned.)

Top Ten Indian Stocks Which Can Give Up To 34% Return In 1 Year

Her paternal grandmother, Kokilaben, stood by husband Dhirubhai but never joined him as he redefined the boundaries of Indian entrepreneurship. Her father’s sisters, or her aunts, were married early into business houses, with little discussion about joining the business: Dipti into the Salgaocar family and Nina into the Kothari family. Her mother, Nita, broke the mould somewhat and has done a fair bit on the business end of the group. But Isha Ambani, 22, is poised to redraw the family-business construct for Reliance women scions. 
 
Last week, ET reported the only daughter of Reliance Industries owner Mukesh Ambani had joined global consultancy McKinsey in the US. Isha, a Yale graduate in psychology and South Asian studies, had joined her father at the Reliance annual general meeting in Mumbai last year. While the company declined comment, corporate observers say the McKinsey stint is probably a stepping stone to larger things in the family business empire. 
 Across India Inc, more and more women scions can be seen at the frontline of their family business. There are some who have made a mark: like Nisa <keyword id="6369697" type="COMPANY" weightage="40" keywordseo="Godrej">Godrej</keyword> and Tanya Dubash at the Godrej Group. There are some who are asserting themselves: like Radhika Piramal, the 34-year-old, Harvard-educated managing director of VIP Industries. 
 
And there’s a new lot stepping in: like 30-year-old Gursimran Mann, managing director of Simbhaoli Sugars, and the first woman in four generations of the family to play a hands-on role in its business. According to business historian Gita Piramal, who is also the mother of Radhika Piramal, 20 years ago, she predicted it would take two generations before Indian women in the family business became the done thing. “I find it has taken one generation to do so,” she says. 
 
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Three Pivots Of Change 
 
“It is a belated effect of what is happening in society,” says Ashvini Chopra, MD &amp; CEO of Universal Trustees, a firm that helps business families in succession planning. When it comes to women in business, this change pivots around three aspects. 
 
The first is education. “Parents who would typically give professional education, including overseas exposure, only to their sons are now also encouraging daughters,” says Prabir Jha, chief HR officer, Reliance Group, speaking in general and not in reference to the Ambani family. “Their entry into business responsibilities is then a logical corollary.” 
 
Secondly, family size is shrinking. Joint families are becoming nuclear, resulting in a fall in the number of male heirs. “In many families it’s a father and son and daughter like situation. And daughters are the heir apparent,” says Kavil Ramachandran, Thomas Schmidheiny Chair professor of family business and wealth management at Indian School of Business. “Also many families are realising that girls are as good as, or better than, boys in performance.” 
 
For some like Sulajja Firodia Motwani, vice-chairperson of Kinetic Engineering, all this was a given. “A combination of a good atmosphere at home, freedom to do what we wanted and treating daughters like sons encouraged me to get into the family business,” she says. While she feels this is how it should be, Piramal says it’s still not the case in all families and inequalities manifest themselves in many forms. “We are only half way there,” she says. “There are several prominent business families where daughters are not at the forefront of handling businesses in terms of true equality.” 
 
That leads to the third pivot of change: an amendment in the Hindu Succession (Amendment) Act, in 2005, which removed gender discrimination in inheritance in Hindu joint families. Previously, only the male line, down to the great-grandson, had inheritance rights. The amendment gives women an equal share in the family business. “Even women married before 1994 can come back and claim equal rights into the family business as well as inherited assets,” says Sameer Tapia, senior partner at ALMT Legal. 
 

	But the exciting, radical change is happening in operations, and Tapia offers some sense of its magnitude. “We have at least 40 per cent family-business clients where women are playing an active role in the family business, and are part of crucial strategy or execution teams.” And many, like the four women profiled here, are leaving an imprint. 
	 

	 
	 
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Through the Ranks 
 
Unlike many, if not most, women scions in India, Lakshmi Venu had a point of reference on the gender question. Her mother, Mallika Srinivasan, is the chairperson and chief executive of tractor company Tractors and Farm Equipment Limited. But Lakshmi, 31, gravitated towards the businesses managed by her father, Venu Srinivasan—auto-component company Sundaram-Clayton and two-wheeler firm TVS Motor. In 2010, Lakshmi was inducted as director-strategy and whole-time director of Sundaram-Clayton. In May 2011, she was also made vice-president in charge of global business strategy at Sundaram-Clayton. 
 
It capped close to a decade of her involvement with the family business. Back in 2003, Lakshmi joined as a management trainee in Sundaram Auto Components. She also did stints in business strategy, design, corporate affairs, and sales and marketing at TVS Motor. Lakshmi declined comment for this profile. 
 
But senior auto industry professional RL Ravichandran, who has worked in a senior position in TVS Motors, says Lakshmi was interested in the business from early on. Even with her impeccable academic qualifications, he adds, she earned her way through various roles. “(It’s why)…there was no resistance from employees when she was inducted on to the board.” 
 
