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The deterioration of the US corporate sector profitability would lead to tighter IT spending
Among the losing pack, Solara Active Pharma Sciences has slumped 75 per cent, while Aarti Drugs, MCX India and Tata Communications are other major laggards
Tech Mahindra and Wipro have tumbled over 30 per cent, while Apollo Hospitals Enterprise and Dr. Reddy's Laboratories have plummeted 22 per cent so far in calendar year 2022 (CY22)
According to analysts, IT companies have lost their sheen after March quarter results highlighted slowdown in deal momentum, and margin pressure
The company has given a tepid guidance of 1-3% QoQ CC terms growth in Q1FY23, which translates into revenues of $2,748 million to $280 million
The company has guided for a revenue growth between 1 per cent and 3 per cent for the first quarter of FY23
Attrition rate at near 24%, revenue up over 28% to Rs 20,860 crore
The commentary on recent M&A, deal wins, vertical commentary, commentary of client's IT budget and revenue guidance are key to watch
Stocks to Watch Today: Shares of Bajaj Auto, Hindustan Unilever and Indian Hotels are likely to be in focus as the companies report Q4 results on Wednesday.
IT major Wipro Limited has appointed Satya Easwaran, a former senior executive at consultancy KPMG, as its India head. Easwaran will be in charge of strengthening Wipro's business in India across key industry sectors through strategic consulting, transformation and modernisation engagements, it said in a statement on Monday. "India is a strategic market for Wipro and I am excited to welcome Satya to champion our bold ambition for growth and leadership here. Satya's rich international experience in delivering high value consulting services, and his track record of building successful sales and leadership teams will help strengthen Wipro's positioning as a trusted partner for Indian clients," Anis Chenchah, CEO of APMEA (Asia Pacific, India, Middle East and Africa) and member of the Wipro Executive Board, said. Easwaran will help clients leverage Wipro's capabilities and investments in cloud, digital, engineering R&D, data, analytics and cybersecurity for their business and digital .
Chenchah also joins Wipro Executive Board; replaces N S Bala, who is moving to US for personal reasons
Nifty 50 is back to 18,000, still half of Nifty 500 stocks trade below 200-DMA
The rating agency, in a statement, said it has affirmed Wipro's senior unsecured rating on the $750-mn senior notes due 2026
The strong guidance indicates that spending on change programs continues to be robust, a positive for Indian IT.
Shares of Indian Oil Corp will be on radar as the company has bought 3 million barrels of Russian Urals from trader Vitol for May delivery.
The IT services companies, who make most of their revenues servicing clients in US tend to benefit from a weaker rupee.
Mehul Kothari of Anand Rathi recommends accumulating Wipro as it nears 560-570-mark
Ambuja Cement, Nestle India and Veritas to announce December quarter results today.
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