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Q3 likely to be last weak quarter for Indian IT firms: BNP Paribas

Livemint

Livemint · 1y ago

Q3 likely to be last weak quarter for Indian IT firms: BNP Paribas

According to BNP Paribas, Indian IT companies are expected to experience an increase in revenue growth starting from the fourth quarter of the current financial year. The firm believes that the third quarter of FY24 will be the last quarter of weakness for these companies before a pickup in revenue growth. Factors such as a better overall economy, large deal wins, and a soft landing in 2024 are expected to contribute to this growth. BNP Paribas has highlighted HCL Technologies, Infosys, LTIMindtree, Persistent Systems, and Tata Consultancy Services as its preferred companies. However, it has an "underperform" view on Redington and Wipro.

Related News

Citigroup sells Swiggy shares worth Rs 12 Cr to BNP Paribas in bulk deal

Entrackr

Entrackr · 1m ago

Citigroup sells Swiggy shares worth Rs 12 Cr to BNP Paribas in bulk deal

Citigroup Global Markets, the brokerage and investment banking subsidiary of US-based Citigroup Inc., has sold shares of Swiggy to BNP Paribas Financial Markets, the investment arm of French banking giant BNP Paribas, through a block deal. Citi has sold 3.2 lakh shares at Rs 381 each to Paribas Financial Markets worth Rs 12.2 crore, according to data accessed from the stock exchange via bulk deal. Swiggy posted Rs 4,410 crore revenue in the last quarter of the financial year ending March 31, 2025, along with a loss of Rs 1,081 crore in the same period. Swiggy's food delivery business remains a significant revenue driver, contributing 37%, followed by quick commerce. Swiggy’s stock is currently trading at Rs 392.2 (as of 11:42 AM), with a total market cap of Rs 96,030 crore.

Infosys expected to report weak Q3 earnings with drop in revenue, margins

Livemint

Livemint · 1y ago

Infosys expected to report weak Q3 earnings with drop in revenue, margins

Infosys is expected to announce weak Q3 results, with a sequential drop in revenues and margins. The overall Indian IT sector is also expected to report subdued earnings for the quarter due to weak demand. However, better utilization, lower sub-con expenses, and INR depreciation may help offset some of the challenges for Infosys. The company's Q3 revenue in USD terms is predicted to decline, while net profit is expected to drop slightly. Analysts anticipate Infosys to maintain its guidance for FY24 growth.

Has the pecking order changed for the IT majors? Kumar Rakesh explains

Economic Times

Economic Times · 16d ago

Has the pecking order changed for the IT majors? Kumar Rakesh explains

Kumar Rakesh from BNP Paribas praises the resilience of the Indian IT sector. Despite macroeconomic challenges and technological transitions, companies like Infosys and Persistent Systems are performing well, particularly in adopting Gen AI. The focus for Infosys is on robust growth and stable demand despite earlier disappointments within the sector. Companies' guidance and macroeconomic improvements, particularly in BFSI and tech services, will be crucial for future growth and renewed investor interest in the IT sector.

Mutual Funds Increase Stake In Paytm In March Quarter, FII Holding Declines

Inc42 · 1y ago

Mutual Funds Increase Stake In Paytm In March Quarter, FII Holding Declines

Indian mutual funds have increased their stake in Paytm during the March quarter of FY24, amidst regulatory turmoil at the fintech company. Domestic mutual funds now hold a 6.15% stake, up from 4.99% in the previous quarter. Mirae Mutual Funds increased its shareholding to 3.76%. However, foreign institutional investors' stake in Paytm declined to 60.41% from 63.72%, with BNP Paribas Arbitrage and Societe Generale selling their stakes. Despite these challenges, Marshall Wallace and Morgan Stanley increased their stake in Paytm. Paytm's shares have dropped over 50% since the RBI's restrictions on Paytm Payments Bank.

