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Investors’ wealth tumbles over Rs 3.70 lakh cr as markets crack

Investors’ wealth in morning trade on Monday tumbled over Rs 3.70 lakh crore as markets went into a tailspin amid record surge in coronavirus cases in India. The 30-share BSE benchmark index tanked 1,469.32 points to 47,362.71 in early trade.

Following the massive selloff, the market capitalisation of BSE-listed companies declined by Rs 3,70,729.4 crore to Rs 2,01,60,016.60 crore in morning trade. IndusInd Bank, Axis Bank, Bajaj Auto, SBI and ICICI Bank were the biggest drags among the BSE 30-share frontline companies’ list.

India’s total tally of COVID-19 cases crossed 1.50 crore with a record single-day rise of 2,73,810 new coronavirus infections, while the active cases surpassed the 19-lakh mark, according to the Union Health Ministry data updated on Monday.

“The health crisis India is going through and localised lockdowns and restrictions on economic activity warrant a market correction. The steady rise in test positivity cases and the steady decline in recovery rates are areas of serious concern. But, this negativity need not reflect fully in the market since the global clues are positive,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In the previous trading session, the BSE benchmark closed 28.35 points or 0.06 per cent higher at 48,832.03.

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Wipro share price zooms nearly 10% on strong Q4 results; stock may rally another 10% to Rs 515 soon

Wipro share price surged as much as 9.5 per cent to Rs 471.75 apiece, a fresh 52-week high, on BSE on Friday, a day after the IT firm posted the best results in the last 10 years. So far in today’s session, 5.98 crore shares of Wipro have exchanged hands on NSE, while 29.44 lakh shares have been traded on BSE. Wipro was the third IT company to announce fourth quarter earnings this week, following TCS and Infosys. The share prices of TCS and Infosys, respectively, were the top Sensex losers on the very next day of the earnings, as they missed analysts estimates. Wipro has registered another quarter of strong growth with net profit rising by 27.78 per cent on-year. “Technically, due to strong results, Wipro charts look better than both TCS and Infosys, and a daily close above above Rs 461 should lead to targets of Rs 475 and Rs 515 in the coming weeks,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online.

Wipro also said that the interim dividend of Re 1 which was announced in January this year, will be considered as the final dividend for the financial year 2020-21. Wipro continues to outperform, after the company indicated that the Wipro’s higher growth momentum was led by a good deal book and execution and guided strong momentum to continue, Ashis Biswas, Head of Technical Research at CapitalVia Global Research, told Financial Express Online. It may be noted that for the quarter ended March, Infosys posted a 2.6 per cent drop in consolidated net profit to Rs 5,078 crore, which was lower than analysts’ expectations of Rs 5,170.2 crore. Despite Infosys announcement of pay increases in January, the period’s attrition rate grew to 15.2 per cent from 10 per cent the previous quarter as the demand for professional talent in the sector soared. “This factor is primarily responsible for the stock’s underperformance,” Biswas added. While TCS stock witnessed profit booking after a significant double-digit rise over the last quarter. Even though the company reported a robust quarterly number.

Wipo shares have surpassed the previous 52-week high of Rs 467.20 apiece, touched on January 13 this year. Nifty IT index was the top sectoral gainer so far in intraday deals, led by gains in Wipro, Coforge, L&T Infotech, Oracle Financial Services Software, HCL Technologies, Tech Mahindra and Mindtree, which were up in the range of 1-9 per cent.

Analysts at Reliance Securities said that during the fourth quarter of FY21, Wipro reported sequential constant currency growth of 3% and EBIT margin of 21% which was ahead of expectations. On the other hand, TCS largely reported inline print whereas Infosys missed on revenues with elevated attrition levels. “Wipro also reported strong deal wins of US$1.4bn which improves FY22 growth visibility. We highlight that Wipro currently trades at ~22% discount to larger peers and current improved growth visibility and increasing client relevance supports case for re-rating,” Suyog Kulkarni, Senior Research Analyst at Reliance Securities, told Financial Express Online.

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Rakesh Jhunjhunwala cuts stake in Titan, sells Rs 344 crore Titan shares in Jan-Mar 2021

Rakesh Jhunjhunwala has reduced stake in jewellery and watchmaker Titan Company during January-March 2021. Ace investor Rakesh Radhyshyam Jhunjhunwala has sold 22.50 lakh shares in the fourth quarter of the previous fiscal. Jhunjhunwala has slashed his stake to 3.52 crore shares or 3.97 per cent stake, at the end of March quarter, from 3.75 crore shares or 4.23 per cent stake in Titan Company in December quarter, according to the shareholding pattern of the public shareholders. His wife Rekha Jhunjhunwala continues to hold 96.40 lakh shares or 1.09 per cent stake in Titan.

