NSE:TECHM

Indian Equities Slip Wednesday as IT Stocks Tumble, Oil Prices Rise

Indian equities fell on Wednesday, as IT stocks lost steam, heightened tensions in the Middle East led to rising oil prices, and foreign institutional investor outflows weighed on sentiment.The BSE Sensex slipped 0.4%, or 303.67 points, to finish Wednesday's session at 74,346.17. Likewise, the NSE Nifty 50 tumbled 0.3%, or 77.95 points, to 23,405.60.Investor sentiment dampened as ongoing tensions between the U.S. and Iran led to an increase in oil prices, fueling energy-related pressures, according to a report by The Times of India.Additionally, many IT heavyweights, which had led Tuesday's rally, posted sharp declines.Among the top losers were Tata Consultancy Services (NSE:TCS, BOM:532540), Tech Mahindra (NSE:TECHM, BOM:532755), and HCL Technologies (NSE:HCLTECH, BOM:532281), which plunged over 8%, 6%, and 5%, respectively.Apollo Hospitals Enterprise (NSE:APOLLOHOSP, BOM:508869) led gainers for the day, posting a rise of nearly 3%. Tata Motors Passenger Vehicles (NSE:TMPV, BOM:500570) and InterGlobe Aviation (NSE:INDIGO, BOM:539448) were down around 2% each at the day's close.In corporate news, Bajel Projects (NSE:BAJEL, BOM:544042) bagged a mega engineering, procurement, and construction order for a GIS substation from a data center client in Mumbai. Shares closed 3% higher.Elsewhere, IndiGo, operated by InterGlobe Aviation, said it will discontinue flight operations to and from Manchester effective Aug. 31 amid prolonged airspace restrictions, longer flight times, and higher operating costs.

Nomura Adjusts Tech Mahindra's Price Target to INR1,760 from INR1,740, Keeps at Buy

Jefferies Adjusts Tech Mahindra's Price Target to INR1,225 from INR1,180, Keeps at Underperform

Tech Mahindra (NSE:TECHM) has an average rating of overweight and mean price target of 1,604.45 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Indian Equities Fall Sharply on Wednesday as IT Sell-Off, Crude Oil Rebound Weigh

Indian benchmark indices ended lower on Wednesday as a sharp decline in technology stocks and higher crude oil prices pressured the market.The BSE Sensex fell 756.84 points, or 1%, to close at 78,516.49, while the NSE Nifty 50 dropped 198.50 points, or 0.8%, to settle at 24,378.10.There was broad-based selling in IT stocks, as weaker-than-expected earnings startled investors, triggering a sharp pullback across the sector.Sentiment also remained cautious as markets awaited clarity on the next steps in U.S.-Iran negotiations. The U.S. announced an extension of the ceasefire to allow further talks, but the move appeared unilateral, with no immediate confirmation from Iran or Israel.Among stocks, HCL Technologies (NSE:HCLTECH, BOM:532281) plummeted nearly 11% after its March quarter results, released post-market hours on Tuesday, missed estimates despite a rise in profit and revenue.Tech Mahindra (NSE:TECHM, BOM:532755) fell nearly 3% after reporting an increase in fiscal Q4 profit to 13.5 billion rupees from 11.7 billion rupees a year earlier, with revenue also rising.

Tech Mahindra's Consolidated Profit Rises in Fiscal Q4

Tech Mahindra's (NSE:TECHM, BOM:532755) consolidated attributable profit rose to 13.5 billion Indian rupees in the fiscal fourth quarter ended March 31, from 11.7 billion rupees a year ago.The technology company's earnings per share came in 15.24 rupees from 13.15 rupees a year earlier, according to a Thursday filing to the Indian stock exchanges.Revenue from operations in fiscal Q4 also grew to 150.8 billion rupees from 133.8 billion rupees a year ago.The company's board recommended a final dividend of 36 rupees per equity share of the face value of 5 rupees each for the financial year ended March 31.The company's shares were down nearly 2% in recent trade.