Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

AI (artificial intelligence) has been the talk of town ever since <keyword id="19896272" type="General" weightage="20" keywordseo="generative-AI" source="keywords">generative AI</keyword> tools like ChatGPT, Gemini and CoPilot gained attention. These AI tools have the potential to assist humans with their day-to-day lives. And companies too have started recognising the benefits of AI and are investing heavily in the space. According to a survey conducted by EY in July this year, business leaders said that they had already begun seeing returns on their investments in artificial intelligence (AI). The survey also added that Among the 95 percent of senior executives who confirmed their organisations were currently investing in AI, the number of companies investing £10 million or more was expected to nearly double to 30% in the coming year, up from 16%. <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> co-founder <keyword id="20294306" type="General" weightage="100" keywordseo="Nandan-Nilekani" source="keywords">Nandan Nilekani</keyword> also supports investments in AI. In fact, he believes that not investing in AI will actually end up costing more for companies. <h2>Nandan <keyword id="20829036" type="General" weightage="20" keywordseo="nilekani" source="keywords">Nilekani</keyword> on AI investments </h2> Speaking on Nikhil Kamath’s podcast, People by WTF, Nilekani explained how AI is becoming indispensable for businesses and society at large. Responding to concerns about whether current investments in AI might be a bubble, Nilekani was clear: the risk of not investing in AI far outweighs the potential costs of adoption. “They can’t afford not to do it,” he said, referencing global companies that spend as much as $50 billion a year on AI infrastructure. Nilekani added that AI represents a “big platform shift,” and businesses that fail to adapt could find themselves permanently sidelined. The competitive landscape for AI is fierce, especially in the West, where tech giants are racing to dominate this space. Investments in data centres, AI chips, and large-scale research projects are driving AI development forward, bringing down costs and making AI technology more accessible over time. <h2>Power of LLMs in India</h2> During the same podcast, Nilekani also said that he sees massive potential for AI in language processing. <keyword id="19897804" type="General" weightage="20" keywordseo="large-language-models" source="keywords">Large Language Models</keyword> (LLMs), a type of AI that can understand, generate, and respond to human language, are particularly powerful in India’s multilingual context. Nilekani explained how these models could help bridge communication gaps by providing access to information in local languages. For instance, Nilekani highlighted how a farmer in Uttar Pradesh could ask a question in Hindi, and the AI system could retrieve relevant information, such as farming techniques, in real time. This capability, Nilekani argued, could democratise access to global knowledge and make it available to people in their native tongues. “If you can speak in your language of choice, your mother tongue, then suddenly you can access the entire knowledge in the system,” Nilekani said, underscoring how AI could empower individuals who may not be literate or familiar with English.

Can’t afford not investing in AI, could be out of the game permanently, says Infosys co-founder Nandan Nilekani

