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<ul><li>Shares of <keyword id="2535680" type="PERSON" weightage="20" keywordseo="LT-Technology">L&amp;T Technology</keyword> Services touched its record high mark of ₹3,447 on July 15.</li><li>The engineering services company delivered 84% year on year growth in net profit to ₹216 crore.</li><li>The company filed 23 patents in the June quarter.</li></ul>Shares of L&amp;T Technology Services, the engineering services arm of India’s largest construction company, surged 18% in a single day as investors celebrated the exemplary performance by the company in June quarter. The company reported 85% year on year growth in its net profit to ₹216 crore and 17% on year growth in revenue to ₹1,518 crore. <table style="border-width: initial; border-style: none;"></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;">Financials </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;">Apr-Jun 2021 (in rupee crores) </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;">Jan-Mar 2021 (in rupee crores) </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;">Revenue </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;">1,518 </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;">1440 </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;">Net income </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;">216 </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;">194 </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;">Gross profit </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;">506 </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;">465 </td></tr></tbody></table> The strong quarter performance was supported by a huge deal win and good growth in digital engineering revenues. The company won 11 large deals across 5 segments -- transportation, industrial products, telecom and hi-tech, plant engineering and medical devices. “Digital transformation deals now account for 54% of our revenue. Our strong growth foundation in the digital transformation domain enables newer opportunities for us. FY22 will be about relooking at our offerings and portfolios to resonate with the needs of the modern world,” the company said on <a href="https://twitter.com/LnTTechservices/status/1415304700652576769">Twitter</a>. <div type="image" title="L&amp;amp;T Tech stock" height="900" width="1200" msid="84437562" hostid="261"></div> Moreover, the company has filed 23 patents in the June quarter. At the end of the first quarter, the patents portfolio of L&amp;T Technology Services stood at 719, out of which 531 are co-authored with its customers and the rest are filed by the company. The engineering services company relies on a combination of patent, copyright and trademark laws, trade secrets, confidentiality procedures and contractual provisions to protect its intellectual property. “We started the new fiscal with a strong performance, despite the pandemic related challenges during the quarter. In Q1, we got our revenue back on the double-digit growth trajectory and marked four consecutive quarters of operating margin improvement. The deal pipeline is healthy across segments, and we expect broad based growth to continue. Our innovation engine is matching the pace of our growth as we filed a record 23 patents in Q1,” said Amit Chadha, chief executive officer and managing director of L&amp;T Technology Services in June quarter release. Further, the company looks to scale its operations in 6 areas -- automated electric vehicles, medical technologies, digital manufacturing, artificial intelligence and machine learning, and sustainability. At the end of June quarter, the company had an employee strength of 16,972. At 2:11 p.m., on July 15, shares of the company were trading 18% higher at ₹3,440. SEE ALSO: <a href="https://www.businessinsider.in/business/news/merus-plea-against-uber-abusing-its-dominant-status-rejected-by-cci/articleshow/84434982.cms">Meru’s plea against Uber abusing its dominant status rejected by CCI </a> <a href="https://www.businessinsider.in/business/corporates/news/just-dial-share-price-surge-as-mukesh-ambani-is-looking-to-buy-just-dial/articleshow/84432450.cms">As Mukesh Ambani reportedly dials in, Just Dial stocks surge 3% </a> <a href="https://www.businessinsider.in/business/startups/news/pubg-developer-krafton-is-going-to-help-indian-storytelling-platform-pratilipi-to-turn-a-few-stories-into-games/articleshow/84430517.cms">PUBG developer Krafton is going to help Indian storytelling platform Pratilipi to turn a few stories into games </a>

L&T Technology Services gains more than 18% in a day on strong financials

To tap the upbeat investor sentiment, three firms - <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">ICICI Prudential Life</a> <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">Insurance</keyword> Company, <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">L&amp;T Technology Services</a> and <keyword id="3079163" type="UNKNOWN" weightage="20" keywordseo="GNA-Axles">GNA Axles</keyword> - will hit the markets this month to raise over Rs 7,000 crore through IPO. 
 Bidding for shares in <keyword id="1380245" type="UNKNOWN" weightage="20" keywordseo="LT-Technology-Services">L&amp;T Technology Services</keyword> will open tomorrow, while the same for GNA Axles would begin on September 14 and <keyword id="75577" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-Life">ICICI Prudential Life</keyword>'s public issue would be open for subscription from September 19. 
 The public issue of ICICI <keyword id="118708" type="CITY" weightage="20" keywordseo="Prudential">Prudential</keyword> Life is expected to garner Rs 6,057 crore, L&amp;T Technology (Rs 894 crore) and GNA Axles (Rs 130 crore). 
 The equity shares offered through the initial public offers (IPOs) are proposed to be listed on the BSE and <keyword id="6354646" type="CITY" weightage="20" keywordseo="NSE">NSE</keyword>. 
 
