TCS Plans Organisational Revamp, Navi Technologies' Rs 40-bn IPO, and Buzzing Stocks Today

Tue, 8 Mar Pre-Open

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Indian share markets ended deep in the red yesterday.

Benchmark indices slumped to their lowest level in eight months as the US and European Union mulled boycotting importing oil from Russia.

Consequently, fears of tighter oil and gas supplies, higher inflation and, faster-than-expected rate hikes by global central banks dampened investor sentiment.

Brent crude futures hit their highest level since 2008, hitting the US$130 per barrel-mark in intraday trade.

At the closing bell yesterday, the BSE Sensex stood lower by 1,491 points (down 2.7%).

Meanwhile, the NSE Nifty closed lower by 382 points (down 2.4%).

ONGC and Hindalco were among the top gainers.

IndusInd Bank and Maruti Suzuki, on the other hand, were among the top losers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended down by 2.3%.

Sectoral indices ended on a mixed note with stocks in the realty sector, banking sector and finance sector witnessing most of the selling pressure.

Metal stocks, on the other hand, witnessed buying interest.

Shares of GMDC and ONGC hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 2.5% at Rs 53,854 per 10 grams at the time of closing stock market hours yesterday.

Speaking of gold, in his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani explains whether you should worry about Russia selling its gold.

Can the price of gold crash due to Russian selling pressure? And should you worry about it?

Vijay answers these questions in the below video. Tune in to find out more...

Top Stocks in Focus Today

Among the buzzing stocks today will be banking sector stocks.

Interest rate sensitive stocks were under pressure yesterday with banks, non-banking finance companies (NBFCs), housing finance companies (HFCs), automobiles and real estate sector stocks down around 6-10% on concerns of reversal in interest cycle due to rising inflation.

The auto, realty, Nifty bank index, and Nifty financial services indices were down in the range of 4-5%.

Nazara Technologies share price will also be in focus today.

Nazara Technologies' share price rose 3% on 7 March after the board of the ace investor Rakesh Jhunjhunwala-backed company approved the issuance of equity shares worth Rs 250 m to the existing shareholders of Datawrkz Business Solutions.

On completion of the acquisition, the company will hold a 33% equity stake, on a fully diluted basis, in Datawrkz Business Solutions, it added.

The board also in principal approved further investment in equity shares of Next Wave Multimedia Private Limited, a subsidiary, for Rs 100 m. It will also make an investment of up to Rs 300 m in Next Wave by way of subscription to further equity shares.

The board approved the notice convening an Extraordinary General Meeting (EGM) on 4 April 2022.

Sachin Bansal-led Navi Technologies Plans Rs 40 bn IPO

Navi Technologies is planning to raise Rs 40 bn in fresh capital through an initial public offering (IPO). The company is expected to file its draft red herring prospectus with market regulator this week.

ICICI Securities, BofA and Axis Capital are the investment banks handling the share sale.

Navi Tech is co-founded and promoted by Flipkart co-founder Sachin Bansal.

According to sources, the IPO could hit the market during the first quarter of next financial year. The company will use the proceeds to fuel its growth.

Navi Tech is a tech-driven financial products and services company. Its key offerings include personal loans, housing loans, general insurance and mutual funds (MFs).

Founded in 2018, the company with its digital-first approach has tried to disrupt the businesses it operates in. For instance, in the MF space it has launched the exchange traded funds (ETFs) with lowest fee structure. In personal loans, it instantly offers loans of up Rs 2 m through a completely paperless process.

Till date, Bansal has invested around Rs 40 bn into the firm.

Moreover, the company turned profitable in the financial year 2021, posting a consolidated profit of Rs 710 m with a total income of Rs 7.8 bn and expenditure of Rs 6.7 bn.

TCS Plans Organisational Revamp to Double Revenue Before 2030

Tata Consultancy Services plans to overhaul its organizational structure with specialized groups targeted to help startups as well as large global firms as Asia's largest software outsourcing provider gears up to double its revenues to US$50 bn before 2030.

The Mumbai-based company will create four internal teams -- a business transformation group, incubation group, enterprise growth and another aimed at new business models.

TCS is expected to present this proposed new structure at its board meeting this week.

The rejig is aimed at aligning TCS with the changing needs of its clients who are increasingly looking to digitize in the post-Covid-19 world and the boom in startups.

Indian IT sector has been on a roll, buoyed by the pandemic-induced rush among enterprises to transform into work-from-anywhere, digital businesses, boosting growth and making it a US$227 bn industry by end of March 2022.

TCS's new structure is based on where its customers are in their business journey, the people said. It factors in, for instance, that a sub-US$5 billion start-up would have a very different set of technology and business requirements than a large global corporation.

TCS, which employs over half-a-million around the world, the bulk of them in India, reported US$25 bn in revenues for the year ended 31 December.

Riding the sector boom, TCS and its rivals Infosys and HCL Technologies have been signing on new customers, expanding contracts and hiring software programmers by the thousands every quarter.

The outsourcing giant, part of the Tata Group, is also planning to open a dozen innovation centers globally including the US and Europe, according to reports.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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