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

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

It's impossible to talk about workforce innovation without addressing artificial intelligence.During a virtual roundtable, we asked Business Insider's <a target="_blank" class="" href="https://www.businessinsider.com/workforce-innovation-board-tackles-topics-such-as-c-suite-innovation-ai-worker-wellness-2024-8">Workforce Innovation board</a> to tell us how AI would transform companies over the next year.One major topic was reskilling and upskilling employees. BI's Tim Paradis, who focuses on the future of work, asked whether there were any fears that <a target="_blank" class="" href="https://www.businessinsider.com/vinod-khosla-universal-basic-income-ai-job-loss-2024-9">dire predictions of AI</a> outpacing human capabilities to learn, like those advanced in a recent article by Sun Microsystems cofounder <a target="_blank" class="" href="https://www.khoslaventures.com/ai-dystopia-or-utopia/">Vinod Khosla</a>, would prove true."The basic drivers of job creation will change with a technology that does not only augment human capabilities, but also may surpass them altogether," Khosla wrote, "leaving education and upskilling — a historical avenue for retraining and relevance — somewhat impotent."Board members rejected the grim prognostication."I disagree with that statement," said Justina Nixon-Saintil, IBM's vice president and chief impact officer, though she agreed that AI would exacerbate the digital divide."We made a commitment to scale 2 million people in AI by 2026," Nixon-Saintil said. "There's a sense of urgency in making sure we are not leaving people behind."AARP's Marjorie Powell argued that the global labor shortage was evidence of an enduring need for human workers but that no one can afford to be complacent. "You're going to have to relearn how to do your job," Powell said.Others described the importance of communicating clearly with workers about what AI means for their jobs now and in the future."We're trying to figure out how this transformation is going to occur," said Chris Deri, the president of the corporate advisory businesses at Weber Shandwick. "There has to be transparent communications and stakeholder engagement alongside figuring out these enterprise and strategic matters."The following has been edited for length and clarity.<h3 id="4a721470-9d79-4540-a871-62ad779b2870">How will the most innovative companies be transformed by AI over the next 12 months?</h3><h2 id="58f968af-3acb-493b-870e-b8d2bf021db1">Justina Nixon-Saintil, vice president and chief impact officer, IBM</h2><h3 id="a436d836-8481-4230-8a70-68bd3cfe6353">"Any tasks or jobs in the company that could be automated by AI will happen within the next year."</h3>A lot is going to change. Any tasks or jobs in the company that could be automated by AI will happen within the next year. For any jobs that cannot be automated, workers will need to understand how to work alongside AI.You need to understand what AI means for your role, how to use it to <a target="_blank" class="" href="https://www.businessinsider.com/how-use-ai-save-time-work-best-ways-use-chatgpt-2024-9">increase productivity or efficiency</a>, and how to create new products and solutions leveraging AI. That's going to be the big shift, and here we actually continue to upskill our employees to prepare for that shift.Last year, we had an AI challenge across the company, and a huge percentage of our employees participated. They had to get training first, and then they were part of a team to come up with innovative solutions leveraging AI. We did it again this summer. So the company is very focused on how to upskill all employees, because it's going to impact every role in the company.<h2 id="82ccd740-f6d2-4536-8e3d-54d9f225dac0">Anant Adya, EVP, service offering head, and head of Americas delivery, Infosys</h2><h3 id="66cbaa75-725e-4e65-880c-285d5d102e74">"How can we eat our own dog food right before we start telling customers to adopt AI?"</h3>We have two objectives. One is to become an AI-first enterprise. The first task is to see how we can start using AI in everything we do, whether it's in our claims or travel expenses, procurement, or handling invoices.Our philosophy is very simple. AI is not about replacing an individual or replacing an employee but how we can amplify our productivity by using the tools. How can we eat our own dog food right before we start telling customers to adopt AI?Second is that for all the offerings that we have today, we want to make sure we infuse AI into them. When we go and talk to our customers about task-level automation, coding or developing an application, or migrating a workload into the cloud — how can we infuse AI into everything that we do? So it doesn't just become a people-based offering but a people-plus-AI-based offering.<h2 id="961badc0-cb06-4d47-9329-ac1f1b2d70dd">Marjorie Powell, chief HR officer and senior vice president, AARP</h2><h3 id="0aee923e-e647-43c9-bf57-4c2ecc03a872">"It's important that everyone learns how to deal with prompt engineering; we are not going to hire prompt engineers."