$46 billion rally shows undermining of India’s tech problems – Times of India

New Delhi: With the prospect of a US recession receding and artificial intelligence emerging as a potential new source of revenue, optimism is returning to India’s information-technology companies, pushing their shares higher.
NSE Nifty IT Index has climbed 18% since the April low, adding about $46 billion to the market capitalization. The 10-member gauge has driven a rally in July up a notch, and is on track to outperform the MSCI World Information Technology Index for the first time in seven months.
Profits rose after Asia’s biggest software services exporter Tata Consultancy Services Ltd reported better-than-expected profit for the latest quarter last week. Its shares climbed along with peers Infosys Ltd., which is scheduled to report today.
The boom in tech stocks has brought them back on track with the broader rally in Indian stocks as investors are targeting sectors that had lagged behind and are available at cheap valuations. The Nifty IT gauge is trading at around 23x estimated earnings for the next 12 months, up from around 20x in April, but is still below its all-time high of 32x.
Whereas TCS With some clients said to be delaying spending, the hit of profit helped offset concerns over the impact of the economic slowdown on global customers that roiled the industry earlier this year. The company and the partners who have already reported have also assured profitable offerings in automation and other emerging technology.
Tata Consultancy CEO K. “The flavor of the quarter was generative AI,” Krithivasan said on the company’s earnings call last week. “It’s definitely come up in every conversation I’ve had with customers over the past three months.”
The new optimism marks a turnaround from a few months ago, when Infosys warned clients to hold back on key sectors such as finance amid fears of a recession in the US and Europe, the biggest markets for Indian IT companies. . The instability in the global banking system following the collapse of Silicon Valley Bank has added to those concerns.
A sell-off in software exporters at the start of the year was fueled by lower volumes of discretionary projects in the US, but the June quarter performance was not as bad as feared, said Patricia Urbano, Paris-based fund manager at Edmond de Rothschild. He added that AI may be better than expected for this sector.
profits on wipro Ltd. actually came in slightly below consensus estimates but margins looked stable, and the firm announced a $1 billion plan to boost its AI business. However, concerns for the sector have not gone away completely, as evidenced by the rise in short positions in Infosys shares ahead of its results.
While the 12-month forward earnings estimates for the Nifty IT index have come down this month to around Rs 1,350 per share, they remain well above the April low of around Rs 1,330 per share and Rs 1,270 at the beginning of the year. The sector’s solid profitability and efforts to reward shareholders have helped attract back investors.
The software exporter is “returning capital to investors with lots of dividends and buybacks,” according to Mark Matthews, head of Asia-Pacific research at bank Julius Baer & Co. “Getting into this area was a nice improvement.”

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