Speaking on the condition of anonymity, a senior TVS manager who interacts with Lakshmi describes her as “level-headed” and “business-like”. She currently manages the entire component business, which includes die cast, rubber, plastics and seats. “She is handling the business well and it is showing results,” he adds. Unlike Lakshmi, brother Sudarshan Venu, 24, had an easier entry into Sundaram-Clayton, joining its board in 2011. 
 
According to VG Ramakrishnan, managing director of Frost &amp; Sullivan, a consultancy, it’s a good sign when scions spend time in the business rather than being parachuted into it. “Children are being groomed to take over executive roles and responsibilities right from the beginning as part of effective succession planning,” he says. “It shows the progressive nature of these companies.” 
 
 In 2011, Lakshmi married Rohan Murty, son of <keyword id="6354512" type="CITY" weightage="40" keywordseo="Infosys">Infosys</keyword> co-founder Narayana Murthy. Her lineage aside, she is seen as a leader in her own right. Anil Singhvi, founder and director of Institutional Investor Advisory Services, a proxy shareholder advisory firm, has been baying against the tendency of business families to induct women scions into the board simply to meet the new rule of minimum women representation. But for Lakshmi, he says: “She is competent to take the business forward.” 
	 

	 
	 
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When a 21-year-old Bhairavi Jani returned from the US in 2000, after a year of working as a supply-chain consultant in KPMG’s Washington DC office, she battled two stereotypes as she tried to make her mark in the male-dominated Indian logistics business industry: gender and age. “There were people who did not want to work with me, who thought I was probably amusing myself for a few years before being married off,” she says. “And then there were customers, even MNCs, who refused to give business to a young woman, who they were sure would fail miserably at logistics planning.” 
 
Her father had thrown her into the deep end, and told Jani to learn to swim. Instead of making her a part of Blue Dart, his flagship before he sold it to DHL in 2004, Tushar Jani stumped his elder daughter by asking her to set up her own venture. “His view was that people from family-owned businesses tend to take things for granted,” says Jani, now 34. “Going through the pain of setting up a venture would teach me two things: never be afraid to take risks and value what it takes to sustain a business.” 
 So, Jani set up i3pl, to provide end-to-end logistics services to corporate clients. After initially struggling for business, i3pl obtained its first client in M&amp;M, and subsequently signed up British Petroleum, Sara Lee and <keyword id="60299" type="CITY" weightage="40" keywordseo="Walt-Disney">Walt Disney</keyword>, among others. Jani roped in partners in 2003 and, in a planned exit, sold out to them in 2005. 
 
That same year, Jani assumed the role of group director for the SCA Group, which has four verticals: warehousing, supply chain technology, cargo handling and freight forwarding, and shipping, respectively. At present, she provides strategic and operational guidance, operating as a link between the board and professionals; she also directs new projects and is in charge of joint ventures and alliances. 
 
Jani set up the warehousing vertical, via a company called Transmart India, in 2007. Percy Dhunjisha, a former CFO of Blue Dart Express and a person who had worked closely with her father, was her mentor there. He describes her as a searching and questioning manager. “Bhairavi’s management style is, forethought is better than afterthought,” he says. “She does not accept things as they are presented, but will often probe enough with questions to determine whether there is an alternate way of doing things and whether the same has been considered before arriving at the solution presented.” 
 
At SCA, she has her father’s backing. “Daughters are as astute and sharp in financial management, balance sheet and P&amp;L [profit and loss] accounting, says Tushar Jani. “I have always believed in that. Therefore, Bhairavi has always been given full charge of our projects and companies, including P&amp;L responsibility. And like any CEO, she has been answerable to the board.” 
 

	Gender and age still come up in conversations, though. Even today, there are few women in the logistics industry, and Jani still has to face issues of equality with male colleagues and work-life balance. “But I am confident that women in leadership roles in business will pick up sharply,” she concludes. 
	 

	 
	 
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Set up in 1933, Simbhaoli Sugars has seen four generations of the Mann family nurture it. But in that journey, women from the family, though present as shareholders and promoter-directors, were conspicuously absent on the frontline. Gursimran Mann, belonging to the fourth generation, changed that. 
 In 2005, just 21 and out of college, she joined Simbhaoli— a business with inert appeal to the young and a workforce in which women made up less than 1%. In doing so, she was turning her back on options available to her like consulting and investment banking. She even considered joining a consumer products or an agri-trading company, having done internships with Nestle, <keyword id="76102" type="COMPANY" weightage="40" keywordseo="Cargill">Cargill</keyword> and ED&amp;F Man. 
 
