<ul><li><keyword id="20002939" type="General" weightage="20" keywordseo="ril" source="keywords">RIL</keyword> stock is trading at around ₹2,849, but brokerages’ target prices are between ₹2,900 to ₹3,299.</li><li>There are multiple triggers ahead for RIL to show good earnings per share growth, believe analysts.</li><li>With 5G rollout completing and retail at the end of its capex, consumer businesses are expected to see both topline and bottomline growth.</li><li>The biggest and most awaited event is the possible spinoff of retail and telecom, which is expected after the general elections. </li></ul>Shares of Reliance Industries have been on a roll for several weeks, taking its market cap to ₹19.5 lakh crore mark. After its December quarter earnings beat expectations, the market is waiting to see the company cross the ₹20 lakh crore mark. Analysts who track the conglomerate believe that it has good visibility of earnings growth and, therefore, the rally may well continue. “I wouldn’t put a time on it, but RIL can hit the ₹20 lakh crore marketcap anytime soon. There are multiple triggers for the stock ahead. They have been investing in the right areas like retail, digital and green energy. They will take shape and provide earnings clarity in the next 2-3 years,” <keyword id="20385487" type="General" weightage="20" keywordseo="sanjeev-hota" source="keywords">Sanjeev Hota</keyword>, vice president and head of research at Sharekhan told Business Insider India. While the stock is trading at around ₹2,849, most brokerages’ target prices are anywhere between ₹2,900 and ₹3,299 per share. It shows that there is an upside in the stock, even after the recent rally. The stock has been rallying for the last one month, gaining as much as 12%. This comes after underperforming the index for the last three years. Most analysts and brokerages believe that the groundwork for its earnings growth that will drive valuation has already been done. And, that the stock can only gain from here on. Brokerages’ target price for RIL post Q3 earnings <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </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;">Bernstein </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;">₹3,160 </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;">BobCaps </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;">₹3,175 </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;">Centrum </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;">₹3,299 </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;">J M Financial </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;">₹3,050 </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;">Antique </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;">₹3,005 </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;">Prabhudas Liladher </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;">₹2,912 </td></tr></tbody></table>Source: Brokerage reports ‘Reliance in transition’ The latest report by <keyword id="20011155" type="General" weightage="20" keywordseo="bernstein" source="keywords">Bernstein</keyword> also believes that there are multiple growth triggers for the stock. The brokerage expects RIL’s earnings per share (EPS) to grow at a 20% compounded annual growth rate (CAGR) till the end of FY26. “Reliance is in transition. Over the next two years, we expect earnings growth will be driven by retail and telecoms, while oil to chemicals (O2C) will see consolidation with profit growth,” said Bernstein. Its retail business with its favourable mix of groceries, fashion, electronics and more has been gathering steam. It’s expected to sustain 24% revenue growth, ahead of its peers. As capex normalizes in this business, its revenue per square foot will improve due to maturing stores. It’s also starting to see the benefits of scale. Its growth will be driven by physical store expansion, integration of acquisitions, digital commerce with stores, and merchant partnerships. “We assume three-fold revenue growth over five years between FY22 and FY26. We expect EBITDA margin to improve to 9% in FY26 as the retail business leverages its large scale and national presence, and also integrates premium brands and partnership,” says BobCaps. Its telecom business is also at the end of its 5G rollout phase, and its monetization is expected to start soon. This will also happen at the time when the market is expected to see the much-delayed tariff hikes to the tune of 11%. It’s also gaining market share in the consumer as well as enterprise business, due to its 5G offerings and more. “<keyword id="19906886" type="General" weightage="20" keywordseo="jio" source="keywords">Jio</keyword> 5G availability is 3x that of nearest competitor, and overall download speed is 2x that of nearest competitor. Consistent enterprise market share gains for Jio; 33% of large enterprises use 2 or more Jio services and around 50% branches of top 10 banks in India run on the Jio network,” said a report by J M Financial. The biggest trigger however is the possible spinoffs of its retail and telecom businesses. “The announcements are expected to come in the upcoming annual general meeting,” says <keyword id="20385488" type="General" weightage="20" keywordseo="hota" source="keywords">Hota</keyword>. How big is ₹20 lakh crore? If RIL hits the ₹20 lakh crore marketcap, its stature will rise amongst the most valued oil companies globally. It’s already the fourth most valuable energy company, after only Saudi Aramco, Exxon Mobil and Chevron. However, even with the swollen marketcap, it might not be able to overtake Chevron whose value is somewhere around $280 billion which is around ₹2.25 lakh crore. Within India, it’s not only the most valuable company, it’s way ahead of its closest peer, TCS by a wide margin. In fact, it’s more valuable than the combined value of the last three companies in the top ten list — HUL, ITC and SBI. Top 10 Indian companies by marketcap <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><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;">Rank </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;">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;">Marketcap </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;">1 </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;">RIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹19.59 lakh crore </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;">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;">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;">₹13.9 lakh crore </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;">3 </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;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11.05 </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;">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;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7.13 lakh crore </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;">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;">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;">₹6.87 lakh crore </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;">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;">Bharti Airtel </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;">₹6.53 lakh crore </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;">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;">LIC </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;">₹5.79 lakh crore </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;">8 </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;">HUL </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;">₹5.74 lakh crore </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;">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;">ITC </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;">₹5.61 lakh crore </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;">10 </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;">SBI </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;">₹5.55 lakh crore </td></tr></tbody></table>Source: BSE