According to the previous close of Titan Company share at Rs 1530.65 apiece, Rakesh Jhunjhunwala has sold Titan Company shares worth Rs 344 crore during January-March 2021. Rakesh Radhyshyam Jhunjhunwala along with his wife Rekha Jhunjhunwala collectively holds 4.49 crore shares or 5.06 per cent stake in Titan Company.

Foreign portfolio investors (FPIs), have also cut their stake to 16.06 crore shares or 18.10 per cent stake in the March quarter as compared to 16.50 crore shares or 18.59 per cent stake in the December quarter. However, LIC, the largest domestic institutional investor, raised its stake in Titan Company to 3.91 per cent from 3.59 per cent during the quarter. ICICI Prudential Life Insurance Company has cut stake to 1.09 per cent in March 2021 quarter from 1.11 per cent in December 2020 quarter. Insurance companies together hold 6.14 per cent against 5.92 per cent at the end of December.

The mutual funds also increased their stake in Titan Company to 3.86 crore shares or 4.36 per cent stake from 3.76 crore shares or 4.24 per cent. Moreover, retail investors (individual share capital up to Rs 2 lakh) enhanced their holdings to 9.03 per cent from 8.93 per cent.

Earlier this year, Titan Company share price hit a new 52-week high of Rs 1,620.95 apiece on BSE. The stock touched its 52-week low of Rs 809.85 apiece on May 18, 2020. So far this month, the stock price has corrected 1.78 per cent. In the January-March quarter stock has fallen 0.07 per cent.

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TCS share price top Sensex loser; why TCS stock is falling despite 15% rise in net profit

IT stocks such as TCS, Infosys, HCL Technologies and Tech Mahindra were trading up to 3.5 per cent down on BSE on Tuesday. Tata Consultancy Services share price fell as much as 4.36 per cent to Rs 3,100.05 apiece and was the top BSE Sensex dragger on the back of profit-booking a day after it posted a 15 per cent on-year rise in net profit to Rs 9,246 crore in the January-March quarter. Research brokerage firms and analysts have mixed response to TCS Q4 results. Analysts at ICICI Securities have downgraded TCS stock to ‘hold’ from ‘add’ as they believe that industry growth is unlikely to witness a meaningful acceleration (vs pre-Covid) over the medium term as is expected by the street.

Nifty IT index was the top sectoral loser, down 3.34 per cent weighed down by losses in Coforge, which was down 7 per cent. Other IT stocks such as Mindtree, TCS, Tech Mahindra, Infosys, Wipro were down in the range of 1.5-4.4 per cent. Technology stocks had run up sharply in anticipation of strong results. “However, further performance required a strong earning beat combined with above expectation growth outlook,” Investment advisor Sandip Sabharwal told Financial Express Online. Sabharwal added that the outlook seems decent but valuations are stretched. “At such a price, timewise correction is imminent,” he added.

TCS’ board of directors have also recommended a final dividend of Rs 15 per share. In the previous three quarters, the company has given interim dividends of Rs 5 per share, Rs 12 per share, and Rs 6 per share. The total dividend given by TCS in FY21 now stands at Rs 38 per share. “The main reason which seems to be ailing the IT sector as of now is the weak USDINR pair as it settled 32 paise lower on Monday, which has a potential risk of wiping out the earnings of from foreign revenues of such IT firms,” Vishal Balabhadruni, Senior Research Analyst at CapitalVia Global Research, told Financial Express.

What should you do with TCS stock now?
Analysts believe that today’s fall in IT shares offers a good opportunity for the investors to make a re-entry. IT stocks are witnessing profit booking post-TCS results, with profits marginally below analysts expectations. “Overall, with IT stocks till recently, hitting record highs, a healthy correction is always welcome, as it at the same time, offers opportunities for re-entry,” Aamar Deo Singh, Head Advisory at Angel Broking, told Financial Express Online. So far in the trade, a total of 1.09 lakh shares have traded on BSE, while 38.56 lakh shares have exchanged hands on NSE, so far.

Those at Kotak Institutional Equities have maintained a ‘reduce’ rating to the TCS stock due to its expensive valuations. ” At 27.4X FY2023E, the upside is limited,” it added. While Macquarie has an ‘outperform’ rating to TCS stock, with a target price of Rs 3,640, a 17.4 per cent rally from today’s low.

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