</h3>We believe there's going to be a greater emphasis on <a target="_blank" class="" href="https://www.businessinsider.com/ai-will-change-most-jobs-employers-help-workers-keep-up-2024-8">upskilling and reskilling</a> alongside AI technologies.It's important that everyone learns how to deal with prompt engineering; we are not going to hire prompt engineers. It's going to become a skill for employees to craft clear and specific prompts, adjust to the right audience, and utilize elements and problem-solving skills to identify inaccurate responses.It's about adaptability. Employees are going to have to be open to continuous learning and adapting to new AI tools and technologies in their jobs. So we make sure we're providing some kind of atmosphere and culture for being excited and energetic about learning.The workforce will have to problem-solve regardless of the tool and the technology, and it will require test-and-learn approaches. We created a "community of practice" in the company where individuals can join and help with peer learning and have a sandbox to play around with AI, depending on where they are.They can cross-pollinate across business-unit lines, and that has become very exciting. We also use that group to pilot the new technologies we're considering rolling out to the company.Data literacy is going to be very important — understanding how to read and interpret and tell a story of the data.We're also developing power users in the company, people who are really, really good at this that other employees can tap into when they need help.<h2 id="0ef1d87b-57f3-4474-bfdc-21c4f4fc1b74">Alicia Pittman, global people team chair, Boston Consulting Group</h2><h3 id="dd47519b-c973-4a00-b508-f05159afdea8">"Gen AI also offers an opportunity to avoid leakage of human capital, which obviously we all care quite a lot about."</h3>We have 35,000 employees, and north of 70% are active users of <a target="_blank" class="" href="https://www.businessinsider.com/companies-using-ai-bain-survey-roi-2024-6">generative AI</a> now. We've taken a full-company approach of upskilling and rolling out both custom and off-the-shelf tools, regardless of the job.The bottom-up innovation power of gen AI is super exciting. For example, our teams and employees have created more than a thousand custom GPTs, mini automation machines, to-do scripts, and dashboards to create bespoke analyses and build newsletters — it's super quick, and it doesn't require big investments or processes.That's one thing that's specific to gen AI versus other types of technology innovation — it's sparking a lot of energy and unlocking human capacity.Gen AI also offers an opportunity to avoid leakage of human capital, which obviously we all care quite a lot about. It really changes the game in terms of the amount of learning you can keep within the team and not lose as people move around.We're also seeing how gen AI is creating an exoskeleton for generalists to be able to take on more technical tasks. It's not going to turn a generalist analyst into an expert coder, but actually our analysis would show that they can get 80%-plus there on some coding tasks, which then you still need the expert coder to do quality control.<h2 id="d130e1cc-4600-48d2-941b-e5e5b1eddc1f">Maggie Hulce, chief revenue officer, Indeed</h2><h3 id="d4c2bf89-e522-4f0d-bbff-d8d4f916c1e1">"Do I have to build this huge team of AI engineers? The answer is no."</h3>We're trying to infuse AI in all our externally facing products and solutions to make them more insightful, intuitive, and delightful to use — and, in many ways, to create experiences that mimic what a personalized human experience might be like, but at scale.We also see most roles and workflows becoming augmented with AI. That's becoming more and more obvious as the months go on and as teams engage with AI and find applications and new ways of working.I was at Dreamforce recently in San Francisco. What Salesforce <a target="_blank" class="" href="https://www.salesforce.com/news/press-releases/2024/09/17/google-autonomous-agent-partnership/">unveiled</a> was how it wants to help companies essentially launch AI agents in sales, <a target="_blank" class="" href="https://www.businessinsider.com/verizon-is-using-generative-ai-to-streamline-business-relationships-2024-7">customer service</a>, marketing, and commerce.For many companies to get the full power of what AI can do, you have to be able to link up lots of different datasets that are usually in disparate places. It's hard work, and it's very time-consuming. To hear the stories of companies being like, "Guess what, you don't actually have to move that data around anymore," this is going to change how a lot of companies experiment and start to play with AI-oriented applications that will fundamentally change their operations.There are a lot of companies out there that have already started to light it up. We're thinking a lot about how sales, customer service, marketing, and product have operated for a long time in various silos. When you think about customer experiences, they really shouldn't be that way. They should be much more integrated than they are today. Some of these technologies can be part of the accelerants for how customer experiences can be reimagined.Part of what's been hard for people is like, "OK, but do I have to get all of these disparate parts of my company to all work together in a new way? Do I have to build this huge team of AI engineers?" The answer is no. You don't have to be the tip of the spear in terms of sophistication.<h2 id="8b49bd10-b04d-4857-afbc-b2979d5711e9">Kenon Chen, executive vice president of strategy and growth, Clear Capital</h2><h3 id="550eee1b-ffef-4a90-bbea-a94d7a6ba7a2">"As AI accelerates, you also have to accelerate the handling of data in a way that can produce accurate models."</h3>At Clear Capital, we participate in the highly regulated housing-finance industry. To enable AI to be used in accordance with our clients' expectations of governance and quality control, we've taken a three-pronged approach.First, we've been investing in creating good industry standards and working with the industry to ensure there's agreement on how AI models should be tested, how they ensure compliance with antidiscrimination and fairness practices, and how the data should be handled.Second, we've been investing a lot in higher-quality data. As AI accelerates, you also have to accelerate the handling of data in a way that can produce accurate models. So we've invested quite a bit in better digitization and generation of data.Third is fostering collaboration between innovators, industry players, policymakers, and regulators. We participated this year in the Federal Housing Finance Agency's generative-AI tech sprint, where about 80 leaders from different aspects of the housing industry brainstormed ways to apply generative AI to the lending process to improve borrowers' experience.One thing that became clear after participating in that was where we have more tools and more capabilities to accelerate. We always have to go back to the why: What is the mission? And we have to make the mission at the company level that much more clear so that as we apply these new tools, it's always for the sake of the mission.