Since the beginning of 2016, as many as 17 companies have already floated their IPOs and got listed on the <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">stock exchanges</a>. 
 
ICICI Prudential Life's public offer comprises up to 18,13,41,058 <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">equity shares </a>of <keyword id="632740" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-Life-Insurance-Company">ICICI Prudential Life Insurance Company</keyword>. 
 
This would be the first public issue by an insurer in India. It would also be the biggest IPO after Coal India, which had hit the markets in 2010 to raise over Rs 15,000 crore. 
 The insurer is a venture between banking major <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> and UK's Prudential Corporation Holdings. ICICI Bank has around 68% stake in the insurer, while Prudential has 26 per cent. <keyword id="6356662" type="COUNTRY" weightage="20" keywordseo="Singapore">Singapore</keyword>'s <keyword id="6367519" type="PERSON" weightage="20" keywordseo="Temasek">Temasek</keyword> and PremjiInvest also are shareholders. 
 
The firm has fixed a price band between Rs 300 to Rs 334 per equity share. 
 L&amp;T Technology Services' IPO comprises an offer for sale of up to 10,400,000 shares by its promoter <keyword id="147676" type="PERSON" weightage="20" keywordseo="Larsen">Larsen</keyword> and <keyword id="304986" type="COMPANY" weightage="20" keywordseo="Toubro">Toubro</keyword> (L&amp;T). The firm has fixed price band of Rs 850 to Rs 860 per share for the IPO. 
 
The initial public offering of auto components maker GNA Axles comprises an issue of up to 63 lakh shares. The price band has been sat Rs 205-207 per share.

Watchout for these three new IPOs hitting the market to raise Rs 7,000 crores

<ul><li>L&amp;T management reassured investors after its hostile takeover of Mindtree</li><li>The conglomerate's IT subsidiary L&amp;T Infotech and Mindtree will operate as separate entities</li><li>Investors in Mindtree will be given an open offer at ₹980</li><li>L&amp;T will even consider to buy back shares from Mindtree's investors</li></ul> Shares of L&amp;T Infotech gained over 3.7% during mid-day trade on Tuesday (March 19) after a reassurance from the L&amp;T managment. "Our intent is to keep both of them separate,” President SN Subrahmanyan said at a press conference after the conglomerate, which spans businesses from infrastructure to information technology, bought a controlling stake in the Bengaluru-based Mindtree. This will be the first hostile takeover of an Indian information technology (IT) services firm as Mindtree's founders resisted the takeover by L&amp;T. L&amp;T Infotech, which is the conglomerate's IT subsidiary, has already lost a lot of share value since January when the rumours of the takeover surfaced. Investors <a target="_blank" href="https://www.livemint.com/market/mark-to-market/l-t-infotech-shares-already-carry-scars-of-meddling-with-mindtree-1552842303673.html">fear merging with Mindtree</a>, which has only one large client that is Microsoft, may hurt the performance of L&amp;T Infotech, whose stock price has more than doubled in the last three years and has a <a target="_blank" href="https://economictimes.indiatimes.com/tech/ites/lt-set-to-seal-mindtree-deal-with-caf-coffee-day-founder-vg-siddhartha/articleshow/68457010.cms">significantly wider profit</a> margin of 16% compared to Mindtree's 10%. However, Subrahmanyan explained that L&amp;T Infotech will continue its existing focus on banking, insurance etc, whereas Mindtree will operate in retail and hospitality. L&amp;T will buy coffee baron VG Siddhartha's20.4% stake in the the mid-tier IT services company Mindtree for approximately ₹3,300 crore. L&amp;T also intends to purchase an additional stake of upto 15% from the open market and another 31% from Mindtree shareholders at ₹980 per share.

