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Investor Vijay Kedia, known for his melodious takes on the stock market, sympathised with investors in information technology (IT) companies with a throwback song that was released by him in 2019.
The song, which is a rip-off of RD Burman’s iconic score in 1985 film Mehbooba, laments the plight of small and mid-cap investors who are unable to make draws despite the indexes hitting an all-time high.
Investors in I. T cos. https://t.co/Rtgcgb7Ql0 pic.twitter.com/lWOvJv4Tfz
Despite the indexes scaling to new highs over the past few days, the IT stocks have remained under stress. On December 9, HCL Technologies, Tech Mahindra, Infosys and Wipro were among the top Nifty losers.
HCL Tech tumbled by over 6 percent, whereas, Persistent Systems, Infosys, Tech Mahindra and Tata Consultancy Services fall in the range of 0.4-5 percent.
According to Credit Suisse Securities India, the IT stocks are set for further correction in valuations. The brokerage firm said that the current valuations of major Indian IT companies was unsustainable in the light of worsening economic outlook for their biggest market, the US.
The American economy is widely expected to tip into a recession in the second half of 2023 owing to the US Federal Reserve’s aggressive tightening of the monetary policy to reign in multi-decade high inflation in the country.
A recession in the US is broadly considered negative for India’s IT sector, which derives roughly 45-60 percent of its revenues from the world’s largest economy. A shrinking US economy will force clients of Indian IT companies to scale back their technology-related spending.
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