Tech Slump: Indian Stocks Slide After Accenture Downgrade

  • Leading global IT firm Accenture revises its 2024 revenue forecast downwards, citing economic uncertainty and lower client spending.
  • This triggered a sell-off in Indian technology stocks on Friday, March 22nd.
  • Major players like Infosys, HCL Tech, and Wipro saw significant declines, dropping between 3% and 6%.
  • The Nifty IT index, a benchmark for Indian IT companies, also witnessed a sharp decline.
  • Analysts suggest investor caution due to concerns about a potential slowdown in IT spending globally, mirroring Accenture's revised guidance.
  • The tech sector's performance in the coming quarters remains to be seen.

Comments

Post a Comment

Popular posts from this blog

Sky High Surge: IndiGo Soars as India’s Air Passenger Traffic Climbs 8.4% in April

Domestic air travel in India continues its upward trajectory, with April 2025 marking a robust 8.4% year-on-year increase in passenger numbers. A total of 1.43 crore (14.36 million) passengers took to the skies in April, up from 1.32 crore in the same month last year, reflecting the sustained boom in demand for air travel across the country. The Directorate General of Civil Aviation (DGCA) attributes this growth to a combination of rising demand, increased capacity, and a growing preference for air travel among Indian consumers. IndiGo: The Undisputed Leader IndiGo remains the dominant force in Indian aviation, carrying a staggering 64.1% of all domestic passengers in April. This translates to over 9.17 million passengers choosing IndiGo, cementing its position as the airline of choice for the majority of Indian travelers. IndiGo’s market share has remained steady compared to previous months, showcasing its resilience and operational efficiency even as competition intensifies. Market S...
Read more

IndiGo Set to Make History: First to Soar from Navi Mumbai Airport with 18 Daily Flights!

IndiGo will be the first airline to launch commercial operations from the highly anticipated Navi Mumbai International Airport (NMIA). The airline is set to commence with 18 daily departures, connecting over 15 cities across India from day one. This move marks a major milestone, positioning Navi Mumbai as a key aviation hub and offering much-needed relief to the congested Mumbai airport. IndiGo’s aggressive expansion plan will see daily departures rise to 79—including 14 international flights—by November 2025. By November 2026, IndiGo aims to operate a staggering 140 daily flights from NMIA, with 30 set for international destinations. The NMIA project is a public-private partnership, developed by Adani Group and CIDCO, and is expected to handle up to 90 million passengers annually once fully completed. IndiGo’s CEO hailed the partnership as a leap toward operational readiness and a testament to the airline’s commitment to India’s booming aviation sector. The new airport will create a d...
Read more

RBI’s Record Dividend Bonanza: Government’s Coffers Swell by Rs 2.69 Lakh Crore for FY 2024-25

The Reserve Bank of India (RBI) has set the financial world abuzz with its announcement of a record-breaking dividend payout of Rs 2.69 lakh crore to the central government for the fiscal year 2024-25. This payout marks a spectacular 27.4% jump from last year’s already impressive Rs 2.1 lakh crore, making it the highest surplus transfer in the central bank’s history. The decision was finalized at the 616th meeting of the RBI’s Central Board of Directors, chaired by Governor Sanjay Malhotra, in Mumbai. The board’s agenda included a comprehensive review of both global and domestic economic scenarios, with a sharp focus on risks and the country’s fiscal outlook. The surplus transfer was calculated under the revised Economic Capital Framework (ECF), approved by the board on May 15, 2025, ensuring robust risk provisioning and financial stability. The Contingent Risk Buffer (CRB), a key safety net for unforeseen shocks, was raised to 7.5% from the previous 6.5%—a move reflecting the RBI’s ca...
Read more