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<ul><li>Tech brands have fared badly in 2023 due to global headwinds, recession threats and more.</li><li>Banking and financial services companies including fintechs saw their value swell during the year.</li><li>PhonePe and Cred were the new entrants into Kantar’s list of Top 75 Indian brands.</li><li>Auto companies made a comeback from Covid-lows with TVS and Mahindra being among the fastest risers. </li></ul>It is not just the share prices of technology services companies that are falling, even their brand value has taken a beating. India’s top brands have borne the brunt of the global economic downturn in 2023. The combined value of Kantar BrandZ’s top-75 Indian brands shed 4% of their value to $379 billion in 2023. Yet, they have fared better than their global counterparts, as its global list has shed 20% of its value. Most of this loss in brand value was seen in Indian tech brands whose value shrunk by 14%. The brands have a major presence in international markets, and have been impacted by global pressures, recession threats and geopolitical instability, says Kantar. “If you exclude tech, the combined brand value is quite stable,” said Soumya Mohanty, managing director and chief client officer, South Asia, Insights Division of Kantar. TCS on the top, as usual The spot of India’s most valuable brand, however, is retained by tech giant TCS. It has shed 6% of its value but has fared better than tech as a sector. “TCS has a strong corporate reputation which makes it more likely to retain clients and business. It can also help enable customer retention which is also a factor that adds to brand value,” Deepender Rana, executive managing director of South Asia Insights Division at Kantar told Business Insider India. Infosys’ brand value dropped by 17%, while HCL Tech’s brand value rose by 3%. Both these brands made it to the top 10. Wipro’s brand value dropped by a sharp 42%. The rest of the list is dominated by banks, telecom companies with only one consumer company, Asian Paints in the top 10. Kantar BrandZ Top 10 Most Valuable Indian Brands 2023 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rank 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;">Brand </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;"> Category </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;">Brand Value 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;">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;">Tata Consultancy 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;">Business Technology and Services Platforms </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;">$42.9 bn </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;">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;">Financial 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;">$33.6 bn </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;">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;">Business Technology and Services Platforms </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;">$24.1 bn </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;">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;">Telecom Providers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$22.5 bn </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;">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;">Financial 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;">$14.4 bn </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;">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;">Financial 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;">$12.9 bn </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;">Asian Paints </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;">Paints </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;">$12.8 bn </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;">Jio </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;">Telecom Providers </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;">$11.7 bn </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;">Kotak Mahindra 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;">Financial 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;">$10.3 bn </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;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business Technology and Services Platforms </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;">$9.3 bn </td></tr></tbody></table> Source: Kantar Autos zoom ahead Auto brands have been buzzing in 2023 and the sector has provided two of the fastest risers of the year. TVS, valued at $1.9 billion, occupies the 51st rank. The company has gained 59% in value and leapt 24 places thanks to a number of successful product launches and a 10-year partnership with BMW that gives it leverage in markets such as Europe, the US and Canada. Mahindra is valued at $2.01 billion and occupies the 47th rank. Mahindra, which grew its value by 48%, made itself incredibly meaningful in consumers’ eyes, and also significantly boosted its salience. The sector saw the second highest category growth of 19%, after tobacco. Royal Enfield’s value also swelled, thanks to Indians’ preference for premium products. A lot of Indian auto brands, like Tata Motors, also entered EV markets and are able to meet consumer needs better, observes Rana. “Auto companies’ value declined during Covid and made a comeback after they dealt with supply chain issues and dealt with bottlenecks,” said Mohanty. India’s largest auto company Maruti Suzuki, however, shed 5% of its brand value, while Bajaj Auto’s brand value went up by 9%. The value in finance Financial services brands have grown their brand value by 6% with 16 brands and contributing to the biggest chunk of the total brand value. Their growth is attributed to growth in digital banking and Axis Bank whose value swelled 28% and now ranks at 17. ICICI Bank which ranks at no 6 also has seen its brand value swell by 18%. Two of this year’s new entrants also belong to the fintech sector — PhonePe and Cred. This is in spite of the fact that tech as a sector saw its value go down during the year. PhonePe has made its debut on the list at No.21 with a value of $4.4 billion. It has quickly become India’s leading digital payment app by investing heavily in the strength of its infrastructure, building connections with partner banks, and developing a huge network of merchant acceptance points, said Kantar. Meanwhile, Cred has entered at no 48 with a brand value of $2 billion. “Growth of credit and other digital trends are adding to the value of fintechs. There is a need for these services and brands are doing a good job of providing them,” Mohanty tells Business Insider India. PayTM, Zomato, Swiggy, Flipkart, Naukri, Oyo and Nykaa have shed value; while Byju’s hasn’t been included in the list this year. FMCG as a sector has seen its brand value remain stable during the year.

