Latest news with #Mphasis
Business Upturn
2 days ago
- Business
- Business Upturn
Mphasis shares likely to recover today as company clarifies that FedEx continues as their customer
By News Desk Published on June 3, 2025, 08:01 IST Shares of Mphasis will be in focus today and are likely to see buying interest after the company issued a clarification on a media article regarding its business relationship with FedEx. On Monday (June 2), Mphasis shares had declined 2.5 percent to close at Rs 2,494.80, reacting to a Mint news report that speculated the company might lose its FedEx business, which was said to account for 8 percent of its total revenue. The stock had fallen sharply in intraday trade, hitting a low of Rs 2,386.70. Post market hours, Mphasis issued a statement to the stock exchanges clarifying that it continues to be a service provider in the FedEx ecosystem. The company further stated that other aspects of the article were purely speculative. Mphasis reiterated that it stands by the outlook and guidance communicated during its previous investor and earnings calls, and that it follows the highest standards of governance and disclosures. The clarification is expected to ease investor concerns and could help the stock recover in today's session, after the sharp reaction seen on Monday. Disclaimer: This article is for informational purposes only and does not constitute investment advice. News desk at
Economic Times
3 days ago
- Business
- Economic Times
Mphasis, Persistent, and other IT stocks fall up to 6% amid renewed US-China trade tensions
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of Indian IT companies fell sharply on Monday, with some stocks losing up to 6.5%, as renewed trade tensions between the US and China spooked investors. The Nifty IT index slipped over 1% to 36,948 in morning trade, extending losses for the second straight selloff follows a social media post by US President Donald Trump last week, accusing China of violating a recent trade agreement. Trump claimed that China had "totally violated" the deal, which he said was made to prevent further economic instability in China caused by earlier tariffs.'China has totally violated its agreement with us. So much for being Mr. NICE GUY!' Trump posted on his platform, Truth IT companies earn a significant portion of their revenue from the US market. Past tariff battles between the US and China have triggered fears of a US recession and rising inflation, which tend to weigh heavily on IT trade tensions had eased briefly, the latest escalation has reignited concerns, dragging IT stocks Mphasis led the fall, tumbling 6.5% to Rs 2,392, after reports that FedEx Corp. had chosen Accenture Plc to handle much of its IT work, ending a long-standing relationship with Mphasis. The client accounted for 8% of the company's revenue. Persistent Systems dropped nearly 3% to Rs 5,471. Shares of Tech Mahindra and Wipro slipped over 1%, while HCL Tech Infosys , LTI Mindtree, and Coforge traded with marginal response, China accused the US of violating the trade deal and warned of strong retaliatory measures. In a statement on June 2, the Chinese Ministry of Commerce said, 'If the US insists on its own way and continues to damage China's interests, China will continue to take resolute and forceful measures to safeguard its legitimate rights and interests.': Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Time of India
3 days ago
- Business
- Time of India
Mphasis, Persistent, and other IT stocks fall up to 6% amid renewed US-China trade tensions
Shares of Indian IT companies fell sharply on Monday, with some stocks losing up to 6.5%, as renewed trade tensions between the US and China spooked investors. The Nifty IT index slipped over 1% to 36,948 in morning trade, extending losses for the second straight session. The selloff follows a social media post by US President Donald Trump last week, accusing China of violating a recent trade agreement. Trump claimed that China had "totally violated" the deal, which he said was made to prevent further economic instability in China caused by earlier tariffs. 'China has totally violated its agreement with us. So much for being Mr. NICE GUY!' Trump posted on his platform, Truth Social. Indian IT companies earn a significant portion of their revenue from the US market. Past tariff battles between the US and China have triggered fears of a US recession and rising inflation, which tend to weigh heavily on IT exports. Live Events While trade tensions had eased briefly, the latest escalation has reignited concerns, dragging IT stocks lower. Meanwhile, Mphasis led the fall, tumbling 6.5% to Rs 2,392, after reports that FedEx Corp. had chosen Accenture Plc to handle much of its IT work, ending a long-standing relationship with Mphasis. The client accounted for 8% of the company's revenue. Persistent Systems dropped nearly 3% to Rs 5,471. Shares of Tech Mahindra and Wipro slipped over 1%, while HCL Tech , TCS , Infosys , LTI Mindtree, and Coforge traded with marginal losses. Also Read: India's top 10 priciest stocks in 2025: MRF to Elcid, see who tops the list In response, China accused the US of violating the trade deal and warned of strong retaliatory measures. In a statement on June 2, the Chinese Ministry of Commerce said, 'If the US insists on its own way and continues to damage China's interests, China will continue to take resolute and forceful measures to safeguard its legitimate rights and interests.' ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