Many triggers ahead for RIL to hit ₹20 lakh crore marketcap

<ul><li><keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, at 18.2% now, has the second highest weightage in <keyword id="20566089" type="General" weightage="20" keywordseo="msci-index" source="keywords">MSCI Index</keyword>, after China.</li><li>Nuvama expects this recent rejig by MSCI to bring in $1.2 billion in passive inflows from FIIs.</li><li>India’s corporate earnings growth, macroeconomic outlook and equity market performance are reasons for the upgrade, say experts.</li><li>Chinese markets’ relative underperformance and falling holdings of top emerging market (EM) funds in the market play to India’s advantage. </li></ul>India’s weightage in the MSCI Global Standard Index has been recalibrated to 18.2% by the index in its latest rejig. Not only is it at a historic high, it’s the second-highest weightage in the index after China, which is at 23%. Moreover, market watchers believe that it can go higher in the current calendar year itself. “With a consistent flow from domestic institutional investors (DIIs) and now if steady foreign institutional investors (FIIs) participation resumes, there is potential for India to surpass a 20% weightage in the MSCI EM Index by early 2024 itself,” said a report by Nuvama. <keyword id="20385487" type="General" weightage="20" keywordseo="sanjeev-hota" source="keywords">Sanjeev Hota</keyword>, vice president of research at Sharekhan also believes that India has room to go further in MSCI. “With China markets not performing, India is a good opportunity for FIIs, in terms of its corporate earnings growth and political stability,” he told Business Insider India. India's representation in the MSCI EM pack had been at around 8% from 2015 until October 2020. Since November 2020, its representation has nearly doubled. If one were to count it from 2012, when it was at around 6.6%, it has almost tripled, experts say. “This remarkable achievement can be attributed to multiple factors. India's standardized Foreign Ownership Limit (FOL) in 2020. Robust performance by Indian equities, particularly in the midcap segment, leading to numerous inclusions in every review,” said a report by Nuvama. The research firm expects as much as $1.2 billion of foreign institutional investor (FII) passive inflow into the markets, both in standard and smallcap index. Apart from funds, it will also bring further stability into Indian equities. “Increased MSCI weightage will lead to increased institutional holdings which are considered to be generally long term in nature. It will provide stability in prices over the long term,” says Apurva <keyword id="20059502" type="General" weightage="20" keywordseo="sheth" source="keywords">Sheth</keyword>, head of market perspectives &amp; research at SAMCO Securities. India versus China Experts also attribute India’s ascension in index weightage to the relative underperformance of Chinese markets. The lowest daily average turnover on the stock market since 2019 was 790 billion yuan in 2023 as per Alchemy Capital Management. Over the past year, MSCI China declined by 25%, while MSCI India has increased by 31%. The recent liquidation of real estate major Evergrande will add more troubles to the banking sector as well. Sheth says that underperformance by Chinese markets is a boon for Indian markets as it gives an opportunity for increasing India’s weightage on global indices. “Top EM funds' average holdings of Chinese stocks have fallen to a five-year low, and very few have increased their positions. With the outlook continuing to be strong for India, we expect it to attract more money on its own merits, but China’s failures would only add fuel to the fire,” said Alok Agarwal, head quant &amp; portfolio manager, Alchemy Capital Management. If significant EM funds continue to pull out, China’s equity risk could prolong stagnation. India, on other hand, with its robust macroeconomic outlook, and the performance of equity markets could become a preferred opportunity, experts say. “India’s story has just started. It’s going to grow further,” says Hota.

India’s MSCI Global Index weightage at historic high with new peaks possible in 2024

<img class="gwt-Image" src="/photo/29847403.cms" /> When love is in the air, it only makes sense to take cues from <keyword id="143" type="CITY" weightage="100" keywordseo="Bollywood">Bollywood</keyword> and make this Valentine’s Day all the more special. After all, Bollywood boasts some of the most passionate love stories that not only deserve a toast this season but can also teach you a thing or two when romance prevails over all. So plan a Valentine’s Day @ home this year, snuggle in a blanket with your beloved and embark upon a movie marathon featuring these celebrated love stories. 
 
1. <keyword id="37927" type="ENTERTAINMENT" weightage="100" keywordseo="Dilwale-Dulhaniya-Le-Jayenge">Dilwale Dulhaniya Le Jayenge</keyword> 
This is not a fairy tale romance but a story that is plausible. A rich, spoilt brat falls in love with a reserved, morally strong girl. <keyword id="3858" type="ORGANIZATION" weightage="100" keywordseo="DDLJ">DDLJ</keyword>, as we love to call it, is one of the classic love stories churned out by Brand Bollywood. And how we love it! It established <keyword id="6359862" type="ORGANIZATION" weightage="100" keywordseo="SRK">SRK</keyword> as the king of romance and his chemistry with <keyword id="6354713" type="PERSON" weightage="100" keywordseo="kajol">Kajol</keyword> became a benchmark. Don’t you say… palat (look back, if you love) every time you watch this movie? That’s the magic of love! 
 
2. <keyword id="25822" type="ENTERTAINMENT" weightage="100" keywordseo="Mughal-e-azam">Mughal-e-Azam</keyword> 
Talk about those classic love stories that still grip us and this epic saga will top the list. K Asif’s magnum opus Mughal-e-Azam, which relates the passionate tale of romance between a prince and a courtesan, is the kind of stuff dreams are made of. What more? Watch out for the regal <keyword id="1687" type="PERSON" weightage="100" keywordseo="Dilip-Kumar">Dilip Kumar</keyword> and the stunning <keyword id="27717" type="PERSON" weightage="100" keywordseo="Madhubala">Madhubala</keyword> taking passion to new heights with something as simple as the touch of a feather. 
 
3. <keyword id="37972" type="ENTERTAINMENT" weightage="100" keywordseo="Pyaasa">Pyaasa</keyword> A delicate bond between a disheartened poet and a sympathetic prostitute flourishing in a hostile society lies at the core of this masterpiece by the legendary <keyword id="20722" type="PERSON" weightage="100" keywordseo="Guru-Dutt">Guru Dutt</keyword>. Starring <keyword id="6442163" type="PERSON" weightage="100" keywordseo="Waheeda-Rehman">Waheeda Rehman</keyword>, this tale of love’s triumph inspires every lover. 
 
4. <keyword id="404112" type="ENTERTAINMENT" weightage="100" keywordseo="Kabhie-Kabhie">Kabhie Kabhie</keyword> Late film-maker <keyword id="2238" type="PERSON" weightage="100" keywordseo="Yash-Chopra">Yash Chopra</keyword> wasn’t called the ‘Pasha of Romance’ for nothing. How deeply he did understand the ramblings of the <keyword id="24479" type="ORGANIZATION" weightage="100" keywordseo="heart">heart</keyword> became evident from the way he handled this delicate story of love that transcended generations. Be it Amitabh-Rakhi’s failed love or Shahi-Rakhi’s lovely marriage, Amitabh-Waheeda’s compromised love or Rishi-Neetu’s young romance – Yash Chopra presented each relationship with perfect finesse, making it one of the most popular romantic movies of Bollywood. 
 
5. <keyword id="3596" type="PERSON" weightage="100" keywordseo="Bobby">Bobby</keyword> 
This love story between the bubby Dimple and young Rishi proves that love knows no barrier. Pyaar mein sauda nahi… there’s nothing worldly or selfish in love… declares this rebellious teenage love story that was a rage in its time and launched two of the most successful superstars of Bollywood. 
 
6. <keyword id="167989" type="ENTERTAINMENT" weightage="100" keywordseo="Aandhi">Aandhi</keyword> 
Who says romance is only for the young? Watch Aandhi, Gulzar’s take on love between an estranged couple who rediscovered their feelings after parting ways years ago. <keyword id="55364" type="PERSON" weightage="100" keywordseo="Sanjeev-Kumar">Sanjeev Kumar</keyword> and <keyword id="112471" type="PERSON" weightage="100" keywordseo="Suchitra-Sen">Suchitra Sen</keyword> were remarkable in lead roles – balanced, breathtaking and serene. 
 
