Disappointing results and pessimistic guidance from Tata Consultancy Services (TCS) and Infosys have spooked investors across the IT services sector. While the sharp correction in stock prices on Monday may seem like an over-reaction, there’s consensus that FY24 will see little if any revenue growth across the industry, and earnings estimates are being broadly downgraded. Given this scenario, investors are also likely to reduce valuation multiples, notes our lead editorial. Read here
In other views:
While no one can predict short-term market direction, the long term case for India looks bright. Markets could easily remain choppy and correct more but if one takes a five-year view, the outlook seems more promising than it has for some time, writes Akash Prakash. Read here
Amit Tandon talks about the importance of annual letters to the shareholders. Read here
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Congress President Mallikarjun Kharge
