He has also served as an independent director of State Bank of India for two terms (six years). Sundaram was an Independent Director on the Boards of GlaxoSmithKline Pharmaceuticals Ltd, TVS Electronics Ltd, SBI General Insurance, Crompton Greaves Consumer Electricals Ltd and a Member of the Board of Governors of Institute of Financial Management and Research, Chennai. He later joined TVS Capital Funds as MD and Vice Chairman. Before leaving HUL in July 2009, he had served Unilever companies in Pakistan, Bangladesh and Sri Lanka. He was appointed as the finance director and board member of HUL and was later elevated as vice-chairman and CFO. He was the finance offer at Unilever (London) for Africa and Middle East Region, Finance Director and Board Member of Brooke Bond Lipton India (at Bengaluru) and Senior Vice-President (Finance), South Asia and Middle East Group based at Unilever, London. Sundaram had started his career with Unilever group in India as a management trainee in 1975 and since then was promoted with senior soles with the Group in Accounting, Commercial and Treasury functions. He serves on the Audit Committee, Risk Management Committee, Stakeholders Relationship Committee, Nomination & Remuneration Committee and Cybersecurity Risk Sub-Committee. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.FM Nirmala Sitharaman likely to meet CEOs of PSU Banks on Saturdayĭ Sundaram has been on the Infosys Board since 2017. IT stocks to buy, sell, hold as recommended by brokerages. "We value Wipro at 14 times FY26E EPS of ₹28 (discounted back 1-year with WACC of 12 per cent) to arrive at our 12-month target price of ₹355 from ₹410 earlier)," it said. The brokerage has a 'Hold' call on Wipro. Wipro: ICICI Securities has reduced Wipro's target multiple to 14 times from 16 times earlier on weaker growth outlook in BFSI vertical (35 per cent of revenue) given majority of revenue growth in the past has come from BFSI and retail verticals. The brokerage has upgraded Infosys to ‘Buy’ on attractive valuations, and it expects Infosys to be the fastest growing large-cap IT services company globally. The stock has corrected 7 per cent in the last one month and is trading at an attractive valuation of 19 times/16 times on FY25/26 EPS, the brokerage said. Infosys: Domestic brokerage firm ICICI Securities continues to value Infosys at 23 times FY26E EPS of ₹86 (discounted back 1-year with WACC of 12 per cent) to arrive at the brokerage's 12-month target price of ₹1,759 from ₹1,772 earlier, implying 28 per cent potential upside. On the other hand, cost optimisation and vendor consolidation-related spends should remain the prime focus over the next 3-4 quarters, which Motilal Oswal sees as positive for TCS – it's top pick in CY23. TCS: The adverse impact of IT-related spending cuts should primarily be on discretionary spends, which have been the key spending area post Covid-induced disruptions. TCS remains its top stock pick, followed by HCLTech, and Infosys in the tier-1 IT space. Normalisation in hiring, higher fresher additions, lower attrition, improvement in utilisation and lesser reliance on sub-contractor expenses should drive margin expansion over the medium term, it said. "We have cut our FY24E/FY25E EPS for tier-1 players by 0.4-3.9 per cent/0.8-3.7 per cent due to their near-term weaknesses," the note said.Ĭonsidering the scale of offerings, top-notch client profile and execution prowess, the brokerage believes that tier-1 companies are better placed in a weakening demand environment.
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