7. <keyword id="38574" type="ENTERTAINMENT" weightage="100" keywordseo="Lamhe">Lamhe</keyword> 
This love story made by Yash Chopra was far ahead of its time. One of the finest romantic movies ever made in Bollywood, Lamhe dared to challenge the traditional perception of love. A man falling for both the mother and the daughter was enough to raise many eyebrows. But Chopra’s sensitivity and <keyword id="6354700" type="PERSON" weightage="100" keywordseo="Anil-Kapoor">Anil Kapoor</keyword> and <keyword id="6354580" type="PERSON" weightage="100" keywordseo="Sridevi">Sridevi</keyword>’s top-notch performance made it look perfect. 
 
8. <keyword id="6391814" type="ENTERTAINMENT" weightage="100" keywordseo="Kuch-Kuch-Hota-Hai">Kuch Kuch Hota Hai</keyword> 
This modern-day flick is a tribute to all who have found true love in best friends. Pyar dosti hai… is the simple message even as director <keyword id="3778" type="PERSON" weightage="100" keywordseo="Karan-Johar">Karan Johar</keyword> skilfully weaves a complex tale of love, passion and friendship. 
 
9. <keyword id="310845" type="ENTERTAINMENT" weightage="100" keywordseo="Silsila">Silsila</keyword> This is one of the most fiery love triangles of Bollywood and Yash Chopra managed to pull off the most memorable casting coup of the time. Add to it a plot that depicted the real life tale of this trio and the film had every bit of drama and magic to make it a classic. <keyword id="6357912" type="PERSON" weightage="100" keywordseo="amitabh-bachchan">Amitabh Bachchan</keyword> and <keyword id="182" type="PERSON" weightage="100" keywordseo="Rekha">Rekha</keyword> weaved this complex tale of infidelity with utmost sincerity (pun intended) while <keyword id="777" type="PERSON" weightage="100" keywordseo="jaya">Jaya</keyword> was perfect in her role. 
 
10. <keyword id="37793" type="ENTERTAINMENT" weightage="100" keywordseo="Hum-Dil-De-Chuke-Sanam">Hum Dil De Chuke Sanam</keyword> Sensuality, intensity, passion – every adjective linked to a high-octane love story defined the one between Nandini (<keyword id="6366471" type="PERSON" weightage="100" keywordseo="Aishwarya-Rai">Aishwarya Rai</keyword>) and Sameer (<keyword id="6354583" type="PERSON" weightage="100" keywordseo="Salman-Khan">Salman Khan</keyword>). Her willingness to walk out of her marriage to unite with the love of her life in a foreign land to announcing it to her mother that ‘usne meri aatma ko chua hai’ (he has touched my soul) was a deluge of love.

V-Day Movie Fest: Watch
These 10 Iconic Love Stories Of Bollywood

<ul class="summary-list"><li>India's stock market hit a $4 trillion valuation for the first time on Tuesday, per Bloomberg.</li><li>It's narrowing the gap with Hong Kong, the world's fourth-largest stock market.</li></ul>The value of companies listed on India's stock exchanges hit $4 trillion for the first time on Tuesday – narrowing the gap with Hong Kong, <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-12-06/india-stock-value-tops-4-trillion-narrowing-gap-with-hong-kong">Bloomberg</a> reported.Hong Kong is the world's fourth-largest stock market, but is now worth less than $4.7 trillion following an 18% slide in the Hang Seng Index this year.In contrast India's two main indexes, the Sensex and the Nifty, are up 13.3% and 14.6% this year.The Indian market was worth less than $1.5 trillion in pandemic-affected 2020, according to Bloomberg, but has since made significant gains.Investors have been reassured by wins in three state elections this weekend for India's ruling party, headed by prime minister Narendra Modi."The market is taking comfort from the victory of BJP due to hopes of policy continuity in 2024, focusing on growth rather than fiscal populism," Sanjeev Hota of stock broker Sharekhan told <a target="_blank" href="https://www.reuters.com/world/india/indian-shares-set-open-new-record-highs-while-global-rally-eases-2023-12-05/">Reuters</a>.Despite global economic headwinds, India — the world's fastest-growing economy — is projected by the IMF to expand by 6.3% this year.Investors, from Apple to Goldman Sachs, have been <a target="_blank" href="https://www.businessinsider.com/india-economy-markets-elon-musk-ray-dalio-goldman-sachs-apple-2023-7">upbeat</a> about the country as a destination for investment.The three biggest stock markets are the US, worth just over $48 trillion, followed by China at about $9.6 billion and Japan on almost $6 trillion, per Bloomberg figures.