L&T Infotech and Mindtree will remain separate and the open offer will be at ₹980

<ul><li>Mindtree shares open the week with gains of over 2% </li><li>L&amp;T is set to make a hostile bid as the company's founders refuse let go of control</li><li>Company's strategic investor, coffee baron VG Siddhartha, is expected sell his 21% stake to L&amp;T</li></ul> Indian technology services company Mindtree, backed by coffee baron VG Siddhartha, is at the centre of a takeover battle between the company's founders and one of the country's biggest conglomerates, Larsen and Toubro (L&amp;T). Shares of Mindtree opened the day up over 2% on Monday (March 18) as investors expect the battle for control between the hostile suitor L&amp;T, which has proposed to buy out <a href="https://tech.economictimes.indiatimes.com/news/corporate/mindtree-founders-plan-buyback-wall-to-block-lt/68435104" data-type="tilCustomLink" target="_blank">Siddhartha's 21% stake</a> in the company, and the existing leadership determined to keep control of the company. If L&amp;T pulls it off, it would be the first hostile takeover of an Indian IT company. The founders, Krishnakumar Natarajan, Subroto Bagchi, NS Parthasarathy and Rostow Ravanan, together own 13.32% stake in the company and they are so reluctant to let go of the company that Bagchi left a government job to avert a hostile takeover of Mindtree by L&amp;T. 
	
	
	
	
	
	
	
	
	<div type="twitter" handle="skilledinodisha" handlename="Subroto Bagchi" image="http://pbs.twimg.com/profile_images/727342138430771200/Kf0tzvdR_normal.jpg" favoritecount="418" retweetcount="101" status="Mindtree has not been designed as an “asset” to be bought &amp; sold. It is a national resource. It has a unique cultur… https://t.co/x9uT0UQ25s" createdat="1552835669000" id="1107299169415225345"></div>



















 The board of directors informed the stock exchange on Friday that it will consider a share buyback in a meeting on March 20. The move has come after the founders <a href="https://www.livemint.com/" data-type="tilCustomLink" target="_blank">reportedly</a> could not find private equity investors to counter L&amp;T's offer. L&amp;T <a href="https://timesofindia.indiatimes.com/business/india-business/lt-to-make-1st-ever-hostile-bid-in-indian-it-for-mindtree/articleshow/68457037.cms" data-type="tilCustomLink" target="_blank">reportedly</a> plans to spend $1 billion, including an open offer to minority investors, to gain controlling stake in the company. Indian takeover laws mandate that the suitor must buy shares worth 26% of the target company from the open market, if the stake in the target exceeds 25%. L&amp;T's offer price for another 31% stake in Mindtree may be around ₹980 apiece, a 4% premium to Friday’s closing price, the Economic Times reported. A share buyback by the existing board of directors at Mindtree would mean the company will use a part of its existing ₹2.8 billion reserves to thwart L&amp;T's bid. Investors may not like that, especially, at a time when there is premium offer on the table. On the other hand, L&amp;T Infotech, which is the conglomerate's IT subsidiary, has already lost a lot of share value since January when the rumours of the takeover surfaced. Investors <a href="https://www.livemint.com/market/mark-to-market/l-t-infotech-shares-already-carry-scars-of-meddling-with-mindtree-1552842303673.html" data-type="tilCustomLink" target="_blank">fear merging with Mindtree</a>, which has only one large client that is Microsoft, may hurt the performance of L&amp;T Infotech, whose stock price has more than doubled in the last three years and has a <a href="https://economictimes.indiatimes.com/tech/ites/lt-set-to-seal-mindtree-deal-with-caf-coffee-day-founder-vg-siddhartha/articleshow/68457010.cms" data-type="tilCustomLink" target="_blank">significantly wider profit</a> margin of 16% compared to Mindtree's 10%.

