LTIMINDTREE STAKE INCREASE
LTIMindtree shares jumped 1% as LIC increases stake to 7%
Life Insurance Corporation of India (LIC) has increased its stake in LTIMindtree from 5.033% to 7.034% through open market purchases. This news coincided with LTIMindtree's announcement of an 8% YoY growth in Q2 net profit, reaching Rs 1,251 crore, and a 6% rise in revenue to Rs 9,433 crore.
Larsen & Toubro Engineers Rs 1,300 crore ladder to the cloud
E2E specialises in providing CPU- and GPU-based cloud computing platforms, enabling customers to conduct large-scale general and AI workloads through its relationship with Nvidia.
FIIs hike stake in 8 out of 10 IT stocks to play Fed rate cut cycle but retail investors left behind
FIIs have increased their stakes in 8 out of 10 top Indian IT companies to capitalize on the US interest rate cut cycle. Infosys, TCS, Tech Mahindra, HCL Tech, and Wipro saw notable FII stake hikes. While mutual funds also increased their stakes in several companies, retail investors reduced their holdings.
Peak XV downsizes $2.85 billion fund; Paytm¡¯s employee costs go up
Happy Wednesday! Peak XV Partners, formerly Sequoia Capital India, is cutting down the size of its 2022 fund by 16%. This and more in today¡¯s ETtech Morning Dispatch.
Stocks in news: Tata Technologies, SBI Card, Jio Financial, LTIMindtree, NBCC
Stocks in news: India's Sensex and Nifty ended a turbulent session flat amid profit-taking and rising geopolitical worries. Stocks like Tata Technologies, SBI Card, and Jio Financial drew attention due to various news developments, including Tata Technologies' 3% stake sale worth Rs 1,230 crore by TPG.
Top startup and tech stories this week
Welcome to a brand new edition of ETtech Unwrapped ¨C our weekend newsletter packed with the most important stories that we covered this week. Here¡¯s a recap if you missed them.
- Go To Page 1
Q-comm audits; modest Q1 for IT firms
Happy Wednesday! Due to recent hygiene lapses by quick commerce, the government has intensified surprise inspections of their warehouses. This and more in today¡¯s ETtech Morning Dispatch.
Sensex, Nifty hit fresh lifetime highs on positive global cues after Fed outcome, US inflation print
Sensex and Nifty50 opened at a record high on Thursday following gains, driven by global stocks and a favorable U.S. inflation report.
LTIMindtree expands in Saudi Arabia, employee count increases in Middle East
LTIMindtree expanded its presence in the Middle East by opening its regional headquarters in Saudi Arabia's capital, Riyadh. The move is part of the company's expansion in the Kingdom of Saudi Arabia (KSA) and the Middle East.
Startup twists & turns on IPO street; and other top tech and startup stories this week
Food and grocery delivery company Swiggy on Friday confidentially filed its draft documents for an initial public offering (IPO) with stock market regulator Securities and Exchange Board of India (Sebi), sources told us.
LIC cuts stake in 16 PSU stocks as portfolio soars to Rs 14 lakh crore
LIC cuts stakes in 16 PSUs, profit booking seen. Portfolio value surges to Rs 14 lakh crore in 2024, up by Rs 1.6 lakh crore. Market cap of PSU stocks rises to Rs 67 lakh crore.
LTIMindtree to work on enhancing women's employment in Saudi Arabia
The JV aims to create a next-generation digital and IT services company in Saudi Arabia to provide technology services for the rapid digitisation of the Saudi market and build a local talent pool over a period of time.
Unicorn hiring trends; smartphone makers to gain further ground
The ongoing funding winter and concerns over profitability have not deterred homegrown unicorns from onboarding top talent. This and more in today¡¯s ETtech Top 5.
RBI¡¯s TReDs on growth path; green shoots in IT hiring
RBI's invoice discounting platform (TReDS), meant for easy access to credit for small businesses, has seen increased usage in the past year. This and more in today's ETtech Morning Dispatch.
IT stocks at inflection point? Both FIIs, mutual funds up stake in Q3
FIIs and mutual funds increase their shareholding in IT stocks as growth momentum may bottom out, leading to a return to growth in CY24. MF holding in Tech Mahindra rises to 14.24% in Q4. FIIs and MFs raise stake in Wipro. FIIs show faith in HCL Technologies and LTI Mindtree. MFs pare stake in Infosys, while FII ownership increases. TCS sees no change in shareholding. BNP Paribas says revenue and margin of top IT companies exceed expectations. Companies' guidance and positive tilt indicate a recovery. Nifty IT index rallies in November, December, and January. BNP Paribas picks Infosys, TCS, and HCL Tech as preferred picks.