“It was my decision,” says Mann. She grew up in the Simbhaoli factory compound, in rural Uttar Pradesh, listening to conversations about the business and watching sugar being made. “This background, combined with my training in economics, made me realise the opportunity that existed for me to help grow the business further.” The only child, she did not immediately start reporting to her father and chairman Gurmit Mann. Joining as a trainee, Mann worked in various departments—factory, farm operations and trading —reporting to different people. 
 
“My promotions were not on auto mode,” she says. After completing her MBA from London Business School, Mann became an executive director in 2012 and managing director in July 2013. At Simbhaoli, she counts among her achievements increasing asset utilisation, partnering with global sugar trading company ED&amp;F Man, setting up sugar refinery on the Gujarat coast to tap the import-export play, reducing the cyclical nature of the sugar business by pushing the power and the alcohol business, building a consulting vertical that advises other companies on all things sugar, and raising new capital from private equity. “She has taken the challenge to professionalise the business,” says Devin Narang, India MD of Singapore-based PE fund Sindicatum, which has invested in the company. 
 

	For Mann, it’s all in a day’s work. “There is an overall social and cultural change, leading to a change in mindset among business families regarding acceptance of daughters to take charge,” she says. 
	 

	 
	 
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The middle of three daughters, Arathi Krishna was the first women in her family to join the business, in 1989, when she was just 20. “I had an easy transition into the company,” says Krishna, now joint managing director of auto-component major Sundram Fasteners. “I was easily accepted by employees.” Acceptance from the industry has followed. The 45-year-old spearheads the Rs 2,651 crore company’s domestic business. 
 “This is a logical succession,” says Sonu Iyer, partner &amp; diversity and inclusiveness leader, <keyword id="151258" type="CITY" weightage="40" keywordseo="Ernst-Young-India">Ernst &amp; Young India</keyword>, a consultancy. “The daughters [younger sister Arundathi is in charge of overseas operations and business development] have grown up in an entrepreneurial set up, and it’s only natural for them to be entrepreneurs and also do it better.” 
 
According to Arathi, her parents gave her an environment to flourish and the freedom to choose. “There was no difference between a son or a daughter,” she says. “My parents are very progressive, willing to take risks and pushed us to pursue our interests. But they never pushed us into the business.” Arathi did an MBA from the US. She stayed on, first to work in automotive strategy with a consulting company and then with Sundram Fasteners for five years. “I knew I would, at some point, come back and join the business,” she says. 
 
“So, I took up jobs in the US that were related to the business. I wanted to make myself worthy when I came back to join the business.” Arathi returned to India in 2006, and became joint MD in 2011. Arathi counts among her achievements making the workforce at Sundram Fastners younger, and the work culture more performance-based and technology oriented. Around 2005, the average age of the Sundram workforce was 40 years; it’s now down to 35 years. 
 
In her earlier years, at industry meets, Arathi would feel out of sorts in what was essentially a man’s world. “But then, I felt it was tougher to work in a Japanese or a Korean company,” she says. At present, 10% of Sundram’s workforce is made of women. “We have always believed in equality at the workplace. We are promoting more women to join the manufacturing ranks in the company.”

Family Businesses In India See Rise Of Women As Promoters And Leaders

NEW DELHI: The <keyword id="30287" type="CITY" weightage="40" keywordseo="SP">S&amp;P</keyword> <keyword id="53232" type="COMPANY" weightage="40" keywordseo="BSE-sensex">BSE Sensex</keyword> managed to bounce back on Monday even though the macro triggers remain muted with IIP data reflecting the underlying weakening production trend in the manufacturing sector. Today, the index is witnessing dull trade. 
 Last week, index of industrial production (IIP) contracted for the second straight month. The index fell by 2.1 per cent for November on a year-on-year basis, which was even sharper than October’s decline of 1.6 per cent. Now all eyes are on <keyword id="279236" type="UNKNOWN" weightage="40" keywordseo="Inflation-data">inflation data</keyword> due on Wednesday for the month of December. 
 The BSE <keyword id="6484188" type="CITY" weightage="40" keywordseo="Sensex">Sensex</keyword> rallied over 400 points in intraday trade on Monday, led by smart buying seen in IT, banks, capital goods and oil &amp; gas <keyword id="6354298" type="ORGANIZATION" weightage="40" keywordseo="stocks">stocks</keyword>. The index finally closed 375.72 points, or 1.8 per cent higher, at 21,134.21. 
 The large part of the optimism can be attributed to <keyword id="6354512" type="CITY" weightage="40" keywordseo="Infosys">Infosys</keyword>' stellar results on Friday for the quarter ended December 31. However, most analysts rule out any major surprises from Q3 results considering the fact that the benefit of the currency which was there in the previous quarter might not be available in December quarter. 
 “Markets would be closely watching the <keyword id="22195" type="COMPANY" weightage="40" keywordseo="Inflation">inflation</keyword> data and that would definitely give some cues as to what the RBI would do in the upcoming policy meet,” said Ankit Agarwal, <keyword id="1134824" type="POSITION" weightage="40" keywordseo="VP-Fund-Manager">VP &amp; Fund Manager</keyword>, Centrum Broking. 
 