<h2 id="5e045b5f-3490-4435-8321-bab58740eaa8">Chris Deri, president, corporate advisory businesses, The Weber Shandwick Collective</h2><h3 id="79930c20-445b-4959-b644-53f07e252292">"There's a mega-trend need for all of us to adopt AI and understand it, but that means something different for different parts of our organization."</h3>We're a public-relations firm, so we're looking at AI for ourselves and for our clients.In terms of our own people, one lesson we've already learned is that there was an instinct to take a top-down approach, as in everybody's got to figure out how AI is going to change their business, but we need to take a bottom-up approach.In the simplest sense, we do consumer marketing, healthcare marketing, and corporate advisory work. We really need to design training for each of the different practitioner types.There's a mega-trend need for all of us to adopt AI and understand it, but that means something different for different parts of our organization.Another thing we're doing is creating a futuristic think-tank group in our company — three or four people who have been putting together an ecosystem to give us constant learning. We also have academic institutions, investors, technologists, and other practitioners to help.We're also looking at our business model and how we budget and scope. The classic assignment we get is companies call us and say, "We want to map our stakeholders and what their expectations are of us." That used to be a project that we would figure out with just consultant time. Now we're applying AI to do some of that.We need to figure out how to take advantage of those efficiencies to add new value — that human value. So we need to relook at our entire business and service model, and we haven't figured it all out yet.Anant talked about "eating your own dog food." We've mapped out the implementation of that stack for ourselves to test and learn, and then we will start to use that in how we show up as advisors to our clients on the same journey.<h2 id="3bf33684-0da6-43af-856a-e0d807c42725">Sharawn Tipton, chief people and culture officer, LiveRamp</h2><h3 id="2513253b-1145-4ac9-afad-cb752e1513d8">"What we're trying to do is really keep people at the center of this transformation."</h3>We're thinking a lot about the AI trust gap. I'm in San Francisco today, and I was walking around and I saw all these autonomous vehicles, and it dawned on me that my mother would never ride in one. She just does not trust that technology.As a data company, we're thinking a lot about how do we ensure that our customers, our clients, and our partners trust that we're going to protect their data and use AI when appropriate and be certain that we have safeguards for when it isn't appropriate. And then I think the biggest area that my team is focused on with this trust gap is job security and what this means for the average worker.So what we're trying to do is really keep people at the center of this transformation. We're thinking a lot about employee resource groups. That way we've been able to reach all different types of team members. So how do we target our ERGs and think about who are the slow adapters? Who are the folks that typically get left behind, and how do we give them a little extra push?What we want to do is think about how to continue to have our team members trust their leaders, but also trust AI and where we're going, and get them to understand this isn't about replacing jobs. We are really focused on transforming jobs. That is a huge shift and a huge opportunity for us.<h2 id="c0d7e4c7-96a5-41d7-8c3f-29dee443e291">Shane Koller, senior vice president and chief people officer, Ancestry</h2><h3 id="2fb41060-9718-4c06-940a-5ac8246457b5">"The more people we get thinking about governance, the better AI technology will be used."</h3>There are a lot of different points of view on what AI will and will not do and how quickly.I was reading an article in The Wall Street Journal over the weekend that said for every one person who believes that AI is going to replace everyone's jobs, there are three or four who think there's going to be this boom in AI and then it's going to settle down. And that the promise we think AI is going to deliver will probably take longer than we think to come to fruition.One of the things that we've been doing at Ancestry very intentionally is bringing up the subject of governance, because I think we all think of AI as this steamroller that's going to come and either we're going to step aside from it or we're going to get steamrolled.The more people we get thinking about governance, the better AI technology will be used. And I say that within Ancestry as well as within companies in general and within governments. We have more of a role to play in how this rolls out than we think.We've been building AI into our product for over 10 years now, and we've been giving more thought to how would we govern the use of AI within our own company so that we're not, for example, putting our customers' data at risk. We're very conscious that security and privacy is first and foremost in every discussion. It's really about how you govern such an amazing technology.