India begins a new trading week with a hostile takeover battle between Mindtree's founders and L&T

<ul><li>At 7:45 am, the SGX Nifty was up 0.12%, indicating a green start for Nifty50.</li><li>Here's a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to begin on a subdued note on Thursday, led by mixed cues from the global markets. At 7:45 am, the SGX Nifty was up 0.12%, indicating a green start for Nifty50. However, the <a href="https://www.businessinsider.in/stock-market/news/us-stocks-retreat-from-record-highs-as-stimulus-deadlock-continues/articleshow/79653087.cms">US stocks reversed to end lower</a> as a deadlock in stimulus negotiations continued. The Dow Jones Industrial Average closed 0.35% lower, and the S&amp;P 500 was down 29 points. These are the stocks to watch out for during the trading session today: IRCTC The government is planning to sell up to 20% stake in Indian Railway Catering and Tourism Corp (IRCTC) through an Offer for Sale (OFS) which opens for subscription on Thursday. The floor price for the offer has been set at ₹1,367. The share price of IRCTC closed 2% lower on Wednesday. Mahindra &amp; Mahindra The company informed exchanges that its operations in the automotive sector would be affected by the global supply shortage of micro-processors (semiconductors) used in electronic control units (ECUs). The company said this would result in a reduction in production and sales volume in the last quarter of FY 2020-2021. The share price of Mahindra &amp; Mahindra closed flat on Wednesday. TCS The ₹16,000-crore share buy-back programme of India's largest IT services firm Tata Consultancy Services (TCS) will commence on December 18 and close on January 1. Last month, TCS shareholders had approved a proposal to buy-back up to 5.33 crore equity shares of the company at ₹3,000 per scrip for an aggregate amount not exceeding ₹16,000 crore. The share price of TCS closed 0.53% lower on Wednesday. Maruti Suzuki India India's largest carmaker Maruti Suzuki said it would increase prices of its vehicles from January to offset the adverse impact of rising input costs. The share price of Maruti Suzuki India closed 0.70% lower on Wednesday. Pfizer India Canada's health regulator has approved Pfizer's COVID-19 vaccine, days ahead of possible approval in the US. Canada is set to receive up to 249,000 doses this month and 4 million doses by March. The share price of Pfizer India closed 0.29% lower on Wednesday. ICICI Securities The offer for sale for non-retail investors gets a demand of 4.4 times the shares of the offer. Portion for retail investors will be open today for auction. The share price of ICICI Securities closed 4% higher on Wednesday. L&amp;T Tech L&amp;T Technology Services bags a multi-year order worth over $100 million from a global oil &amp; gas company. Under this five-year deal, the company will be the primary engineering partner to support two of their integrated refining and chemicals manufacturing facilities in the USA. The share price of L&amp;T Tech closed 2% higher on Wednesday. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/facebook-hit-with-2-massive-antitrust-lawsuits-from-the-ftc-and-46-states-seeking-to-spin-off-instagram-and-whatsapp/articleshow/79652195.cms" data-type="tilCustomLink">Facebook hit with 2 massive antitrust lawsuits from the FTC and 46 states seeking to spin off Instagram and WhatsApp</a> <a href="https://www.businessinsider.in/stock-market/news/airbnb-prices-ipo-at-68-per-share-will-raise-3-5-billion/articleshow/79653812.cms" data-type="tilCustomLink">Airbnb prices IPO at $68 per share, will raise $3.5 billion</a>

Top stocks to watch — IRCTC, M&M, TCS, Maruti Suzuki, Pfizer India, ICICI Securities, and others

Mindtree, a <keyword id="147676" type="General" weightage="80" keywordseo="larsen" source="Orion">Larsen</keyword> &amp; Toubro Group company, is planning to set up a development centre in <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword>, which could create employment opportunities for 15,000-20,000 people in the next four-five years, a company official said here on Wednesday. The IT services firm has already onboarded 1,700 people in its existing facility in the West Bengal capital so far, he said. "We have taken up 19 acres of space. Hopefully, things will start. The construction will be done by L&amp;T... the management is committed. We will set up a huge centre," Mindtree Ltd Chief Executive Officer and Managing Director <keyword id="214484" type="General" weightage="80" keywordseo="debashis-chatterjee" source="Orion">Debashis Chatterjee</keyword> said at ICT East organised by CII. The development centre can create employment opportunities for 15,000-20,000 people, he said. The IT company had in March announced the opening of its first development centre in Kolkata. Another IT company of the L&amp;T group, Larsen and Toubro Infotech (LTI) had in June also announced opening up of a new centre in the eastern metropolis. Larsen and Toubro board had in May announced a composite scheme of amalgamation of its two listed IT services firms to create a combined entity. During the event, State Information Technology minister <keyword id="6721" type="General" weightage="80" keywordseo="babul-supriyo" source="Orion">Babul Supriyo</keyword> urged the industry leaders to guide his department about "what needs to be done" to grow the information and technology sector in West Bengal. Another multinational technology firm Oracle is also weighing opportunities in the state for a data centre project that could help small and medium businesses. We are working very closely with the government towards creating a dedicated data centre for West Bengal, said <keyword id="105775" type="General" weightage="80" keywordseo="shailendra-kumar" source="Orion">Shailendra Kumar</keyword>, senior vice president, regional managing director India and NetSuite JAPAC, Oracle NetSuite Global Business Unit. The plans could take shape over the next 2-3 months, he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sensex-nifty-in-the-green-as-crude-prices-soften/articleshow/94066162.cms">Sensex, Nifty in the green as crude prices soften</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indigo-shares-fall-over-4-as-co-founder-rakesh-gangwal-offloads-2000-cr-worth-stake/articleshow/94065345.cms">IndiGo shares fall over 4% as co-founder Rakesh Gangwal offloads ₹2,000 cr worth stake</a>

