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Business Standard

India well-poised to benefit from new jobs emerging with AI: Meta India V-P

India is well-poised to take advantage of new jobs that emerge from advent of Artificial Intelligence (AI), according to Meta India Vice President Sandhya Devanathan. In an interview to PTI, Devanathan weighed in on raging debate around AI and its impact on jobs, saying she is of the firm belief that AI would now lead to new opportunities for India. "I think that India is potentially well-poised to take advantage of new jobs that could come up with AI," she said. Devanathan said that the nature of jobs may change, however. "I think it offers opportunities for new kind of jobs to get created...jobs may change in terms of what they look like, but there will be new things that could end up coming up as a result of that (AI)...and it would lead to new opportunities for us as a country," she said. The views assume significance in the backdrop of persistent debate in tech circles and civil societies on whether AI will augment the labour market or displace workers. The Economic Survey i

Mint

Nifty IT touches fresh all-time high, 5 stocks including MphasiS, Coforge reach new 52-week highs

5 stocks, including MphasiS, Coforge, Persistent Systems, HCL Technologies, and LTIMindtree, have reached new 52-week highs during the session. This rally has pushed the Nifty IT index to a 22.31% year-to-date gain, surpassing the Nifty 50's increase of 16%.

Mint

Will a surprise uptick in August CPI inflation put RBI rate cut timeline in a limbo?

August's unexpected rise in inflation, driven by higher food prices, raises doubts about the timing of RBI's anticipated rate cuts. While easing global crude prices may offer some relief, persistent food inflation could delay monetary policy adjustments.

The Economic Times

Don’t expect more than 25 bps Fed rate cut now; big collapse in crude prices unlikely: Arnab Das

Global Macro Strategist Arnab Das from Invesco discusses the synchronized slowdown of major oil consumers and its impact on demand. He anticipates a 25 basis point rate cut by the Federal Reserve, citing persistent inflation in housing costs. Das also comments on the stability of oil prices amid geopolitical tensions and market dynamics.

The Economic Times

Buy Persistent Systems, target price Rs 6030: JM Financial

Persistent Systems Ltd. key Products/Revenue Segments include Software Services and Software Licence for the year ending 31-Mar-2024.

Business Line

Broker’s call: Persistent Systems (Buy)

JM Financial

The Economic Times

Persistent growth momentum to continue as JM Financial sees 13% upside potential

JM Financial forecasts a 13.4% upside for Persistent Systems (PSYS) with a target price of Rs 6,030, citing strong deal wins and stable revenue momentum. Expected to achieve a 15.5% EBIT margin by FY25, PSYS shows promising medium-term growth.

Business Standard

Persistent Systems hits new high on buying SoHo Dragon assets worth $4.7 mn

The total purchase consideration payable for the acquisition is $4.70 million

Mint

Mid-cap IT stock surge: Persistent Systems share price hits 52-week high. Here's why

Mid-cap IT stock surges: Persistent Systems' share price surged to a 52-week high on September 11 following the announcement of its acquisition of SoHo Dragon Inc. The $4.7 million ( ₹39 crore) deal is expected to boost the company's revenue and strengthen its position in the BFSI sector.

The Economic Times

IT stocks close to peak multiples; a stock-selective approach is better: Apurva Prasad

Apurva Prasad of HDFC Securities suggests that IT companies with higher BFSI exposure, such as TCS, might exceed earnings expectations. He notes that the sector's growth and earnings cuts have stabilized. Mid-tier firms like Persistent Systems continue to perform well. Due to high valuations, a selective investment strategy is recommended.

The Economic Times

Put IT stocks on your radar as cos seen on cusp of a recovery: Motilal Oswal

Motilal Oswal Financial Services anticipates a recovery in the IT sector, citing a rebound after a phase of discretionary spending cuts, with HCL Technologies, LTI Mindtree, and Persistent Systems as top picks, and an upgraded ‘Buy’ rating for Coforge. The firm believes the sector is poised for sustained growth over the next 2-4 years.

CNBC TV18

Persistent Systems to acquire assets of SoHo Dragon in $4.7 million deal

Persistent Systems' BFSI segment contributes 31% to the company's overall topline, while its exposure to the US BFS segment stands at 24%, according to a recent note by JPMorgan.

Business Standard

Indian IT services industry to deliver 4-6% revenue growth in FY25: ICRA

The Indian IT services industry is likely to register a second consecutive year of muted revenue growth, estimated at 4-6 per cent in FY2025, but the operating profit margin is expected to be healthy, according to ICRA. The persisting challenges and tepid topline growth notwithstanding, ICRA has forecast the industry's operating profit margin (OPM) at a healthy about 22 per cent in FY2025, with attrition levels having declined considerably and seen stabilising over the near term. Despite expectations of continued subdued growth, ICRA has maintained its "stable outlook" on the Indian IT services industry, led by a well-established business position, expectation of healthy earnings and cash flow generation, and strong balance sheets of sector players. "ICRA expects FY2025 to be the second consecutive year of muted revenue growth (for its sample set companies), estimated at 4-6 per cent, given the lower discretionary technological spends by clients amidst persistent macro-economic ...

