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Sunday
April 2020
5:36 PM IST
News Headlines
If you stay indoors right now, you are fighting the battle for your country: Pujara        Lockdown challenge: Rai builds muscles to maintain shape for third Olympics        Avolon cancels order for 75 Boeing 737 MAX planes        Stocks fall on Wall Street, heading for another weekly loss        Trump recommends Americans wear face masks, but says he won't        Indonesia covers up to protect orangutans from virus threat        Bangladesh sees highest single-day jump in coronavirus cases, extends shutdown to Apr 11        EC postpones elections to 11 UP Legislative Council seats amid lockdown        Coronavirus: No community transmission in Goa, says CM        Madhya Pradesh: Two senior health officials test positive for Covid-19        COVID-19 death toll nears 100-mark; Govt says no need to panic as 30% infections linked to Tablighi centre        Kerala has been successful in containing outbreak of COVID-19, claims CM        Elderly couple cured of COVID-19, says Kerala CM        COVID-19 death toll in country rises to 62, cases to 2,547        43 more test positive for virus in Mumbai; death toll 19        COVID-19 cases in Delhi mounts to 386; two more deaths: Authorities        COVID-19: Focus shifts to rapid tests in hotspots; Govt says numbers in control sans one ''event''        Rupee slides 53 paise to settle above 76 mark amid meltdown in equities        India-returned SA players are COVID-19 negative, no symptoms in those not tested        No alternative to constant testing to combat COVID-19: Sonia        
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Business News
Coronavirus: Revenue of Indian IT services cos could be hit, says report
 
New Delhi, Mar 12 (PTI) Revenue of Indian IT services companies is likely to be hit as coronavirus outbreak forces clients to enforce travel restrictions, and their deteriorating health could potentially lead to reduction in budgets, as per a report by Kotak Institutional Equities.

The report said it has cut growth estimates across companies and the revised growth forecast stands at 3-8 per cent for 2020-21.

"We cut revenue growth estimates for our coverage companies by 2-4 per cent after COVID-19 intensified in developed markets with many clients issuing travel advisories and instituting work-from-home measures, and deterioration in health of clients of IT companies that will potentially result in spending controls and reduction in budgets," it said.

Kotak said COVID-19 has intensified in western economies in the past few days, and many clients have instituted work-from-home measures and issued travel advisories.

"Impact on IT companies is a function of the duration and the lens through which clients view the current challenges. For now, clients across verticals have not pulled projects or programs," it said.

However, this could change since allocation of budgets to new programs starts picking pace in March/April, it pointed out.

"Any delays in allocations will result in companies reporting a weak June 2020 quarter," it added.

June is a seasonally strong quarter and weakness in the same could impact growth for the entire financial year, Kotak noted.

In addition to and partly as a consequence of COVID-19, client health has started deteriorating across many verticals, it said.


Avolon cancels order for 75 Boeing 737 MAX planes
Stocks fall on Wall Street, heading for another weekly loss
Rupee slides 53 paise to settle above 76 mark amid meltdown in equities
Sensex plunges over 700 pts; Nifty drops below 8,400
Maruti reports 47 pc in March sales
Govt bans export of anti-malarial drug hydroxycloroquine
In worst ever market crash, Sensex tumbles about 4,000 pts as India goes into lockdown
Govt amends law to get powers to raise excise duty on petrol, diesel by Rs 8/litre in future
How RBI set up war-room in just one day amid coronavirus outbreak
LIC declares relaxation for premium payments
Covid-19: SBI opens emergency credit line for borrowers
Yes Bank: Jet Airways founder Naresh Goyal appears before ED
Sensex rallies over 1,800 pts; Nifty reclaims 8,700 level
Coronavirus impact may render 3.8 cr people jobless in tourism, hospitality sector
Asia stocks dive, dollar soars as ECB bazooka fails to ease fears
National Broadband Mission investment estimated at Rs 7 lakh cr: Prasad
Govt may cut rate on small savings schemes in next quarter
India must prepare for fighting coronavirus and economic slowdown: Rahul
FADA approaches SC for extension of sale, registration of BS-IV vehicles
Yes Bank resolution framework underway, depositors can withdraw money from Mar 18: Das
KERALA NEWS
Kerala has been successful in containing outbreak of COVID-19, claims CM
 Thiruvananthapuram: Kerala Chief Minister Pinarayi Vijayan on Friday said the State has been success  
Elderly couple cured of COVID-19, says Kerala CM
32 new cases in Kerala, Elderly couple cured of virus
Covid-19: Punishment by police in Kannur for violating lockdown turns into row
INTERNATIONAL NEWS
Trump recommends Americans wear face masks, but says he won't
 Washington, Apr 4 (PTI) President Donald Trump has recommended Americans to cover their faces with s
Indonesia covers up to protect orangutans from virus threat
Bangladesh sees highest single-day jump in coronavirus cases, extends shutdown to Apr 11
US wages all-out war to defeat "horrible" coronavirus: says Trump, as death toll crosses 5,000
NATIONAL NEWS
EC postpones elections to 11 UP Legislative Council seats amid lockdown
 Lucknow, Apr 4 (PTI) The Election Commission has postponed the elections to 11 Uttar Pradesh Legisla
Coronavirus: No community transmission in Goa, says CM
Madhya Pradesh: Two senior health officials test positive for Covid-19
43 more test positive for virus in Mumbai; death toll 19
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