Mindtree planning to set up development centre in Kolkata: CEO

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Chevrolet</div></div></div>The Chevrolet Corvette Z06 is perhaps the most incredible car to ever emerge from General Motors.One of its greatest strengths is the 6.2 liter, supercharged LT4 small block V8 lurking beneath its hood.The world-class beast of a motor is so good that fellow GM stablemate Cadillac is using the LT4 to power its CTS-V super sedan. Now there's another place you'll find this incredible engine - under the hood of a Chevy Camaro.Chevrolet announced today that the 2017 Camaro ZL1 will be powered by a 640 horsepower version of the LT4 V8.The ZL1 is the closest a Camaro has ever come to supercar territory. It might sound preposterous, but it isn't.In addition to the 640 hp, the ZL1 comes track ready with magnetic fluid-filled dampers, electronic limited slip differential, Performance Traction Management and a custom launch control system.Just a few years ago, this kind of equipment was reserved for the Ferraris and Porsches of the world.Now it's on a Camaro. "The Camaro ZL1 is designed to excel at everything,"General Motors' head of product development Mark Reuss said in a statement. "It's a 2+2 coupe offering incredible performance with the highest levels of technology." "It will compare well to any sports coupe, at any price and in any setting."<div class="KonaFilter image-container display-table"><div><div class="image on-image">Chevrolet</div></div></div>In addition to the standard 6-speed manual shifter, the ZL1 will be available with a new 10-speed automatic transmission. That's right. 10 speeds! Although Ford and Honda have also been working on the tech, this is the first time we've seen a 10 speed available on a production sports car.Chevy has also put the Camaro on a diet and is now 200 lbs lighter than its predecessor. Although GM has yet to announce the performance figures for the ZL1, it will likely be on par with its platform mate - the CTS-V - which can sprint to 60 mph from a standstill in about 3.5 seconds. As for top speed, Cadillac claims the CTS-V can reach 200mph and, depending on the ZL1's aero package, we would not be surprised to see it top out in the same neighborhood.The 2017 Camaro ZL1 is expected to reach showrooms by the end of the year. Official pricing for the car has yet to be announced.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Chevrolet</div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/drive-chevy-tesla-killer-bolt-ces-2016-1">This is what it's like to drive Chevy's Tesla-killer</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="w2azY2MDE6jevu96_5PjRoz4j9PcxEbo" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

