Page 123 - Tcs News Today

Macro headwinds amid the looming fears of a global recession have weighed on discretionary technology demand in key verticals such as banking, financial services and insurance and high-tech, and important geographies of US and Europe.

About 72% of Nifty50 stocks are either nearing or in the overbought region, with IT, Auto and Banks being the top 3 sectors by weightage in Nifty that are overbought. However, overbought signals seldom signal a reversal in a trending market, as much as they do in a sideways market.

Domestic brokerage Motilal expects Nifty earnings to grow 25% YoY in Q1. Oil and gas sector may report a 3x surge in profit YoY underpinned by the improvement in marketing margins of OMCs. Auto sectors earnings may surge 11x YoY during the quarter on a low base.

Interestingly, the highest-paid Chief Financial Officer (CFO) within the Tata Group in fiscal year 2023 is not from TCS or Tata Steel. Pathamadai Balachandran Balaji emerged as the highest-paid CFO,

Balajis annual remuneration saw an increase of 21 percent from FY22, as his total earnings in FY23 stood at Rs 16.73 crore. With this, he became not only the highest-paid employee at Tata Motors but also the highest-paid CFO within the Tata Group.

Reliance Industries and ITC were the major gainers as six of the top-10 most valued companies added INR 119,763.25 crore ($16.08bn) last week in India, buoyed by a positive trend in domestic equities. Reliance Industries added INR 57,338.56 crore, while ITC added INR 21,291.04 crore. Meanwhile, HDFC Bank lost its market capitalisation by INR 22,926.37 crore ($3.07bn).

As tech companies head into Q1 earnings season this week, experts will also be keeping a close watch on any management commentary on the revision of the growth outlook for FY24, the spread of demand deterioration beyond BFSI (banking, financial services and insurance), hi-tech, telecom and retail verticals, net hiring, project ramp downs and pricing pressures, as key monitorables.

The depreciation of the dollar against the Euro and pound is expected to provide cross-currency tailwinds and assist in marginally elevating the dollar reported revenues of the IT service companies.

The NGO is working for the upliftment of marginalised and minority communities, especially women, and is among the second-women centric NGO to lose its FCRA licence within a fortnight after Young Womens Christian Association of Delhi. Among the violations cited was non-opening of FCRA bank accounts in designated State Bank of India in New Delhi, said officials. ETs queries emailed to the trust remained unanswered till press time.

If a PAN is not linked to Aadhaar, it will become inoperative as of July 1, 2023, and the customer wont be able to file Form 15 G/H.