Watch out Hong Kong &ndash; India's $4 trillion stock market is fast catching up

<ul><li>Net FII inflows have been negative for the first two months of the year, thanks to rising interest rates in the US.</li><li>The sell off by FIIs turned positive in March after being in red for three consecutive months.</li><li>While FIIs were busy selling, DIIs including mutual funds and insurance companies bought stocks during periods of volatility.</li></ul>Net investments by foreign institutions turned positive in March, all thanks to investment in <keyword id="4929350" type="General" weightage="20" keywordseo="adani-group-companies" source="Orion">Adani Group companies</keyword> by the US-based <keyword id="4169270" type="General" weightage="20" keywordseo="GQG-Partners" source="Orion">GQG Partners</keyword>. <keyword id="6438315" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="Orion">Foreign institutional investors</keyword> have been selling down stocks for three consecutive months now. GQG Partners had on March 2 picked up stakes in four group companies for ₹15,446 crore. Following this, a day later Adani group’s combined market capitalisation also increased by ₹81,980 crore fueling investor sentiment and recovering some investor confidence. The four companies Gautam Adani sold shares in included — Adani Enterprises, Adani Ports &amp; Special Economic Zone, Adani Transmission and Adani Green Energy. The irony is that the crisis in Adani stocks was also among the major reasons for the volatility in the home market a few weeks back, due to Hindenburg Research's fraud allegations and other regulatory aspects related to stock markets. However, the correction in the markets is making them attractive and that could enthuse more investors going forward, experts say. “The near-term outlook for FPI looks much more positive now. Even though Indian valuation continues to be relatively high, the recent market correction has made valuations a bit more reasonable than earlier,” said Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services. “FPIs turning buyers in banking will help banking stocks scale higher levels assisted by good Q4 results,” said Vijayakumar. In the last one week, Nifty Bank has surged more than 3%, after huge sell off in these stocks this year. A better year for FIIs Sanjeev Hota, vice president, head of research at Sharekhan BNP Paribas expects India to clock in net FII inflows this year, as last year saw sharp outflows. Globally, macroeconomic headwinds are showing signs of fading, though it’s too early to say if volatility will end, he opines. “At 17.5x one year forward valuation, it looks reasonable to put new money in the markets. Besides, this is the right time for long term investors to put money after the recent correction. Long term India's growth story looks solid and it is providing an opportunity for investors to accumulate quality stocks at reasonable levels,” said Hota. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><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;">Foreign institutional flows in 2023 </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;">FII flows </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;">March </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;">₹1,997 crore </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;">February </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;">-₹11,090 crore </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;">January </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;">-₹41,464 crore </td></tr></tbody></table>Source: NSE FII exits have been making headlines especially for many months now because of the rising interest rates in the US market. Rise in the US interest rates does not bode well for the Indian markets, as it can lead to foreign investors pulling their money out from emerging markets like India and infuse into treasuries and money markets of the US that look more attractive. While FIIs were busy selling Indian equities, <keyword id="181673" type="General" weightage="20" keywordseo="domestic-institutional-investors" source="Orion">domestic institutional investors</keyword> (DIIs) including mutual funds, insurance companies bought more Indian stocks during volatility. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><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;">Domestic institutional flows in 2023 </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;">DII flows </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;">March </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;">₹30,548 crore </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;">February </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹19,239 crore </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;">January </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;">₹33,411 crore </td></tr></tbody></table>Source: NSE SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/udayshivakumar-infra-lists-at-a-14-discount-in-spite-of-a-stellar-subscription/articleshow/99206327.cms">Udayshivakumar Infra lists at a 14% discount in spite of a stellar subscription</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/passenger-vehicle-sales-steady-commercial-vehicles-drive-growth-in-march/articleshow/99206199.cms">Passenger vehicle sales steady, commercial vehicles drive growth in March</a>

FII flows remain erratic in 2023 so far while DIIs invest more than $10 billion

<ul><li>After selling equities from the start of 2023, <keyword id="6368141" type="General" weightage="20" keywordseo="fiis" source="Orion">FIIs</keyword> reversed the trend and started buying Indian equities from February 10.</li><li>As US inflation data continues to disappoint, emerging markets like India turn attractive again.</li><li>India’s growth story is intact and that’s why FIIs keep coming back, say analysts.</li></ul><keyword id="6438315" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="Orion">Foreign institutional investors</keyword> (FIIs) bought equities worth over ₹6,000 crore in India in the last five trading sessions of February after a sharp sell off to the tune of ₹41,464 crore witnessed in January. After selling equities from the start of 2023, FIIs reversed the trend and started buying Indian equities from February 10. Due to negative flows from FIIs so far this year, Indian benchmark indices saw extreme volatility with <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword>, <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> underperforming as compared to other major markets. FII interest in emerging markets like India comes from the fact that US inflation still remains disappointing. Although the US inflation slowed down in January, it was still higher than expected at 6.4% on year, which raised concerns that the Fed will continue to be hawkish in its monetary policy. “Higher US inflation data and lower jobless claim data led to hawkish commentaries by some of the US Fed officials which dented sentiments and led to the renewed fear of aggressive rate hikes in the subsequent meets to combat sticky inflation,” said Siddhartha Khemka, head - retail research at Motilal Oswal Financial Services. Deepak Jasani, head of retail research, HDFC Securities says that emerging markets are now back in favour. “The return of foreign institutional flows currently has more to do with emerging markets coming back in favor. Global investors are becoming less bullish on the US due to the expected elongated rate hike cycle, rising trade deficit, elevated debt levels/ceiling issues and other not so encouraging data points. Emerging markets are turning more favorable in this situation when us dollar seems to be peaking out,” he added. Analysts also say that India’s growth story is intact, which is why FIIs keep coming back. Sanjeev Hota, vice president, head of research at Sharekhan BNP Paribas predicts that India is expected to have net FII inflows this year, as last year saw sharp outflows. “India offers a kind of stable structural growth story compared to other parts of the world, which is why FIIs cannot stay away from India. There could be volatility in the foreign fund flows but on a whole year basis, positive flows will be coming in India. Empirical data shows India has never witnessed FII outflows two years in a row," Hota told Business Insider India. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><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;">Institutional flows in last few sessions </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;">FII flows </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;">DII flows </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;">February 16 </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;">₹1,570 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;">₹1,577 crore </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;">February 15 </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;">₹432 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;">₹516 crore </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;">February 14 </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;">₹1,305 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;">₹204 crore </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;">February 13 </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;">₹1,322 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;">₹521 crore </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;">February 10 </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;">₹1,458 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;">-₹291 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: NSE Analysts are confident that the home market would do better even in the coming years and India will remain <a href="https://www.businessinsider.in/stock-market/news/india-a-long-term-investment-destination-even-among-g-20-countries/articleshow/97875443.cms">a long-term investment destination </a>even among G-20 countries. <a href="https://www.businessinsider.in/finance/news/this-is-indias-decade-and-gdp-is-likely-to-cross-7-5-trillion-by-2031-says-morgan-stanley/articleshow/95256483.cms">Morgan Stanley had predicted last year </a>that India could become the world’s third largest economy and stock market. It is currently the world’s fifth largest economy. At the same time, domestic institutional investors (DIIs) bought nearly ₹3,000 crore in the last five sessions. Domestic Institutional Investors are institutions like insurance companies, mutual fund houses, pension funds or provident funds. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/sell-off-in-adani-group-shares-resumes-after-george-soros-comments/articleshow/98008647.cms">Sell-off in Adani group shares resumes after George Soros’ comments</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/paytm-zomato-policybazaar-nykaa-companies-attain-spotlight-again-after-q3-performance/articleshow/98003305.cms">New age technology companies attain spotlight again after Q3 performance</a>

FIIs pump in ₹6,000 crore in 5 sessions as emerging markets turn attractive again

Not time for bottom fishing yet say experts even as many blue chips hit their 52 week lows