Foxconn-HCL semiconductor pact; most valuable IT services brands
Taiwan¡¯s Foxconn is set to enter India¡¯s semiconductor industry as it stitches up a deal with the HCL group. This and more today¡¯s ETtech Morning Dispatch.
Ahead of Market: 10 things that will decide D-Street action on Thursday
Nifty on Wednesday ended 303 points lower at 21,150 to form a bearish engulfing candle on the daily charts.The index broke its previous support of 21,337 and also displayed a negative moving average crossover as the 20-period moving average moved below the 50-period average.
Most Wanted Stocks 2023: 6 stocks that fund managers have been most bullish on in last one year
In the tenth edition of ¡®Most Wanted Stocks¡¯, ET Wealth has identified six stocks that fund managers have been most bullish on. We studied the shareholding data of BSE 500 companies to see which stocks have seen a consistent rise in mutual fund holdings in the past four consecutive quarters since September 2022. To keep outliers away, we applied several quantitative filters while shortlisting the most preferred stocks.
IT sector drives strong PE interest; Dunzo delays June-July pay yet again
Data shows the number of private equity (PE) firms holding stakes in Indian IT services companies has doubled between 2019 and 2022 as investors eye safe bets, and such companies have demonstrated a tried-and-tested business model and profitability. This and more in today¡¯s ETtech Morning Dispatch.
PhonePe enters stockbroking; Swiggy tests bundling for ¡®One¡¯ subscriptions
PhonePe said in a statement that Share.Market will elevate discount broking through ¡®WealthBaskets¡¯, a market research-based technology platform that will provide stock market intelligence.
LIC throws up a challenge for FII bears. Will the contra bet pay off?
The state-owned insurer's stake in LTTS rose 117 bps to 5.7%, Infosys 64 bps to 8.83%, HCL Tech 32 bps to 4.55%, LTIMindtree 24 bps to 3.36%, Wipro 17 bps to 4.59% and TCS 16 bps to 4.63%.
Rs 9,000 crore-selloff! Infosys, Tech Mahindra on top of FII hate list in Q1
The June quarter shareholding pattern data shows that FIIs pared their stake in Infosys by another 165 bps to 33.44%. In the case of Tech Mahindra, which will report its Q1 results on Wednesday, FII holding went down by 118 bps to 25.69%.
Dunzo¡¯s downfall: from startup star to sinking ship? and other top tech stories this week
This week was Dunzo¡¯s worst ever since it pivoted to quick commerce with Dunzo Daily in 2021. At ETtech, we have been closely tracking the Reliance Retail and Google-backed firm. What has come to pass has been in the making for a while.
Stocks in news: Delhivery, NTPC, TCS, ZEE Ent, HDFC AMC
Nest and TCS expand strategic partnership to provide enhanced member experience. The contract value was signed for ?840 million with an initial tenure of 10 years.
Sequoia India & SEA split from US, renamed Peak XV; Byju¡¯s misses $40m loan payment, sues lender
Happy Hump Day! Silicon Valley¡¯s blue-chip fund Sequoia Capital has parted ways with its India and China partnerships. This and more in today¡¯s super packed edition of ETtech Morning Dispatch.
LIC ignores bear howls to strengthen hold on Dalal Street's most hated corner
India's largest domestic investor, LIC, has raised its ownership stakes in seven of the biggest Indian tech majors, including TCS, Infosys, Tech Mahindra and Wipro. The state-owned insurer's investment rose 48 basis points in Infosys, to give it 8.19% ownership, while a 111 basis points increase to 3.34% in L&T Technology Services was the highest. Despite foreign institutional investors expressing recession-related worries in western economies, LIC's investment in India's IT sector comes to around INR1.3tn ($17bn), around 13% of its Dalal Street portfolio.
Fintech sector grapples with heightened scrutiny, and other top stories this week
As things stand, it is no wonder that fintechs have been shopping around to acquire an NBFC licence. Cred acquired Parfait Finance in November 2021 and BharatPe acquired Trillionloans, a Mumbai-based NBFC, in March.
Rs 45,000 crore-bet! YES Bank among top 9 FII stock picks in Q3. What should investors do?
"We believe the outperformance of the value stocks is likely to continue in H1CY23 and would be led by a pickup in the credit growth as well as a recovery in the domestic-cyclical stocks, which would be in line with the pickup in the domestic economy," said Axis analyst Neeraj Chadawar.
Nykaa CEO Falguni Nayar explains fashion foray; Tiger Global¡¯s Scott Shleifer in India next week
Nayar spoke to us about the company¡¯s journey towards a market listing, the massive swing from euphoria to caution for new-age tech stocks and Nykaa¡¯s focus on its fashion and B2B businesses.
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