Leaders from BCG, Infosys, AARP, and more predict how AI will transform top companies in the next 12 months

<ul><li><keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> has delayed hiring of 2000 young professionals</li><li><keyword id="20033579" type="General" weightage="20" keywordseo="NITES" source="keywords" meta.keywordsubtype="org" meta.entityname="NITES" meta.hostid="261" meta.entityid="NITES">NITES</keyword> has filed a complaint in the matter</li><li>Infosys is also making headlines for its new Power Programme</li></ul> The Nascent Information Technology Employees Senate (NITES), a Pune-based <keyword id="22859482" type="General" weightage="20" keywordseo="IT-employee-union" source="keywords">IT employee union</keyword>, has filed a formal complaint with the Ministry of Labour and Employment against Infosys. The union alleges that Infosys has delayed the <keyword id="22570539" type="General" weightage="20" keywordseo="onboarding-process" source="keywords">onboarding process</keyword> for around 2,000 <keyword id="22859483" type="General" weightage="20" keywordseo="fresh-engineering-graduates" source="keywords">fresh engineering graduates</keyword> for over two years, leaving them in a state of uncertainty and distress. <h2>Infosys delayed freshers' onboarding for more than two years</h2>According to NITES, these graduates were selected for roles such as system engineer and digital specialist engineer as early as April 2022. Despite receiving offer letters, the onboarding process has been repeatedly postponed. The affected graduates were required to participate in unpaid pre-training programs and undergo additional, unexpected assessments, further complicating their entry into the workforce. NITES claims that despite fulfilling all the prerequisites set by Infosys, these young professionals have been kept in limbo, leading to significant frustration and anxiety. The union views this situation as a serious breach of trust by Infosys, which has long been regarded as one of the pillars of India’s IT industry. Harpreet Singh Saluja, President of NITES, expressed deep concern over the situation, emphasizing the broader implications for the Indian IT sector. “We believe that this is not just a breach of trust by one of India’s largest IT companies, but also a significant issue that impacts the future of our country’s <keyword id="22360158" type="General" weightage="20" keywordseo="IT-workforce" source="keywords">IT workforce</keyword> and economy. We are calling on the government to take immediate and strict action against Infosys to ensure that such exploitative practices are halted and that the rights of these young professionals are protected,” Saluja said, according to a report by The Economic Times. The complaint filed by NITES highlights that even after long delays, the graduates were asked to participate in an unpaid virtual pre-training program from July 1 to July 24, 2024. They were promised final joining dates of either August 19 or September 2, 2024. However, despite completing the training, they were informed that they would need to retake the exam offline, once again without pay. This has only added to their frustration and uncertainty about their future with the company. <h2>Infosys’ Power Programme</h2>In a contrasting development, Infosys is also making headlines for its recent campus placement drive, where it has introduced a new 'power programme.' According to a report by The Times of India, the company is offering pay packages of up to Rs 9 lakh per annum to select colleges, a significant increase from its standard entry-level packages, which typically range from Rs 3-3.5 lakh. This move is seen as part of Infosys’ strategy to attract highly specialized talent in areas such as coding, software development, cloud computing, AI/ML, and cybersecurity. Infosys plans to hire between 15,000 and 20,000 graduates in FY25. During its earnings call last month, Infosys announced plans to resume campus placements and off-campus fresher hiring in the current fiscal year. The top four IT firms in India are expected to collectively add about 82,000 freshers in FY25. Among them, HCLTech and <keyword id="19945574" type="General" weightage="20" keywordseo="wipro" source="keywords">Wipro</keyword> plan to hire 10,000 and up to 12,000 freshers, respectively. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/work-life-balance-is-a-myth-photo-of-man-working-in-front-of-momo-stall-goes-viral-internet-reacts/articleshow/112516510.cms" data-type="tilCustomLink" target="_blank">'Work-life balance is a myth’: Photo of man working in front of momo stall goes viral, Internet reacts</a> <a href="https://www.businessinsider.in/tech/article/arrange-or-love-marriage-debate-is-passe-people-are-now-marrying-their-ai-partners/articleshow/112522764.cms" data-type="tilCustomLink" target="_blank">Arrange or love marriage debate is passe, people are now marrying their AI partners</a>

Infosys delays onboarding of 2,000 graduates for more than 2 years, NITES files complaint

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

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

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

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

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

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

<keyword id="20270096" type="General" weightage="100" keywordseo="equity-benchmark-indices" source="keywords">Equity benchmark indices</keyword> <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> shot up nearly 1 per cent on Thursday, driven by buying in <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords">HDFC Bank</keyword> and <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords">Infosys</keyword> and a rally in the US and <keyword id="20155107" type="General" weightage="20" keywordseo="Asian-markets" source="keywords">Asian markets</keyword>. In a highly volatile trade, the 30-share BSE Sensex climbed 676.69 points or 0.93 per cent to settle at 73,663.72. During the day, it hit a high of 73,749.47 and a low of 72,529.97. The NSE Nifty surged 203.30 points or 0.92 per cent to 22,403.85. "The domestic market experienced a late surge, driven by strong global trends that pointed to lower-than-expected <keyword id="21684772" type="General" weightage="20" keywordseo="US-consumer-inflation-figures" source="keywords">US consumer inflation figures</keyword>, which suggests at least two interest rate cuts in 2024," Geojit Financial Services Head of Research Vinod Nair said. Among the Sensex components, Mahindra &amp; Mahindra, Bharti Airtel, Tech Mahindra, Titan, Infosys, JSW Steel, Bajaj Finserv, HDFC Bank, Larsen &amp; Toubro and Kotak Mahindra Bank were the major gainers. Maruti, <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword>, Power Grid, <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> and IndusInd Bank were the laggards. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled with gains. European markets were trading lower. Wall Street ended higher on Wednesday. Global oil benchmark Brent crude declined 0.33 per cent to USD 82.45 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,832.83 crore on Wednesday, according to exchange data. Halting its three-day rally, the 30-share BSE Sensex declined 117.58 points or 0.16 per cent to settle at 72,987.03 on Wednesday. The NSE Nifty dipped 17.30 points or 0.08 per cent to 22,200.55.