News18
3 days ago
- Business
- News18
Mphasis, Infosys, TCS Shares Fall Up To 7% Amid Global Trade Tensions
Last Updated: Indian Information Technology (IT) stocks were under pressure on Monday, June 2, 2025; How tariffs impact IT stocks - explained Why Are IT Stocks Falling Today? Indian Information Technology (IT) stocks were under pressure on Monday, June 2, 2025, after the US government signaled that reciprocal tariffs would remain in place. The Nifty IT index slipped as much as 1.4%, touching a low of 36,770.15. Among major IT stocks, Mphasis tumbled 6.7%, while Persistent Systems and HCL Technologies fell 1.8% each. Tech Mahindra was down 1.7%, Infosys 1.5%, and Wipro 1.4%. Why Are IT Stocks Falling? The sell-off in IT shares followed comments by US Commerce Secretary Howard Lutnick, who said on Sunday that reciprocal tariffs would not be removed. Lutnick acknowledged ongoing legal challenges but noted the administration would find other ways to enforce the tariffs if necessary. Separately, National Economic Council Director Kevin Hassett expressed confidence that the Supreme Court would uphold Trump's tariff policies. Last week, the US Court of International Trade overturned much of the steep levies, only for a federal appeals court to reinstate them the following day. Additionally, US President Trump announced on Friday that steel import tariffs would double from 25% to 50% starting June 4, reinforcing the administration's hardline trade stance. How Tariffs Impact IT Stocks US tariffs are seen as a negative for Indian IT companies because they can stoke inflation and lead the US Federal Reserve to keep interest rates elevated for longer. Such conditions risk slowing the US economy, which is a key market for India's outsourcing and technology services industry. The 10-year US Treasury yield climbed 24 basis points to 4.4% in May, raising concerns that the bond market is pricing in a ballooning US fiscal deficit and growing policy uncertainty — factors that could dampen US demand for Indian IT services. First Published:
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Business Standard
3 days ago
- Business
- Business Standard
Mphasis, Infosys, TCS shares drop upto 7%; why are IT stocks falling today?
IT stocks down today: Information Technology (IT) stocks were edging lower in trade on Monday, June 2, 2025 after the US asserted that reciprocal tariffs "were not going away". The Nifty IT index fell 1.4 per cent intraday to hit a low of 36,770.15. Among individual stocks, Mphasis tumbled 6.7 per cent, Persistent Systems and HCL Tech 1.8 per cent each, Tech M 1.7 per cent, Infosys 1.5 per cent, and Wipro 1.4 per cent. Why are IT stocks falling today? The decline in IT stocks today came after US President Donald Trump's Commerce Secretary Howard Lutnick said on Sunday that the "reciprocal tariffs were not going away" Notwithstanding the legal battle surrounding Trump's authority to impose the sweeping tit-for-tat tariffs against the US' trading partners to "fix" the trade deficit, Lutnick said the tariffs will continue to stay in place despite the legal challenges. The administration, he said, will otherwise find new ways to implement them. Notably, the US Court of International Trade struck down much of the president's steep levies last week, which got reversed a day later by a federal appeals court. US officials said they remain committed towards imposing reciprocal tariffs either in their original form, or figure out 'alternative ways' to "restore the trade imbalance" of the US with other countries. In fact, last Friday, US President Donald Trump announced to raise tariffs on steel imports from 25 per cent to 50 per cent, effective June 4, highlighting that he is not backing down from imposing tariffs. Relation between US tariffs and IT stocks The imposition of US tariffs is negative for the Indian IT industry. This is because analysts fear that Trump's tariffs could be inflationary for the US economy, which may force the US Federal Reserve to keep interest rates higher for longer, leading to a slowdown in the economy. The US, on its part, is a big market for outsourcing for the Indian IT industry. Hence, any slowdown in the US economy has a direct negative impact on Indian IT companies' earnings growth. Remember, the 10-year US Treasury yield climbed 24 basis points (bps) to 4.4 per cent in May, raising concerns that bond markets are pricing in a ballooning US fiscal deficit alongside mounting macroeconomic and policy uncertainty.