TCS retains No 1 spot as India’s top brand but tech sector takes a hit

The Covid-19 pandemic drastically changed the way we work, with <keyword id="20665553" type="General" weightage="20" keywordseo="remote-work" source="keywords">remote work</keyword> quickly becoming the new normal. Employees across the globe adapted to working from home, enjoying newfound flexibility and a better <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword>. And for a long time, we all thought that this was the new world and going to the office every day would be a thing of the past. However, as pandemic restrictions eased, many companies began rolling back these remote policies, pushing employees to return to the office. Tech giant <keyword id="19904608" type="General" weightage="100" keywordseo="Amazon" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon" meta.hostid="261" meta.entityid="Amazon">Amazon</keyword> recently ended remote work for its employees and told them to come to office five days a week, just like how it used to be before the pandemic. Amazon CEO Andy Jassy, in a blog post, said that working from offices has its benefits and therefore all employees will have to start coming to work the entire week. He added that even though they will permit work from home in case of emergencies (taking care of your sick kid, running emergency errands etc), remote work will no longer be the norm. <h2>Companies are calling employees back to offices</h2>Amazon isn’t the only company that has implemented the <keyword id="20007258" type="General" weightage="20" keywordseo="rto" source="keywords">RTO</keyword> (<keyword id="20408795" type="General" weightage="20" keywordseo="return-to-office" source="keywords">return to office</keyword>) mandate. Companies like <keyword id="19945574" type="General" weightage="20" keywordseo="Wipro" source="keywords" meta.keywordsubtype="org" meta.entityname="Wipro" meta.hostid="261" meta.entityid="Wipro">Wipro</keyword>, TCS, X (earlier called Twitter) and Infosys also require employees to be there in office for at least three days a week. While X boss <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> had once asked those seeking work from home to “get off of their moral high horse,” Infosys CEO N. R. Narayana Murthy had made headlines for saying that workers in India should work 70 hours per week. In wake of Amazon’s recent RTO mandate, many young professionals are reacting strongly on the internet. While some feel that the RTO mandate will hamper their productivity, others feel that it is simply unnecessary. And then there are also some people who think that this is a good decision. Let us take a look at how people are reacting on being called back to offices. <h2>How are people reacting?</h2>Social media sites like Reddit, X, and LinkedIn are full of reactions on the RTO mandate. Many employees feel that this will increase their cost and time spent on commute. Amazon’s recent decision to bring its employees back to offices has not sat well with many, especially those accustomed to the <keyword id="20445439" type="General" weightage="20" keywordseo="hybrid-work-model" source="keywords">hybrid work model</keyword>. On LinkedIn, Samrat Bhardwaj, who has previously interned with Amazon India, questioned the rationale behind the shift, asking whether the company truly considered employee well-being or was more focused on its own benefits. He also voiced concerns over the increased cost in case employees think of moving closer to tech hubs. He also added that if people start living at a distance from tech parks, rent will be lower, but you'll be wasting a lot of time to and fro from the office every day. On the other hand, Erin Mantz, a former Meta and Amazon employee, pointed out the stark difference between previous work norms and the flexibility of today's workforce in a LinkedIn post. “Gen Xers, for decades, used to have to go in every day... no working from home, no midday walks or being home for the dishwasher repairman,” she said, reflecting on how work-life balance has evolved. She concluded that the shift back to in-office work might not align with modern expectations, suggesting that today’s workforce has experienced a better way of working. <h2>“Working in the parking lot isn’t a bad idea”</h2>People aren’t just concerned about the increased cost and wastage of time in commute. Some also pointed out the irony of commuting to the office only to continue working in their cars due to a lack of proper space and resources. One Reddit user said, “Genuinely had no idea how bad RTO would be until it hit. I'm as unproductive as ever and half my work is done in the parking lot at this point for these exact reasons. Going back to the office isn't the end of the world, but when there's zero space or even disability accommodation for the employees? Unacceptable, especially considering the ones who usually enforce the arrangements all have their own private offices with the best gear their department offers.” Another user, Oracle-2050, quipped that working from their car was a makeshift solution, noting, "At least I can attend Teams meetings and make phone calls." The absurdity of the situation was highlighted by yet another commenter who sarcastically remarked, “Only in clown world would a worker drive to the office in order to do work in their car.” Another user pointed out that the decision-makers pushing these mandates “all have their own private offices with the best gear their department offers,” leaving regular employees to struggle in far less conducive work environments. <h2>The “Fake work” problem </h2> Annie Dean, who earlier used to work as Director of Remote Work at Facebook, took a critical stance on LinkedIn, highlighting that return-to-office mandates don’t address the core problem which is “Fake work.” This term, popularised by Airbnb’s Brian Chesky, refers to tasks that feel like work but don’t actually create value for the business. Dean explained in her post that employees are drowning in endless meetings and messages, which detract from productivity. She argued that instead of mandating office attendance, companies like Amazon should focus on “pioneering new, more efficient modes of work.” This argument has resonated with many on X as well, where employees have expressed frustration over the return-to-office mandates being viewed as a quick fix. One Twitter/X user remarked that "commuting to do the same virtual meetings in person isn’t solving anything," while others echoed that the core problem lies in work structures, not location. Here are some other reactions on X: <div type="image" title="negative reactions" msid="113528739" hostid="261" sizebytes="64721"></div> <h2>A quiet layoff strategy? </h2> Yet another take on the RTO mandate comes from Jennifer DeLorenzo, a former senior recruiter at Pinterest. She suggested that the move feels like a “quiet layoff strategy.” According to her, by mandating full-time office attendance, companies may be hoping for a wave of resignations without having to deal with the negative press of formal layoffs. “This tactic allows them to reduce headcount while avoiding the negative optics of layoffs,” DeLorenzo wrote on LinkedIn, adding that it may backfire as hiring becomes challenging again when the economy shifts. Many others seemed to agree with her view. On Reddit too, there are many people talking about how companies might be carrying out soft layoffs by implementing an RTO mandate. Her comments tapped into a broader conversation on how companies may be using return-to-office mandates to indirectly reduce their workforce. Other social media users pointed out similar trends across industries, where companies tighten office attendance policies to nudge employees toward leaving voluntarily. <h2>Some mixed reactions too </h2> While the return-to-office mandates are frustrating for many, not all reactions are negative. Some employees, particularly newer hires, see value in the traditional office setting. Bhardwaj, for example, also noted that going to the office is beneficial for freshers who want to learn. “I do believe that going to the office makes you learn a lot as freshers,” he wrote in his post, suggesting that for those early in their careers, the in-person experience might be crucial for growth and networking. Some users on X too seemed to be in support of this mandate. Here’s a look: <div type="image" title="mixed-reactions" msid="113528718" hostid="261" sizebytes="77770"></div> This duality reflects the ongoing debate around the future of work. On one hand, companies like Amazon, Google, and Meta are focusing on building stronger in-office teams, believing that physical presence fosters better collaboration, innovation, and mentoring. On the other hand, employees, especially those who experienced the benefits of remote work during the pandemic, are pushing back against these mandates, valuing the flexibility and improved work-life balance that working from home provides. As companies continue to adjust their RTO policies, the tension between employee expectations and corporate strategies is likely to persist. However, one thing is clear — the future of work is still being negotiated, and both sides are making their voices heard across the internet.