This might be the Camaro the world has been waiting for

<ul><li>HCL Technologies’ stock was trading over 10% in afternoon trade today after the IT services giant announced its mid-quarter review.</li><li>It issued a revenue growth guidance of 3.5% and EBIT of between 20.5% to 21% this quarter.</li><li>The rally led to the share price of other bigwig IT stocks — Tata Consultancy Services (TCS), Infosys, Wipro and Tech Mahindra — to also shoot up by at least 3%.</li></ul>Indian IT services giant HCL Technologies’ mid-quarter review and guidance haveIT stocks rallying to new highs even as the COVID-19 uncertainty continues to loom. The company expects its revenue growth to be around 3.5% for this quarter, after reporting a dip of 7.2% at the end of June. HCL Tech’s own share price shows the biggest jump, rallying by over 10% in afternoon trade on the Bombay Stock Exchange. <div type="image" title="hcl tech share price" msid="78103712" hostid="261" caption="&amp;lt;p&amp;gt;HCL Tech&amp;#39;s share price over the last three months&amp;lt;/p&amp;gt;"></div> In the rally led by HCL Tech, the other top 5 Indian IT stocks — Tata Consultancy Services (TCS), Infosys, HCL Tech, Wipro, Tech Mahindra, and L&amp;T Infotech — followed suit, shooting up by at least 3%. The boon for the even greater for TCS as the sudden rise took it to become the <a href="https://www.businessinsider.in/stock-market/news/after-reliance-tcs-becomes-second-indian-firm-to-cross-9-lakh-crore-market-valuation/articleshow/78104482.cms">second Indian company to cross the ₹9 lakh crore mark </a>after Mukesh Ambani's Reliance Industries crossed the same threshold in October last year. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </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 (trade today) </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;">Tata Consultancy Services (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;">3.26% </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;">4.13% </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;">10.67% </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;">3.26% </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;">3.57% </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;">L&amp;T Infotech </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;">4.06% </td></tr></tbody></table>Source: BSE as of 1:30 pm on September 14 HCL Tech’s mid-quarter review In the first three months of the current financial year, April to June, HCL Tech signed 11 new deals even though the number of large clients it has on its payroll did not increase. HCL's 7.2% fall in revenue is also greater, compared to its peers, who were also in the red but by a lesser margin. <div type="image" title="infosys vs tcs vs wipro revenue q1fy21 (2)" msid="78103761" hostid="261" caption="&amp;lt;p&amp;gt;HCL Tech&amp;#39;s revenue dipped by 7.2% in the first quarter of the current financial year&amp;lt;/p&amp;gt;"></div> “Good booking momentum continues this quarter, led by Life Sciences &amp; Healthcare, Telecom &amp; Media and Financial Services verticals,” <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/6cc42b7b-a7bd-4d58-8b02-ee10af20f6cb.pdf">HCL Tech</a> said in its filing with the BSE, adding that the pipeline continues to look healthy. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/its-not-just-india-chinese-intelligence-has-its-eye-on-more-than-2-4-million-individuals-across-the-us-japan-canada-australia-and-the-uk/articleshow/78101034.cms">It's not just India — Chinese intelligence has its eye on more than 2.4 million individuals across the US, Japan, Canada, Australia, and the UK</a> <a href="https://www.businessinsider.in/defense/news/india-china-border-tension-will-be-in-focus-as-the-parliaments-monsoon-session-begins-today/articleshow/78098575.cms">India-China border tension will be in focus as the Parliament's Monsoon session begins today</a> <a href="https://www.businessinsider.in/finance/banks/news/all-eyes-on-parliaments-monsoon-session-the-banking-regulation-amendment-bill-2020-may-not-be-on-the-docket-for-long/articleshow/78101791.cms">All eyes on Parliament's Monsoon session — the Banking Regulation (Amendment) Bill 2020 may not be on the docket for long</a>

HCL Tech's mid-quarter guidance optimism sparks rally in TCS, Infosys, Wipro, and Tech Mahindra too