Sensex, Nifty spurt nearly 1% on buying in HDFC Bank, Infosys amid global stocks rally

<ul><li>All the five top losers in the Nifty50 pack were tech majors — with HCL seeing the steepest fall of around 4%.</li><li>Accenture lowered its revenue guidance, a surprise move that affected the IT pack on Friday.</li><li>Brokerages say that a persistent weak demand outlook can play spoilsport for possible revenue growth in FY25 as well.</li></ul>India’s tech stocks pack slipped down a slippery slope on Friday after tech major Accenture signalled a weak demand environment. All the five top losers in the Nifty50 pack were tech majors — with <keyword id="20740180" type="General" weightage="20" keywordseo="lti-mindtree" source="keywords">LTI Mindtree</keyword> and HCL Tech falling by around 3%. <keyword id="19945574" type="General" weightage="20" keywordseo="wipro" source="keywords">Wipro</keyword>, LTI Mindtree, <keyword id="19906778" type="General" weightage="20" keywordseo="infosys" source="keywords">Infosys</keyword> and TCS also slipped anywhere between 2-3%. This is in spite of the fact that the broader markets and indices closed in the green. “While most sectors experienced gains, the IT remained in the red due to subdued guidance from Accenture, a major global IT player,” said Vinod Nair, Head of Research, Geojit Financial Services. Accenture, which is listed in the US, declared soft earnings, which was expected. The surprise, however, was that it lowered its FY24 revenue guidance to 1-3% from the earlier projections of 2-5%. Moreover, it’s now expecting a higher contribution of acquisitions to its revenue at 3%, from 2% earlier. This implies that its organic forecast of revenue growth is low, indicating a weak demand for IT services in the market. “Accenture barely cuts guidance. Barring the Covid period, the last time ACN reduced the lower end of its guidance was in 3QFY13. That suggests the uncertainty in the spending environment remains at a decadal high,” said a report by <keyword id="20489752" type="General" weightage="20" keywordseo="j-m-financial" source="keywords">J M Financial</keyword>. <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;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Friday 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;">30-day change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.6% </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;">-1.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.7% </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;">-7.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.4% </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;">-5.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.8% </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;">LTI Mindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTTS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.7% </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;">0.8% </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;">Mphasis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2% </td><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;">-11.8% </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;">Coforge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.7% </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;">-14% </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;">Persistent Systems </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.5% </td><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;">-5.7% </td></tr></tbody><tbody></tbody></table>Source: NSE Calibrating FY25 expectations, say brokerages The IT sector had been under immense pressure in FY24, as the US and other global clients cut down on discretionary spending. Moreover, delays and furloughs in the system have been leading to revenue leakage — leading to marginal growth in revenue vs slight falls seen over the last three quarters. The street, however, was expecting a better show in FY25 as compared to FY24 which is expected to be weaker than the year before. The confidence came from early this year even since the stocks have been pricing in a possible interest rate cut by the <keyword id="19951097" type="General" weightage="20" keywordseo="us-fed" source="keywords">US Fed</keyword>. While the latter indicated a soft monetary policy outlook recently, Accenture earnings point to extended trouble in the sector. “A likely weak FY24 exit, as suggested by our recent checks, will further pull down FY25 estimates, in our view. We, therefore, see further calibration in the Street’s (and to an extent ours) growth expectations now. That should result in valuation contraction as well. We continue to remain cautious on the sector,” says J M Financial. Nuvama however believes that the expectations have already been low, and sees a medium-term potential of the sector. “We believe FY25 Street estimates, for Indian IT companies, have been adequately rationalised, and have little downgrade risk, from current levels. We maintain our positive stance on the sector and expect a sustainable strong demand environment to drive strong earnings growth over the next three years,” says Nuvama. The Nifty IT index was trading 1.87% per cent lower on Friday morning at 35,361.3. Over the last three months, the index has witnessed a drop of 0.89% given the continued pressure on most Indian IT stocks.