ChrysCapital mulls GeBBS Healthcare sale; Carlyle taps 2 banks for Hexaware IPO

VCCircle

VCCircle · 1y ago

ChrysCapital mulls GeBBS Healthcare sale; Carlyle taps 2 banks for Hexaware IPO

ChrysCapital, an Indian private equity firm, is considering selling GeBBS Healthcare Solutions, a healthcare BPO company in Los Angeles. ChrysCapital had acquired an 80% stake in GeBBS in 2018 for $140 million. Now, with a potential valuation of $350-400 million, ChrysCapital is exploring options to divest its stake. On the other hand, Carlyle Group has reportedly appointed JP Morgan and BNP Paribas as bankers for the upcoming IPO of Hexaware Technologies, an IT services company. Carlyle had acquired a majority stake in Hexaware in 2013.

Aegis Vopak Terminals looks to raise around $500 million in a $3-billion IPO

Livemint

Livemint · 1y ago

Aegis Vopak Terminals looks to raise around $500 million in a $3-billion IPO

Indian chemicals and oil storage company Aegis Vopak Terminals, a joint venture between Aegis Logistics and Vopak, is set to file a draft red herring prospectus for a $500-550m initial public offering. The company is expected to be valued at about $3bn. Banks including BNP Paribas, ICICI Securities, IIFL Securities, and Jefferies have been appointed to manage the IPO. Aegis Vopak Terminals provides storage and logistics solutions for chemicals, oils, gases, LNG, and biofuels in India. The company is reportedly exploring options for pre-IPO funding to set the valuation benchmark.

How Puneet Gupta's stars are working in favour of his astrology startup

VCCircle

VCCircle · 1y ago

How Puneet Gupta's stars are working in favour of his astrology startup

Puneet Gupta, co-founder and CEO of Astrotalk, has transformed from being skeptical about astrology to launching an online marketplace for astrology services. Previously working at BNP Paribas, Gupta's perception has completely changed as he leverages his knowledge of astrology to create a successful startup.

Vodafone Group looking to sell stake in Indus Towers

VCCircle

VCCircle · 1y ago

Vodafone Group looking to sell stake in Indus Towers

Vodafone Group is reportedly planning to sell its entire $2.3 billion stake in India's Indus Towers through stock market block deals. The move is part of Vodafone's efforts to repay debt. Vodafone owns 21.5% of Indus Towers, but the final size of the stake sale has yet to be decided. If demand is insufficient, the stake sold could be lower than 21.5%. Vodafone has hired Bank of America, Morgan Stanley, and BNP Paribas to manage the stake sale in Indian stock markets. The proceeds from the sale will be used to repay part of Vodafone's $42.17 billion net debt.

Mirae Asset to acquire BNP Paribas unit Sharekhan for $370 mn

VCCircle

VCCircle · 1y ago

Mirae Asset to acquire BNP Paribas unit Sharekhan for $370 mn

Mirae Asset Securities, a South Korean investment banking and stock brokerage firm, has announced its acquisition of BNP Paribas' Indian retail brokerage unit, Sharekhan, in a deal worth $370 million. Mirae Asset will acquire a 72.76% stake in Sharekhan, while also acquiring a 99.9% stake in Human Value Developers, which holds a 27.24% stake in Sharekhan. The acquisition aims to tap into the long-term growth potential of the Indian securities industry, amidst a surge in retail participation in the Indian stock market.

Vodafone to sell entire Indus Towers stake worth $2.3 billion via block deals next week: Report

Money Control

Money Control · 1y ago

Vodafone to sell entire Indus Towers stake worth $2.3 billion via block deals next week: Report

Vodafone Group is expected to sell its entire stake in mobile-tower operator Indus Towers in block deals next week, with the deal potentially being valued at $2.3 billion. The stake currently held by Vodafone is 21.5%, and the sale will be managed by Bank of America, Morgan Stanley, and BNP Paribas. Bharti Airtel, which holds a 47.95% stake in Indus Towers, had previously denied reports of having talks to purchase Vodafone's stake.

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