'I'm unproductive, this is not the real solution': Internet reacts as Amazon, Wipro and others call employees back to office

Shares of <keyword id="19950203" type="General" weightage="100" keywordseo="TCS" source="keywords">TCS</keyword> on Friday climbed over 3 per cent after the country's largest <keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> player reported 8.7 per cent growth in the June quarter net profit at Rs 12,040 crore. The stock went up by 3.10 per cent to Rs 4,044.35 on the BSE. At the NSE, it rallied 3 per cent to Rs 4,044.90. The company's <keyword id="20097096" type="General" weightage="20" keywordseo="market-valuation" source="keywords">market valuation</keyword> jumped Rs 40,359.77 crore to Rs 14,59,626.96 crore in morning deals. The stock emerged as the biggest gainer among the Sensex pack. "The positive domestic cue is the better-than-expected numbers from TCS and positive management commentary which can lift most IT stocks," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. In the equity market, the 30-share BSE Sensex climbed 226.11 points to 80,123.45 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="nse-nifty" source="keywords">NSE Nifty</keyword> went up by 82.1 points to 24,398.05. <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS) on Thursday posted an 8.7 per cent year-on-year rise in its consolidated net profit at Rs 12,040 crore for the first quarter ended June 2024. Net profit for the year-ago period stood at Rs 11,074 crore. The company - which competes in the IT services market with the likes of Infosys, Wipro and HCLTech - reported 5.4 per cent increase in revenue at Rs 62,613 crore for the quarter just ended. "I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets," K Krithivasan, Chief Executive Officer and Managing Director of TCS, said in a release. TCS has declared an interim dividend of Rs 10 per equity share of Re 1 each. Meanwhile, other IT stocks -- Infosys, Tech Mahindra, HCL Technologies and Wipro -- were also in demand.

TCS shares climb over 3% after earnings announcement; Market valuation jumps Rs 40,360 crore

<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><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>

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