Tech stocks tumble after Accenture guidance signals weak demand ahead

<ul><li><keyword id="6354512" type="General" weightage="20" keywordseo="Infosys" source="Orion">Infosys</keyword> reported a sequential decline in its net profit in the June quarter as high wage hikes weighed on it.</li><li>This caused Infosys’s EBIT margin to spiral down to the lowest point in the last two years.</li><li>Nomura has also lowered its earning per share (EPS) expectation by 1-3% for the next two fiscal years.</li></ul>India’s second largest IT services company Infosys reported a sequential decline in its net profit in the June quarter, as the high wage hikes weighed down on its margins. Infosys’s EBIT (or earning before interest and taxes) margin declined to 20.1%, the lowest in the last two years. The decline was due to multiple factors, including wage hikes, lower utilization and higher sub-contracting expenses, some of which will continue to impact the company in the ongoing September quarter as well. Brokerage firm ICICI Securities is of the view that the increase in travel costs, wage hikes for senior employees in Q2FY23 and supply-side cost pressures will weigh on Infosys margin. Nomura believes that the impact of wage hikes may be limited, while improvement of utilization and effects of price increases in contracts are likely to be gradual. The company has retained its EBIT margin at the lower end of 21-23% range, triggering brokerage firms like ICICI Securities and Nomura to cut their forecasts to 21% as well. “Recovery in FY24F will be driven by pyramid optimization, lower sub-con [subcontracts] as travel normalizes and some benefits from price hikes in renewals and new deals,” Nomura added. <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;">Year </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;">Old EBIT Expectations </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;">New EBIT Expectations </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;">FY2022 </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;">22-24% </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;">23% </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;">FY23F </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;">22% </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;">21.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY24F </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;">22.4% </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;">22% </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;">FY25F </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;">22.5% </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;">22.1% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Company Data, Nomura Note: ‘F’ in the table stands for Forcast. Nomura has also lowered its earning per share (EPS) expectation by 1-3% for the next two fiscal years, factoring in lower margins, partly offset by better currency. Infosys’ competitor Tata Consultancy Service (TCS) is expected to outperform in this domain. Infosys’ revenue witnessed a sequential growth of 6.8% in the June quarter as its revenue stood at ₹34,470 crore. Meanwhile, the constant currency revenue growth stood at 5.5% sequentially and 21.4% year-on-year. The company has increased its revenue guidance for FY23 to 14-16% — up from the previous guidance of 13-15% — despore the supply side challenges and high travel costs. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> “We continue to gain market share and see a significant pipeline driven by our Cobalt cloud capabilities and differentiated digital value proposition,” said Infosys CEO and MD Salil Parekh, sounding a bullish tone for the rest of FY23. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/banks/news/rbi-governors-recipe-for-banks-of-the-future-oodles-of-social-media-new-tech-a-dash-of-human-touch/articleshow/93138812.cms">RBI governor’s recipe for banks of the future: Oodles of social media, new tech &amp; a dash of human touch</a> <a href="https://www.businessinsider.in/business/ecommerce/news/e-commerce-platform-shopify-lays-off-1000-employees/articleshow/93151446.cms">E-commerce platform Shopify lays off 1,000 employees</a> <a href="https://www.businessinsider.in/business/news/indias-newly-digitized-msmes-need-offline-marketing-as-much-as-online/articleshow/93138395.cms">India’s newly digitized MSMEs need offline marketing as much as online</a>

Margin recovery likely an uphill task for Infosys after Q1 shock

<ul><li>IT major reports 2.3% sequential growth in its constant currency revenues.</li><li>Company’s net profit has grown by 4.5% sequentially to ₹6,212 crore.</li><li><keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> reports highest large orders’ total contract value at $7.7 billion.</li></ul> IT major Infosys reported a 2.3% sequential growth in its constant currency revenues for the second quarter on Thursday. While it did beat street expectations of around 1% growth, the Bengaluru-based tech major also slashed the upper end of its constant currency revenue guidance for FY24. The company has also announced wage hikes which will be rolled out from November 1, 2023. The company’s dollar revenues sequentially grew 2.2% to $4,718 million in Q2 as compared to $4,617 million in Q1. It had earlier guided that its constant currency (CC) revenues for FY24 will grow at 1-3.5%. Half way through the fiscal year, it believes that it can grow anywhere between 1-2.5%. It has however retained its operating margin guidance 20-22% for the year. The net profit grew by 4.5% sequentially to ₹6,212 crore in Q2 from ₹5,945 crore in the last quarter. Its operating margin for the quarter increased by 40 basis points sequentially to 21.2%. “Our Q2 operating margin of 21.2% demonstrates the early benefits of the recently unveiled margin improvement plan and is a clear reflection of our ability to continuously identify opportunities for improving operational efficiencies,” said <keyword id="2984280" type="General" weightage="50" keywordseo="nilanjan-roy" source="Orion">Nilanjan Roy</keyword>, CFO. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2FY24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1FY24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">%change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dollar revenues </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4,718 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4,617 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,212 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,945 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.5% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Comment on earnings by Prashanth Tapse of Mehta Equities said, “Infosys Q2 earnings are in line with markets expectation but the company trimming its revenue guidance would be negative for the stock. Overall results are not so bad but discounted in prices. FY24 guidance - revised downwards would put pressure on prices to sustain while it has maintained margins." He added that technically the last minute fall in prices shows that results were not in favour of bulls and hence a gap down opening between ₹1,400-1,420 could be seen in the opening trade. Large deal wins The company is also sitting on a robust orderbook of large deals. Its large orders’ total contract value (TCV) of large deals at $7.7 billion. “We had our highest large deals value at $7.7 billion in Q2 spread across all verticals and geographies. This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to the evolving client needs, by delivering the benefits of transformation as well as productivity and cost savings at scale”, said <keyword id="328377" type="General" weightage="50" keywordseo="salil-parekh" source="Orion">Salil Parekh</keyword>, CEO and MD. Like its peer TCS, Infosys also reported a drop in attrition to 14.6%. “Strong H1 performance with significant large deal wins, builds a solid foundation for the future. The growing adoption of our Generative AI offering, Topaz, is helping us deliver consistent value and expand market share”, Parekh added.