<div class="KonaFilter image-container display-table"><div><div class="image on-image">GettyFacebook CEO Mark Zuckerberg may not like what he reads.</div></div></div><ul><li>Facebook lost almost $150 billion off its value on Wednesday after the company missed Wall Street's expectations on revenue growth and user numbers.</li><li>Analysts lowered their price targets and said the worst is yet to come for <a href="http://uk.businessinsider.com/category/mark-zuckerberg" target="_blank" rel="noopener">Mark Zuckerberg</a>'s company.</li><li><a href="https://markets.businessinsider.com/stocks/fb-stock" target="_blank" rel="noopener">Follow Facebook's stock price in real-time here.</a></li></ul> Facebook stock took an insane pummeling on Wednesday, <a href="http://uk.businessinsider.com/facebooks-market-cap-falls-130-billion-q2-earnings-call-2018-7" target="_blank" rel="noopener">wiping nearly $150 billion off of the company's value.</a>Disappointing second-quarter earnings and a far-from comforting management conference call were to blame for the dramatic share price tumble.Facebook missed Wall Street expectations on revenue growth and user numbers. Revenue rose 42% to $13.23 billion but was $70 million short of forecasts. Monthly active users were around 20 million below predictions at 2.23 billion, despite being up 11% on Q2 in 2017.For most other companies, this would be stellar growth, but Facebook operates in its own universe. <a href="http://uk.businessinsider.com/facebook-stock-drops-20-plus-nightmare-earnings-call-2018-7" target="_blank" rel="noopener">And there was scant comfort on the earnings call</a>, where analysts, investors, and journalists were told by CFO David Wehner that growth will continue to slow over the coming months.Here's what Wall Street is saying about Facebook's earnings:<h2>Baird</h2>Price target: $195 (lowered from $210)Analyst Colin Sebastian lowered Baird's price target after Facebook dropped "two bombshells" on the conference call: A "significant slowdown" revenue growth in Q3 and Q4, and operating margin declines. But the problems are "self-inflicted," Sebastian said.Facebook is placing more emphasis on Stories, which don't yet make as much money as its news feed and other features. An increased focus on privacy and security could also be damaging profitability."While shares are moving to the 'penalty box,' we believe after-hours trading already embeds model changes. Maintain Outperform rating," Sebastian said.<h2>Pivotal</h2>Price target: $140 (lowered from $142)Pivotal said the earnings were "OK" and did not materially impacted its modelling. But it warned that the GDPR privacy laws in Europe and other regulatory threats mean that more pain could be on the way."Our view is that the company is far from 'out of the woods' as the bundling of consent for Facebook to use consumer data with access to the platform appears to be an aggressive interpretation of GDPR, and one that might be more subject to eventual regulatory action," it said.<h2>Macquarie Research</h2>Price target: $190 (lowered from $220)Analysts at Macquarie said Facebook's earnings reflect management making structural changes for the future."This should be welcomed, because in our view, the LT [long-term] trajectory is not on solid ground, as growing privacy issues, ramping gov't regulation, and ever-evolving user habits present LT existential threats to FB's health," they said.As an interesting side note, Macquarie added that there has never been a better case for Facebook to introduce a subscription model."The potential for FB to offer consumers an ad-free subscription option is at the highest level ever. Beyond privacy, we are seeing consumers more and more comfortable paying for digital content," it said.This story will be updated with more reaction as we get it. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/medical-advances-change-lives-2018-6">These 13 medical technologies are changing lives</a></h3> <div> </div> </div>

'The company is far from out of the woods': Here's what Wall Street is saying about Facebook's bombshell Q2 earnings