<ul><li>Shares of the entire IT pack companies have been beaten down significantly in 2023 due to macro headwinds.</li><li>The March quarter results of TCS, Infosys and HCL Technologies so far have also underlined the ongoing slowdown.</li><li>The IT companies in India faced the heat after the banking crisis in the US and Europe erupted.</li><li> Considering the macro economic challenges like high inflation, interest rates and banking crisis in regions, analysts expect the <keyword id="46964" type="General" weightage="20" keywordseo="it-sector" source="Orion">IT sector</keyword> to remain watchful for at least the next few quarters.</li></ul>India’s information technology services companies have been struggling amid heightened fears of recession across developed markets and the repercussions of a banking crisis in the US and Europe. And the situation is unlikely to improve until the end of the year, analysts say. Amid the ongoing weakness in the sector, foreign portfolio investors (FPIs) have also sold their stakes in IT companies. FPIs turned bearish on the IT and oil and gas sector in March – between these two sectors, they <a href="https://www.businessinsider.in/stock-market/news/fpis-offload-it-oil-gas-stocks-worth-13734-crore-in-march/articleshow/99375107.cms">sold equities worth ₹13,734 crore. </a> Analysts expect pain to continue till end of 2023 Considering the macro economic challenges like high inflation, interest rates and banking crisis in the US and European regions, analysts expect it will be a watchful few quarters for the IT sector. "The biggest issue in the IT sector is growth slowdown and possibility of recession. So, as long as the slowdown persists and global growth remains uncertain, the market will expect lesser order flow, slower execution and pricing challenges. All these three factors will lead to IT companies suffering and valuations may also not expand. Investors will have to remain watchful for one to two quarters till there is some clarity on the global growth scenario," Deepak Jasani, head of retail research at HDFC Securities told Business Insider India. The IT majors’ recently-posted fourth-quarter results and FY24 growth predictions tell their own story about the sector’s ongoing struggles. For FY23, IT major Infosys reported a growth of 15.4% in constant currency terms, lower than the guidance of 16-16.5% that it had given <a href="https://www.businessinsider.in/business/corporates/news/infosys-results-q3-fy23-infosys-raises-revenue-guidance-for-fy23-to-16-16-5/articleshow/96941824.cms">at the end of Q3</a>. Besides, it guided for a 4-7% revenue growth in FY24. This is the first time since FY16 that Infosys has guided for single-digit revenue growth in constant currency terms. Bigger rival Tata Consultancy Services (TCS) reported a 11-quarter low constant currency revenue growth at $7.2 billion in Q4. TCS’ outgoing chief executive officer Rajesh Gopinathan said in a post-earnings conference that the company is seeing stress in one of its largest markets, North America. The recovery that the company had expected had not yet materialised. According to Sanjeev Hota, vice president, head of research at Sharekhan BNP Paribas, told Business Insider India, the macro uncertainty faced by the sector is unlikely to get better before 2-3 quarters. “(For) the entire calendar year, things look dicey and the industry may witness some kind of stability by the fag end of this year. US, North America, which are among the biggest markets for the sector, are not expected to improve in the near term." Banking crisis could impact June-quarter earnings The global growth slowdown has worked its way into the stock market performance of these companies with shares of the entire IT pack being beaten down significantly in 2023. The Nifty IT index is down 30% so far this year compared to a 3% fall in the broader Nifty50 index. The IT companies in India faced the heat after the banking crisis in the US and Europe erupted in March, triggered by the collapse of Silicon Valley Bank and Signature Bank in the US and the turmoil at Swiss lender Credit Suisse. IT majors like TCS, Infosys and Wipro have also neared their 52-week low since March considering IT companies’ exposure to US banks amid the banking sector crisis. BFSI clients are among the Indian IT companies’ largest clients. "Most of the price damage in the IT stocks has already been done. However, outperformance of the sector from the current level seems restricted till global macro headwinds stabilises. The sector valuation multiple is driven by earnings growth and if growth tapers off, there are little chances of the (IT) stocks outperforming the broader market indices,” added Hota. He, however, recommends staggered buying in TCS among the large caps and Persistent Systems from the mid-cap stocks, for long-term investors. The lower-than-expected growth in March quarter for sector leaders Tata Consultancy Services (TCS), Infosys and HCL Technologies have underlined the ongoing slowdown. And analysts see this spilling over to the next quarter as well. “The banking crisis in US regional banks and European banks in March 2023 has induced greater caution and could impact the June 2023 quarter. We would not be surprised by a weak US performance across companies that are likely to report in the coming days,” said a report by Kotak Institutional Equities. Analysts at JP Morgan have also highlighted the weakness in banking, financial services and insurance (BFSI) and telecom verticals, which would impact Tech Mahindra and Mphasis as they have high exposure to these verticals. Stock movement of IT companies in 2023 so far <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><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;">IT companies </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;">Stock performance in 2023 </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;">-19.55% </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;">-10.99% </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 Technology Services </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;">-9.05% </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;">-6.61% </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;">LTIMindtree </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;">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;">-3.50% </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;">-2.56% </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;">-0.92% </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 Technologies </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;">0.87% </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;">7.32% </td></tr></tbody></table>Source: NSE SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/insider-reviews/first-day-first-show-business-insider-sent-its-mystery-shopper-to-apples-flagship-store-in-mumbai-and-was-surprised/articleshow/99682868.cms">First day, first show: Business Insider sent its mystery shopper to Apple’s flagship store in Mumbai and was surprised</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-net-profit-grows-1-7-sequentially-at-4716-crore-in-q4-fy23/articleshow/99674353.cms">Reliance Jio Q4 net profit grows 1.7% sequentially to ₹4,716 crore; ARPU up marginally</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/reliance-industries-q4-net-profit-of-19299-crore-beats-analyst-expectations-driven-by-retail/articleshow/99673940.cms">RIL’s Q4 net profit of ₹19,299 crore beats analyst expectations, driven by retail</a>