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

<ul><li>Infosys, TCS, Wipro, LTI Mindtree and TechMahindra were the top gainers on NSE in Friday trade.</li><li>TCS reported better than expected earnings, while Infosys earnings were in-line with expectations.</li><li>Wipro is set to declare its third quarter earnings on Friday evening. </li></ul>Five top tech stocks – Infosys, TCS, Wipro, LTI Mindtree and TechMahindra were the lead gainers on NSE in the Friday morning trade. All the IT stocks picked up after the two leading companies in the sector – TCS and Infosys – declared their earnings onThursday evening. TCS reported 1% sequential revenue growth above expectations of a flat growth. Its EBIT margins however hit a seven-quarter high even as its deal wins remained moderate at $8.1 billion, missing its guidance. But it also signalled a possible bottoming out of stress in the key segment of banking, financial <a href="https://www.businessinsider.in/business/corporates/news/tcs-expects-the-bfsi-needle-to-start-moving-this-quarter/articleshow/106749184.cms">services and insurance (BFSI) segment</a>. “Management (of TCS) alluded to a macro environment similar to last quarter, with the long-term demand environment remaining strong. It called out its BFSI vertical bottoming out – a big read across for the entire sector, in our opinion,” said a report by Nuvama. The tech major surprised the street in a seasonally weak quarter, with an impact of furloughs. “We were expecting a flattish revenue growth in rupee terms while the company reported earnings that came above the expectations. The best thing is despite a seasonally weak quarter with macro-economic headwinds, TCS performed very well on most earnings parameters,” said Prashanth Tapse, senior VP of research at Mehta Equities. Infosys reported a 1% sequential decline in constant currency, which was lower than the 2% decline that the street expected. The Bangalore-based tech major shaved off its FY24 revenue guidance for the second time, to 1.5-2%. Yet, brokerages see positive levers. “Strong order book will result in acceleration in growth beyond FY24 as Infosys expects ramp up of many large deal wins of 9M from later part of 4Q. We continue to believe that Infosys’s FY24 growth lag is transient and will likely bounce back in FY25 unless new major adverse macro events unfold in US/Europe,” says a report by Equirus Securities. Wipro will declare its Q3 earnings on Friday evening. <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;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.72% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.14% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.34% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.96% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.59% </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;">LTI Mindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.72% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: NSE (as of 10:30 am) Lack of bad news is good news The worst is far behind for the IT sector whose fortunes depend on clients from the US and Europe. In terms of new deal wins, companies insist that little has changed in terms of sentiment in spite of the US Fed pausing interest rate hikes. However, the global macroeconomic situation has not deteriorated since the last quarter, which is being taken as a positive sign. “Even though there is no positive message from the management commentary, the market is likely to respond positively to the absence of any bad news. But the upside for TCS and Infy will be limited since it will take time for clarity to emerge on the prospects for the sector in FY25,” said Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services. On Friday morning, the benchmark indices rallied with support from buying in tech stocks. The Nifty IT index went up by 0.7%, while Nifty and Sensex were higher by 0.8% each. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[ ]]></cdata></div>

You Searched For "infosys expectation" and got 12 results

Can’t afford not investing in AI, could be out of the game permanently, says Infosys co-founder Nandan Nilekani

Divyanshi Sharma

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

PTI

Leaders from BCG, Infosys, AARP, and more predict how AI will transform top companies in the next 12 months

Julia Hood,Tim Paradis

Infosys delays onboarding of 2,000 graduates for more than 2 years, NITES files complaint

Divyanshi Sharma

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

Ira Alok Puranik

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

Ira Alok Puranik

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

PTI

Sensex, Nifty spurt nearly 1% on buying in HDFC Bank, Infosys amid global stocks rally

PTI

Tech stocks tumble after Accenture guidance signals weak demand ahead

Katya Naidu

Margin recovery likely an uphill task for Infosys after Q1 shock

Kritti Bhalla

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

Katya Naidu

Street unaffected by Infy’s guidance cut; lack of bad news charges up tech stocks

Katya Naidu

Popular Keywords

Buying Guides