{"id":1640888,"date":"2022-09-14T12:22:04","date_gmt":"2022-09-14T16:22:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1640888"},"modified":"2022-09-14T12:22:19","modified_gmt":"2022-09-14T16:22:19","slug":"goldman-cuts-indias-infosys-tcs-to-sell-on-looming-slowdown","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/goldman-cuts-indias-infosys-tcs-to-sell-on-looming-slowdown\/","title":{"rendered":"Goldman cuts India\u2019s Infosys, TCS to \u201csell\u201d on looming slowdown"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgoldman-cuts-indias-infosys-tcs-to-sell-on-looming-slowdown%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1640888&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>BENGALURU (Reuters) -Goldman Sachs downgraded top Indian information technology service providers Tata Consultancy Services and Infosys <INFY> to \u201csell,\u201d from \u201cbuy,\u201d citing a potential slowdown in dollar revenue growth in the face of impending macroeconomic stress.<\/INFY><\/p>\n<p>\u201cWe believe a slowdown in discretionary IT services spend around the growth and transformation agenda will be quite material and something not yet completely reflected in the street\u2019s double-digit revenue growth forecast for the industry for FY24,\u201d Goldman analysts said in a note.<\/p>\n<p>Goldman said it remains \u201cmore sanguine\u201d on the EBIT margin forecasts than on revenue of Indian IT companies, given multiple levers such as higher employee utilisation, controls on variable pay and annual wage hikes.<\/p>\n<p>India\u2019s top IT services firms have started freezing or cutting staff bonuses, worried that tightening budgets at U.S. and European clients who are bracing for a recession will sharply hit their own profit as the pandemic-led boom fades out.<\/p>\n<p>The IT firms made a windfall when pandemic struck the world couple of years back as several global corporations poured millions of dollars to rev up their digital infrastructure.<\/p>\n<p>However, several top tier companies missed profit estimates in the April-June quarter due to higher costs.<\/p>\n<p>Goldman upgraded Wipro to \u201cbuy\u201d from \u201csell,\u201d citing attractive valuations and a recent pickup in the company\u2019s order book.<\/p>\n<p>The Nifty IT index was down 3.1% on Wednesday as a surprise increase in U.S. inflation stoked fears of aggressive rate hikes by the Federal Reserve.<\/p>\n<p>The IT index has been one of the worst hit sectors, falling over 27% so far this year, underperforming benchmark Nifty 50 index, which is up 4%.<\/p>\n<p> (Reporting by Nallur Sethuraman in Bengaluru; Editing by Dhanya Ann Thoppil)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2748756\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8D09N-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8D09N-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BENGALURU (Reuters) -Goldman Sachs downgraded top Indian information technology service providers Tata Consultancy Services and Infosys to \u201csell,\u201d from \u201cbuy,\u201d citing a potential slowdown in dollar revenue growth in<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1640888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1640888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1640888"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1640888\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1640888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1640888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1640888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}