India’s IT sector likely to face macro headwinds until end 2023, say analysts

<ul><li>Indian equity markets have mostly been ‘nervous’ ahead of the budget announcement. </li><li>Overall, in only one year out of 15 has the Nifty50 index given positive returns during all the three periods – pre-budget, post-budget and on budget day. </li><li>The pre-budget month has also been relatively more volatile compared to the market movement on the budget day. </li><li>The market movement in the month following the budget announcement has been the most volatile, but has delivered positive returns on average, according to data from NSE. </li></ul>Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> is scheduled to announce the <keyword id="6360189" type="General" weightage="80" keywordseo="union-budget" source="Orion">Union Budget</keyword> 2023-24 on February 1. While the budget impacts India’s economic growth and sets the direction for different sectors of the economy for the next year, it also has an immediate impact on the equity markets in the run-up, as well as after the budget is announced. “In the month prior to the Union Budget, the market usually remains nervous and delivers a muted return, though the market would take cues for further directional trade post the budget outcome. We expect the upcoming budget to remain focused on pro-growth policies along with balancing the fiscal consolidation agenda,” Sanjeev Hota, vice president, head of research at Sharekhan BNP Paribas, told Business Insider India. For context, the Nifty50 index has declined 0.43% in 2023 so far, in line with the trend of negative returns in the month prior to the budget. Overall, only one year out of 15 has seen the Nifty50 index give positive returns during all the three periods – pre-budget, post-budget and on budget day. <div type="image" title="Nifty50 pre, during and post-budget 2008-2022." msid="97286090" hostid="261" sizebytes="29736" caption="&amp;lt;p&amp;gt;Nifty50&amp;#39;s performance during budget from 2008 to 2022&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Budget-day movements have been the least volatile" comment="subhead" text="Budget-day movements have been the least volatile">Budget-day movements have been the least volatile</cmsannotation> Over the last 15 years, Indian equity markets have demonstrated volatility in the run-up to the Union Budget every year, with the benchmark Nifty50 index declining by an average of 0.79% in this period. Since 2008, only four times has the Nifty50 delivered positive returns in the month leading up to the budget. The pre-budget month has also been relatively more volatile when compared to the market movement on the budget day, with the movement ranging between -6.96% to 5.67%. This year, other factors like a global economic slowdown could add to the volatility ahead of the budget announcement, according to <keyword id="161383" type="General" weightage="80" keywordseo="deepak-jasani" source="Orion">Deepak Jasani</keyword>, head of retail research at HDFC Securities. “However, prior to the budget [this year], markets could react not just to the budget expectations but also global markets trajectory, earnings etc,” said <keyword id="5165364" type="General" weightage="80" keywordseo="jasani" source="Orion">Jasani</keyword>. In comparison, the Nifty50 index has been the least volatile on the budget day when compared to both one month pre- and post-budget periods, with the index moving between -5.84% to 4.74% on the budget day. On an average, the Nifty50 index has declined only 0.28% on the budget day in the last 15 years. <cmsannotation type="cmsannotation" annotationid="Market volatility higher post-budget, but relief rally delivers positive returns" comment="subhead" text="Market volatility higher post-budget, but relief rally delivers positive returns">Market volatility higher post-budget, but relief rally delivers positive returns</cmsannotation> On the other hand, the market movement in the month following the budget announcement has been the most volatile, moving in the range of -6.89% to 12.67%. On an average, the post-budget relief rally has benefited investors, with the Nifty50 index gaining 0.68% since 2008. “Markets typically react positively post budget for a couple of days as expected negatives do not materialise resulting in a small relief rally. However, no big rally is expected this year post budget as FY24 might not see much growth on a high base and talks of recession across the globe. Expected negatives on the capital gains front may not materialise,” Jasani added. <cmsannotation type="cmsannotation" annotationid="All eyes on changes in long-term capital gains tax on equity" comment="subhead" text="All eyes on changes in long-term capital gains tax on equity">All eyes on changes in long-term capital gains tax on equity</cmsannotation> Every year, markets await decisions on investment in defense, infrastructure, banking system, tax-related changes and so on. On the budget day, market movements usually track announcements along these expectations. This year, key expectations are with respect to changes in the long-term capital gains tax on equity. “Going by the market buzz, the government might bring some changes to long- term capital gains tax on equity or bring uniformity in tax structure vis-à-vis other asset class – for other asset classes like real estate, debt instruments and sovereign gold LTCG is at 20%, but with indexation benefits. So the market is expecting to increase LTCG on equity from 10% to 20% with indexation benefit,” added Hota. Apart from this, there have been <a href="https://www.businessinsider.in/budget/news/budget-expectations-of-income-tax-payers-in-tax-slabs/articleshow/97273648.cms">growing calls</a> for increasing the basic exemption limit and enhancing the tax slabs and deductions, on the personal tax front. We will have to wait for February 1 to see how many of these demands are accepted by the government. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/maruti-suzukis-q3-net-profit-zooms-133-to-2351-crore-on-lower-input-costs/articleshow/97275909.cms">Maruti Suzuki’s Q3 net profit zooms 133% to ₹2,351 crore on lower input costs</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jios-net-profit-up-3-2-sequentially-at-4881-crore-in-q3-on-better-subscriber-mix/articleshow/97179677.cms">Reliance Jio’s net profit up 3.2% sequentially at ₹4881 crore in Q3 on better subscriber mix</a> <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-q3-net-profit-grows-62-yoy-to-5853-crore-beats-expectations-even-as-provisions-and-slippages-rise/articleshow/97254942.cms">Axis Bank Q3 net profit grows 62% YoY to ₹5,853 crore, beats expectations even as provisions and slippages rise</a>

Equity markets have usually been ‘nervous’ ahead of budget but a relief rally is likely post budget, say analysts

<ul><li>For FY23 <keyword id="6370971" type="General" weightage="20" keywordseo="accenture" source="Orion">Accenture</keyword> has forecast revenue growth of 8% to 11% in local currency factoring the challenging macro environment.</li><li>The company expects attrition to continue to be an issue for the sector and has factored wage inflation in the revenue growth guidance for the next quarter.</li><li>Analysts believe that the company’s rising focus on cost optimization, weaker hiring, and soft FY23 revenue growth guidance suggests some caution going ahead.</li><li>The labour market remains tight for the sector with Accenture reporting attrition levels of 20%, steady on a quarterly basis.</li></ul>Dublin-based tech major Accenture gave out disappointing guidance for the next quarter and fiscal year, indicating a cautious road for the IT sector going ahead. For FY23, the IT major forecast revenue growth of 8% to 11% in local currency factoring the challenging macro environment. For Q1 FY23, the company gave a revenue guidance of $15.2 billion-$15.75 billion. Accenture follows a September-August financial year. Moreover, the company expects attrition to continue to be an issue for the sector and has factored wage inflation in the revenue growth guidance for next quarter. “We do expect wage inflation to continue, and we have factored that into our guidance,” KC McClure, chief financial officer at Accenture said in a transcript of an earnings conference call. On Thursday, Accenture reported fourth-quarter (June-August) revenue that was largely in line with estimates and better-than-expected profit. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><col /><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;">Q4 FY22 </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;">% growth YoY </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;">% growth QoQ </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;">Revenue (in $) </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;">$15.42 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;">15% </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% </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;">Profit after tax </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;">$1.69 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;">18% </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% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Analysts believe that the company’s rising focus on cost optimization, weaker hiring, and soft FY23 revenue growth guidance suggests some caution going ahead. Tight labour markets are a problem as well. Accenture reported attrition levels of 20%, unchanged on a quarterly basis. “Accenture's attrition remained steady QoQ at 20%, implying that labour markets remain tight. Management expects wage inflation to continue going into FY23. Accenture's net hiring in 4Q moderated further to 11K - the lowest in seven quarters, which although higher than pre-Covid levels, does indicate moderation in growth expectations,” said analysts at Jefferies. Disappointing guidance by peer Accenture indicates slowdown for the Indian IT space as well. “Weak revenue guidance for Q1FY23 and FY23, below-consensus expectations, point towards slowing demand ahead for the Indian IT services industry. Plus, slowing pace of hiring for the last two quarters (despite elevated attrition) implies weak demand visibility. We expect a similar slowdown in hiring to continue for Indian IT services as well,” said analysts at ICICI Securities. Meanwhile, shares of most Indian IT companies were trading on a positive note. Analysts say it was a recovery buying following a huge sell off during the year. “After a fall of 30-40% from highs, some recovery is expected to happen in most IT stocks. While some recovery is definitely going to be there after a big fall, the sustenance of the same is a big question mark now given that we are not seeing a remarkable recovery or possible recovery in the US and Europe," Sanjeev Hota, vice president - head of research at Sharekhan, told Business Insider India. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><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;">IT companies </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;">% change in six month </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;">Mphasis </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;">-37% </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;">Wipro </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;">-35% </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;">Tech Mahindra </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;">-33% </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;">L&amp;T Technology Services </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;">-29% </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;">Infosys </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;">-26% </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;">Larsen &amp; Toubro Infotech </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;">-26% </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;">HCL Technologies </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;">-24% </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;">Coforge </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;">-23% </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;">Mindtree </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;">-22% </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;">TCS </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;">-19% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> "For future margin as well as revenue, if you see management commentary it is not very promising. Further, there could be some moderation in the budget cycle for next year because of the slowdown in the US, that is the reason I believe most of the IT stocks are moving sideways and getting negative movements,” added Hota. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/reliance-new-energy-picks-up-20-stake-in-caelux-to-shore-up-its-position-in-advanced-solar-tech/articleshow/94388449.cms">Reliance New Energy picks up 20% stake in Caelux to shore up its position in advanced solar tech</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/four-billionaires-debut-on-rich-list-after-ipos/articleshow/94384190.cms">Four billionaires debut on rich list after IPOs</a>