“We feel that the markets in the near-term will continue to remain a little volatile as we do not expect any great wonders from the quarterly results. In the Q2, they had got a benefit of higher depreciated currency, but on a QoQ basis, even that benefit has sort of normalised,” he added. 
 Agarwal is of <keyword id="358683" type="ENTERTAINMENT" weightage="40" keywordseo="The-View">the view</keyword> that any dips in the market, any significant dips in the market, we would buy into some of the cyclicals with a 10 to 15-month investment horizon as there could be some disappointment in the results. 
 
We have collated list of ten stocks from various brokerage firm which can deliver return upto 50 per cent in 2014: 
 
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Indiabulls Real Estate: Motilal Oswal maintains ‘BUY’ rating on the stock as the firm’s cash flow is likely to remain steady due to execution progress, which will lead to a decline in net debt. The stock is trading at around 40 per cent discount to its NAV estimate of 125. 
 
Prestige Estates Projects Ltd: Religare maintains ‘BUY’ rating on the stock as the company has posted steady sales in the third quarter aided by a big launch in Bangalore. Its full-year guidance is good and a pick-up in deliveries is the key performance indicator. 
 VST Tillers Tractors: Nirmal Bank maintain ‘BUY’ rating on the stock since the company is asset-rich, with a clean balance sheet, and enjoys dominance in its product range. Earnings growth is expected to be high at a <keyword id="107168" type="ORGANIZATION" weightage="40" keywordseo="CAGR">CAGR</keyword> of 36.9 per cent over 2013-15. 
 Adani Ports and SEZ: <keyword id="48085" type="CITY" weightage="40" keywordseo="Credit-Suisse">Credit Suisse</keyword> initiates coverage with ‘outperform’ rating as the release of corporate guarantees for Abbot and continuation of strong volume growth at Mundra are the key catalysts. 
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Ipca Laboratories Ltd: Edelweiss maintains ‘BUY’ rating on the stock as the domestic business is gaining traction and will continue to grow at a sustainable 16-17 per cent over the next two years. We forecast 24 per cent EPS CAGR over 2013-16. 
 Sobha Developers Ltd: <keyword id="6361649" type="CITY" weightage="40" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> retains ‘BUY’ rating on the stock as the company will continue to witness a robust revenue growth and operating cash flow since the rolling 8-quarter pre-sales momentum remains strong. 
 <keyword id="201473" type="COMPANY" weightage="40" keywordseo="HDFC-Bank-Ltd">HDFC Bank Ltd</keyword>: IIFL upgrades the stock to ‘BUY’ as the mobilisation of <keyword id="91029" type="ORGANIZATION" weightage="40" keywordseo="FCNR">FCNR</keyword> (B) deposits will enhance competitiveness and lead to significant improvement in earnings and profitability over the medium term. 
 Sintex Industries Ltd: <keyword id="2013974" type="UNKNOWN" weightage="40" keywordseo="Sunidhi-Securities-Ltd">Sunidhi Securities Ltd</keyword> recommend ‘BUY’ as Sintex enjoys an early-mover advantage in businesses that are geared towards social sector spending in India, which is likely to continue. The company is poised to accelerate business growth. 
 <keyword id="192306" type="CITY" weightage="40" keywordseo="Britannia-Industries-Ltd">Britannia Industries Ltd</keyword>: <keyword id="6358584" type="CITY" weightage="40" keywordseo="HSBC">HSBC</keyword> has initiated coverage of <keyword id="6359432" type="PERSON" weightage="40" keywordseo="Britannia">Britannia</keyword> Industries Ltd with an 'overweight' rating and a price target of Rs 1,100, citing the company's strength in the fast-growing mid-to-premium segment in biscuits/bakery. 
 <keyword id="233533" type="COMPANY" weightage="40" keywordseo="Cadila-Healthcare-Ltd">Cadila Healthcare Ltd</keyword>: <keyword id="189016" type="CITY" weightage="40" keywordseo="Bank-of-America-Merrill-Lynch">Bank of America-Merrill Lynch</keyword> upgraded the stock to "buy" from "underperform" and raised its target to Rs 1,000 from Rs 705, saying the worst is behind and earnings will accelerate from fiscal 2015. 
 The investment bank also expects that Cadila is likely to get 20 or more drug approvals from the <keyword id="6356255" type="ORGANIZATION" weightage="40" keywordseo="US-Food-and-Drug-Administration">US Food and Drug Administration</keyword>, and that it expects domestic sales to recover in fiscal 2015. 
 
(The above report is compiled from inputs from ET Wealth publication dated 13 January 2014.)

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