Business Standard

PV retails dip 5% in August; Fada raises alarm over rising inventory level

Passenger vehicle retail sales in India witnessed a 5 per cent on-year decline in August on account of delayed customer purchases, poor consumer sentiment and persistent heavy rains, industry body FADA said on Thursday. The overall passenger vehicle (PV) registrations last month stood at 3,09,053 units, as compared to 3,23,720 units in August 2023. "Even with the arrival of the festive season, the market remains under significant strain... Inventory levels have reached alarming levels, with stock days now stretching to 70-75 days and inventory totalling 7.8 lakh vehicles, valued at an alarming Rs 77,800 crore," Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said in a statement. Rather than responding to the situation, PV Original Equipment Manufacturers (OEMs) continue to increase dispatches to dealers on a month-on-month basis, further exacerbating the issue, he added. "FADA urgently calls upon all banks and NBFCs to intervene and immediately .

Business Standard

Persistent Systems Ltd soars 2%, rises for third straight session

Persistent Systems Ltd is quoting at Rs 5179.4, up 2% on the day as on 12:49 IST on the NSE. The stock is up 92.88% in last one year as compared to a 31.09% gain in NIFTY and a 37.18% gain in the Nifty IT index.

The Economic Times

Persistent Systems, Alkem Laboratories among 6 midcap stocks hit all-time high on Thursday

Domestic equity benchmarks Sensex and Nifty hit record highs on Thursday, boosted by heavyweight conglomerate Reliance Industries, which plans to step up the adoption of AI and issue bonus shares.

The Economic Times

Prabhudas Lilladher initiates coverage on 2 midcap IT stocks with with 6.5% upside potential

Domestic brokerage Prabhudas Lilladher has initiated coverage on Cyient and Persistent Systems, highlighting mid-cap IT companies' premium over large caps. They expect improved sentiment and increased discretionary spending by late FY25 or early FY26 to boost mid-cap IT performance.

Mint

Page Industries sees uptick, but growth hurdles persist

Page Industries, exclusive licensee for Jockey in India, saw its best Q1 revenue growth in seven quarters. But the company anticipates it may be tough for it to achieve the earlier stated target by FY26 amid persistent slowdown and challenges in retail across brands

CNBC TV18

LG Electronics weighs India IPO to help chase $75 billion goal

Chief Executive Officer William Cho said an Indian market debut is one of several options it’s weighing to revitalize a decades-old consumer electronics business. It’s the first time the South Korean company, which competes head-on with larger rival Samsung Electronics Co., has spoken publicly about an Indian debut, the subject of persistent market and media speculation.

The Economic Times

Jubilant FoodWorks, Persistent Systems among 6 midcap stocks that hit new 52-week highs on Thursday

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Mint

Axis Securities lists KPIT Tech and Persistent Systems as top Tier-2 IT sector picks post Q1 earnings

Post the Q1 earnings, Among Tier-1 tech companies, the brokerage likes Infosys and Tech Mahindra, while KPIT Tech and Persistent Systems are its preferred picks within the Tier-2 segment.

The Economic Times

SBI launches 444-day deposit scheme with 7.25% interest

State Bank of India (SBI) has introduced a new 444-day deposit scheme with 7.25% interest, 15 basis points higher than the prevailing rate. The bank's higher rate comes after raising the benchmark marginal cost of fund-based lending rate by 5 to 10 basis points. The Reserve Bank of India warns banks of possible systemic risk due to persistent credit growth outpacing deposit growth.

Business Line

Bernstein expands IT coverage: Outperform ratings on Persistent, KPIT

Bernstein expands IT services coverage, adding Persistent, KPIT, Tata Elxsi, and Coforge, with Outperform ratings on Persistent and KPIT, Market-Perform on Coforge, and Underperform on Tata Elxsi.

The Economic Times

Nutrition advocacy NAPi calls for amending regulations for ads of unhealthy foods

Consequences of such advertising are increased intake of unhealthy food products associated with obesity and diabetes, the report said. “India is facing a dubious distinction of persistent under-nutrition among children under five, and a rising trend of obesity and diabetes among grown-ups,” according to the report.

Mint

Persistent Systems investors must look beyond its shiny new AI acquisition

Persistent acquired US software company Starfish Associates earlier this week for $20.7 million, boosting sentiment for its already red-hot stock..Investors should keep in mind that beyond the AI hype, the acquisition is relatively small and that margins are likely to be under pressure in FY25.

Business Standard

Persistent Systems to acquire 100% stake in Starfish Associates, LLC, USA

Starfish is a global software company providing enterprise communication solutions to the world's largest enterprises including Fortune 500 companies. The enterprise communication platform of Starfish excels as an intelligent integration hub and workflow engine, facilitating seamless connections across a myriad of business applications and communication systems. It enhances multi-vendor communication management through automation with platforms such as Amazon Connect, Avaya, Cisco, Genesys, and Microsoft Teams. In addition, it integrates with key business applications like ServiceNow, Workday, and Microsoft Active Directory to streamline workflows and operations.

The Economic Times

Persistent Systems buys US software firm Starfish Associates for Rs 173 crore

Persistent Systems said in a statement, "Known for its cutting-edge Enterprise Communications automation platform, Starfish Associates caters to the world’s largest enterprises including many Fortune 500 companies." Following the acquisition announcement on Wednesday morning, Persistent’s stock hit a 52-week high to 4,596 apiece rising over 2% on the BSE.

The Economic Times

Amid heat wave, Delhi's peak power demand reaches all-time high of 8,647 MW

Delhi experienced its highest peak power demand ever at 8,647 MW due to a persistent heatwave. The increased use of air conditioning and cooling appliances contributed to the record rise in power demand.