Accenture’s disappointing Q1 and FY23 forecasts indicate more pain for the IT sector

New-age tech companies rake in business but are still making losses

LIC, Delhivery, Kfin Tech among IPO duds of FY23

<ul><li>A ‘<keyword id="552138" type="General" weightage="20" keywordseo="Buy-on-dips" source="Orion">buy on dips</keyword>’ strategy is where investors look for short-term declines in share price to invest in, with a belief that the price will go up in the longer term. </li><li>Banks have performed well in the September quarter, FMCG and auto sectors reported moderate growth, while IT and telecom companies reported a steady quarter. </li><li>According to a Morgan Stanley report, India is on track to become the third largest economy by 2030. </li></ul>After bouncing back smartly in October, equities have entered choppy terrain again as macro economic conditions across the globe remain challenging. But there’s good news for long-term investors – analysts recommend ‘buying the dip’, as India is expected to see a soft landing even as economic turmoil roils the developed nations. The benchmark Nifty50 has crossed 18,000, while <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> has once again scaled Mount 61,000. A ‘buy on <keyword id="42032" type="General" weightage="100" keywordseo="dips" source="Orion">dips</keyword>’ strategy is when investors look for short-term declines in share price to invest in the stock, with the belief that the price will go up in the longer term. A look at the September quarter earnings shows that banks have performed well, FMCG and auto sectors have reported moderate growth, while IT and telecom companies reported a steady quarter. Since the beginning of October till date (November 10), the Nifty50 and Sensex have gained 7.1% and 7.4% respectively, inching closer to their previous peaks. It is worth noting that both the indices are still marginally below their 52-week highs. <cmsannotation type="cmsannotation" annotationid="Smart bounce back, global turbulence make analysts recommend ‘buy on dips’ strategy" comment="subhead" text="Smart bounce back, global turbulence make analysts recommend ‘buy on dips’ strategy">Smart bounce back, global turbulence make analysts recommend ‘buy on dips’ strategy</cmsannotation> The latest 7.1-7.4% surge in the indices comes on the back of a decline of 3.5-3.7% seen in September and a gain of a little over 3.5% witnessed in August. Analysts polled by Business Insider India suggest that this smart bounce back makes it a good time to employ the ‘buy on dips’ strategy. “Markets have bounced back smartly in October 2022. <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> now trades at 22x FY23E, comfortably above the long-period average and offers limited upside in the near term, in our view,” said research firm Motilal Oswal in its India Valuations Handbook for October. Further justifying the ‘buy on dips’ recommendation is global turbulence – including the ongoing Russia-Ukraine war, China’s zero-Covid policies constraining supply chains, and elevated inflation resulting in central banks hiking interest rates. “The volatility in the market is expected to continue because there is no fresh trigger in the market and the global environment continues to remain turbulent,” said Sanjeev Hota, vice president – head of research at Sharekhan. “In this context, the current setup is a ‘Buy on Dips’ market. We recommend investors maintain good liquidity (10%) to use such dips in a phased manner to build a position in quality companies and with an investment horizon of 12-18 months," said Axis Securities in a research note. <cmsannotation type="cmsannotation" annotationid="Analysts upbeat on BFSI, auto, defence and infra focused companies" comment="subhead" text="Analysts upbeat on BFSI, auto, defence and infra focused companies">Analysts upbeat on BFSI, auto, defence and infra focused companies</cmsannotation> In the current market scenario, analysts have been upbeat about four sectors – the banking sector for improving quarterly performances; some automobile companies for their electric vehicle plans; defence sector and infrastructure-focused companies. “Market is volatile because of global cues but some of the sectors which I still believe are going to outperform are private banks, where risk-reward is very favourable, then some of the public sector banks and beyond that some industrial companies; auto and auto ancillaries are looking good for investment. Apart from these, defence is another sector which I think may do well,” Hota told Business Insider India. Further, analysts say companies across banking, financial services and insurance (BFSI) spectrum look good for investing on dips after their strong performance in the quarter ended September. “Despite rising interest rates, banks, in particular, are enjoying their still lower funding costs, with several from the public sector and retail-oriented banks getting re-rated to higher new valuations. With the robust credit growth figures of the overall economy and improved asset quality after the pandemic-related restructurings, the banking and finance sector poses a much lesser risk downside against steady potential returns,” said Anmol Das, head of research at Teji Mandi (subsidiary of Motilal Oswal Financial Services). Also, Shrikant Chouhan, head of equity research (retail) at Kotak Securities told Business Insider India that BFSI and autos were their favourites in the current scenario. “In the September quarter, banks as well as NBFCs, most of them have reported decent numbers and have done much better than expectations, especially SBI and Bank of Baroda, while private banks were close to expectations,” Chouhan told Business Insider India. Here are stocks that are worth investing on dips as per analysts polled by Business Insider India: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><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;">Stocks recommended by analysts </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 in 2022 </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;">State Bank of India </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;">31% </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;">Bank of Baroda </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;">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;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.31% </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;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19% </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;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </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 Motors </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% </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;">TVS Motor </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;">82% </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;">ITC </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;">63% </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 </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;">UltraTech Cement </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% </td></tr></tbody></table> The fact that Indian indices are still marginally below their 52-week highs due to macro concerns provides a good opportunity to invest in some stocks that have seen a sell off. At the same time, it is important to pick the right stock and not buy something that is already above its one-year high, say analysts. “With the Indian benchmark indices, Nifty and Sensex, trading just 2-3% below their all-time highs, one has to be cautious with the kind of investment picks so as not to get stuck buying something at 52-week high levels. We suggest any particularly large private or public sector bank, a few fallen AMCs and security broking firms and retail focussed NBFCs,” said Teji Mandi’s Das while suggesting a buy-on-dips strategy for the banking and finance sector. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nykaa-policybazaar-paytm-among-nine-companies-whose-ipo-lock-in-period-ends-in-november/articleshow/95445657.cms">Nykaa, Policybazaar, Paytm among nine companies whose IPO lock-in period ends in November</a> <a href="https://www.businessinsider.in/tech/news/fakers-play-as-musk-makes-people-pay-for-a-twitter-blue-tick/articleshow/95446291.cms">Fakers play as Musk makes people pay for a Twitter blue tick</a> <a href="https://www.businessinsider.in/business/news/amid-risks-of-a-slowdown-these-it-companies-are-best-placed-to-survive-the-storm/articleshow/95228871.cms">Amid risks of a slowdown, these IT companies are best placed to survive the storm</a>