<ul><li><keyword id="896278" type="PERSON" weightage="20" keywordseo="Indian-IT-services-companies">Indian IT services companies</keyword> <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> and <keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword> may see their stocks increase by more than 50% in the coming year, according to Edelweiss.</li><li>The current ‘tech upcycle’ could also put mid-cap stocks like MindTree and L&amp;T Infotech on the road to becoming large caps by 2035.</li><li>The surge of growth is pegged on the faster-than-expected recovery of the BFSI vertical, the prioritisation of spending on cloud services and the reduction of costs due to most employees working from home. </li></ul>The COVID-19 pandemic may have wreaked havoc on many industries but the IT sector exhibited extraordinary perseverance. Edelweiss estimates that despite the rally seen over the last three months, the best is yet to come. And, <keyword id="4126021" type="PERSON" weightage="20" keywordseo="Indian-IT-stocks">Indian IT stocks</keyword> like Infosys, HCL Tech and TCS are most likely to reap the benefits. “Among mid-caps, we believe Mindtree and L&amp;T Infotech might well be the large caps of 2035 (perhaps much like Infosys and TCS, respectively),” said the analysts’ December report on the IT sector. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Projected upside </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Eclerx </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,536 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">96.70% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,480 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">72.90% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,850 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">63.10% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">LTTS </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,740 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">52.10% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹4,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">46.90% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mindtree </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,044 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">42.10% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T Infotech </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹4,197 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">28.50% </td></tr></tbody></table>Source: Edelweiss Research This is because ‘clients are more determined to spend than ever before,’ according to Edelweiss. This is further bolstered by the fact that the IT companies themselves are gaining on margins with employees working from home. Most companies will have a larger than usual budget for tech upgrades Companies don’t normally carry over their budget allocation for IT into the next year. But this time around, they’re making an exception. Majority of IT departments are likely to carry forward any of the unused technology budgets from 2020 into 2021, according to Edelweiss. That means next year, most clients of IT services companies will have a significant amount to spend in addition to traditional allocation for technology upgrades. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">Quarter </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;">TCS’ Total Contract Value </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;">Infosys’ large deal signings </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;">Q1 FY20 </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 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.7 billion </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;">Q2 FY20 </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;">$6.4 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.8 billion </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;">Q3 FY20 </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 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.8 billion </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;">Q4 FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$8.9 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.7 billion </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;">Q1 FY21 </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;">$6.9 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.7 billion </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;">Q2 FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$8.6 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.2 billion </td></tr></tbody></table>Source: Respective company reports “[This implies] FY22 revenue growth for Indian technology companies can be comfortably in the 12–14% range or even more,” said the report. The best phase of the ‘tech upcycle’ The surge in spending on technology upgrades has been dubbed the ‘tech upcycle’. It’s a result of the increase in online activity during the coronavirus pandemic. Back in June, the upcycle was just kicking off and the most expansive phase — when the money actually starts rolling — is yet to begin. This is called the ‘squeeze up’ phase of the cycle. <div type="image" title="Copy of canara bank" msid="79659488" hostid="261" caption="&amp;lt;p&amp;gt;The share prices of HCL Tech, Infosys and TCS over the last six months&amp;lt;/p&amp;gt;"></div> Why will some companies gain more than others? According to Edelweiss, all IT companies have something to gain from the increased spending on digital that will flow in. But, some will gain more than others depending on where their focus lies within the digital space. For instance, spending on cloud technology is more important than investing in non-cloud digital services. “Cloud has clearly taken precedence in spends as clients now increasingly and strongly-than-ever believe that they need an agile IT infrastructure to manage variable data loads,” notes the report. With companies like HCL Tech, Infosys and TCS being the strongest contenders for cloud technology right now, they have the most to gain. Another positive for these companies is that the BFSI segment, in particular, is witnessing decade-high budgetary allocations to upgrade its technology. <div type="Article" hostid="261" msid="76334123" title="TCS, Infosys, HCL Tech and others will gain from Microsoft, Amazon and Google spending more on technology" mstype="2" mssubtype="0"></div> IT sector gains aren’t without its risks The IT sector may be on the precipice of massive growth but the risks have never been higher. A serious data breach — keeping in mind that the number of cyberattacks on companies during the last six months has been increasing — could have a serious impact on client trust and customer confidence. The depreciation of the dollar versus the rupee could also moderately affect growth and the resulting earnings estimates of IT companies, according to Edelweiss. And, while it is true that technology spends are stepping up, the North American market is an exception to that rule. Since most clients within the US are already digitally savvy, their budgets for IT may be slashed. <keyword id="6357549" type="UNKNOWN" weightage="20" keywordseo="Indian-IT-companies">Indian IT companies</keyword> may bear the brunt since, for most, the majority of their revenue comes from customers in the US. Lastly, while the BFSI sector is racing to catch up, it also means there’s a higher risk of companies within that vertical declaring bankruptcy. If a large enough BFSI client was to go bust, it wouldn’t impact the whole industry, but the IT services company providing services would be in for a rough ride. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/india-desi-gps-finally-joins-china-russia-and-the-us-after-a-two-year-long-wait/articleshow/79656300.cms">India’s desi-GPS is now in the same league as the US, Russia and China — can scan 1,500 kilometres beyond its own borders</a> <a href="https://www.businessinsider.in/science/health/news/canada-has-enough-covid-19-vaccine-doses-to-cover-each-citizen-five-times-over-while-the-fate-of-67-poor-countries-remains-undecided/articleshow/79645493.cms">Canada has enough COVID-19 vaccine doses to cover each citizen five times over while the fate of 67 poor countries remains undecided</a> <a href="https://www.businessinsider.in/india/news/farmers-plan-to-block-delhi-jaipur-and-delhi-agra-highways-starting-december-12-and-start-nationwide-protests-on-december-14/articleshow/79644167.cms">Farmers call for nationwide protest on December 14 — plan to block Delhi-Jaipur and Delhi-Agra highways starting December 12</a>

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