Buy on dips, say analysts, as Indian markets bounce back smartly in October

(Eds: Adding details) New Delhi, May 7 () IT services major HCL Technologies on Thursday posted 24.3 per cent jump in March quarter consolidated net profit at Rs 3,154 crore, and said there could be certain short-term challenges like clients deferring new projects and volume-based billing impact on account of COVID-19 pandemic. HCL Technologies, which had registered a consolidated net profit of Rs 2,550 crore in the January-March 2019 quarter as per Indian accounting norms (Ind-AS), refrained from offering a revenue growth outlook for FY'21 but expressed confidence of a strong performance in the near and long term. IT firms like Wipro and Infosys have also suspended their practice of offering revenue growth forecast, while Cognizant had retracted its annual outlook for 2020. HCL Tech's revenue grew 16.3 per cent to Rs 18,587 crore in the March 2020 quarter, from Rs 15,990 crore in the year-ago period. "... there is some volume-based billing impact, there is some deferral of discretionary spend, some new project decision making is slowing down and some price discounts and maybe payment term extensions. These are the type of issues we are seeing on the demand side," HCL Technologies President and CEO C Vijayakumar told reporters. He added that industries that have seen bigger impact of the COVID-19 pandemic include automobiles, aviation, entertainment, and non-grocery retail. "But there are several verticals where we see the impact is very low - financial services, telecom, and professional services. Also our portfolio has certain insulated industry segments like life sciences and technology services that are fairly insulated and we are seeing some robust demand there," he said. Vijayakumar said the company is seeing both kind of impacts - "pockets of good demand in weak verticals" and "weak demand in strong verticals" given HCL Tech's mixed portfolio mix. "... we do not see this pandemic influencing our multi-year engagements beyond the short term, our efforts of building strong relationship with our clients, most of them are fortune 500 or global 2000 brands, with very strong and sustainable business model gives us that confidence that in the long term they're intact but in the short term there could be some challenges," he explained. Shares of the company were trading at Rs 517.80, marginally lower than the previous close on BSE. "HCL Tech reported in-revenue growth, while EBIT margin and net profit have beaten our estimates. Constant currency revenue grew 0.8 per cent q-o-q/13.5 per cent y-o-y, in-line with our estimates, led by strong growth in technology and services vertical," Sanjeev Hota, Head of Research at Sharekhan by BNP Paribas, said. Vijayakumar said the company has frozen hiring in general but continues to hire for niche areas including digital, cloud cybersecurity and Internet of Things. It will also hire the 15,000 freshers to whom offer letters had been rolled out. However, no decision has been taken on wage hikes as the company follows the July cycle. The COVID-19 pandemic has disrupted businesses globally with many governments imposing lockdown to contain the spread of the coronavirus. This forced most companies, including IT services firms, to ask employees to work from home. In India, certain relaxations have been allowed to bring a section of people back at work while following strict safety and health protocols. "We believe this return needs to be very well-calibrated. We do not foresee more than 10 per cent of our employees coming into offices by the end of this quarter, and we will keep evaluating it and see how to react to the situation. And we are seeing significant increase in productivity in the work-from-home operating model," he said. Vijayakumar added that the company would re-evaluate to see if this arrangement will work out in a non-lockdown scenario, and if customers will agree to it. "How will the privacy and security aspects play out is something we have to see. So I think it's going to take some time to really determine what the long-term operating model will be, but directionally, I see in 12 to 18 months, 50 per cent of employees would work from home and 50 per cent will work from offices and this will be in some kind of rotation model," he said. For FY'20, HCL Tech's net profit increased 9.3 per cent to Rs 11,057 crore, while revenue grew about 17 per cent to Rs 70,676 crore from the previous financial year. Its revenue growth in constant currency was at 16.7 per cent - in line with its outlook for 16.5-17 per cent growth. In US GAAP terms, HCL Tech's consolidated net profit in March quarter grew 22.8 per cent to Rs 3,154 crore, while revenue rose 16.3 per cent to Rs 18,590 crore from the year-ago period. For FY'20, HCL Tech's consolidated net profit increased 9.3 per cent to Rs 11,062 crore, while revenue grew 17 per cent to Rs 70,678 crore from the previous financial year. "FY'20 has been a landmark year, where we witnessed our highest growth in recent years and an industry leading performance for the fourth consecutive year. "Our focused 'Mode 1-2-3 strategy' helped deliver an all-round growth across service lines, verticals and geographies and enabled us to deliver at the top end of our revenue guidance and exceed the top-end of our margin guidance for the year," Vijayakumar said. During the fiscal, HCL Tech signed 53 transformational deals. At the end of March 2020 quarter, HCL had 1,50,423 employees with the addition of 1,250 people in the fourth quarter. Its attrition (on last 12 month basis) was at 16.3 per cent. HCL Tech said of its total global employee base, presently 96 per cent are working from home and another 2.5 per cent are working from offices. The Board has proposed a final dividend of Rs 2 per share on double the number of shares post 1:1 bonus issue. SR DRRDRR

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