Latest news with #Rupee
Business Recorder
a day ago
- Business
- Business Recorder
Rupee records slight gain against US dollar
Rupee's Performance Against US Dollar Since 04 March 2025 Pakistani rupee registered slight gain against the US dollar, appreciating 0.02% in the inter-bank market on Tuesday. At close, the currency settled at 284.67, a gain of Re0.05. On Monday, the currency settled at 284.72. Globally, the US dollar hovered near a three-week high versus major peers on Tuesday as traders awaited the release of US inflation data later in the day that could provide clues on the path for monetary policy. The US currency was also buoyed by elevated Treasury yields, with investors weighing a potential exit of Jerome Powell from the Federal Reserve as President Donald Trump continued his criticism of the central bank chairman. Currencies showed little reaction to data showing China's economy grew 5.2% last quarter, slightly topping analysts' forecasts. Bitcoin drifted further from Monday's all-time peak of $123,153.22 following a seven-day, 14% surge as investors bet on long-sought legislative policy wins for the cryptocurrency industry this week. It was changed hands at around $118,215 as of 0240 GMT. The US dollar was little changed at 147.68 yen, after earlier rising to the highest since June 23 at 147.89 yen. The dollar index, which tracks the currency against the yen and five other major rivals, stood at 98.050, not far below the overnight peak of 98.136, the highest since June 25. Oil prices, a key indicator of currency parity, fell on Tuesday after US President Donald Trump's lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns. Brent crude futures fell 29 cents, or 0.4%, to $68.92 a barrel by 0342 GMT, while US West Texas Intermediate crude futures fell 35 cents, or 0.5%, to $66.63. Both contracts settled more than $1 lower in the previous session.
Economic Times
2 days ago
- Business
- Economic Times
Tech Mahindra Q1 Results Preview: PAT may rise 42% YoY; CC revenue to dip
Tech Mahindra is expected to post a sequential revenue decline in constant currency terms for the first quarter of FY26, dragged down by weakness in the hi-tech vertical and seasonally soft performance in its BPO business. ADVERTISEMENT While seasonality in its Comviva unit is likely to offer some support, the drag from core segments is expected to outweigh that tailwind. PAT for the quarter is likely to jump by a healthy 42% year-on-year (YoY), according to an average estimate of six brokerages. Analysts estimate a 0.5%–1.0% QoQ decline in constant currency (CC) revenue, while the dollar revenue may see marginal growth of around 1%. Most expect deal wins to remain strong, with estimated total contract value (TCV) for the quarter at around $750 million — an improvement over the previous quarter and significantly higher on a year-on-year basis. We forecast c/c revenue decline due to weak hi-tech vertical and seasonal weakness in BPO business. These headwinds will more than offset tailwind from Comviva seasonality. We expect a 30 bps increase in EBIT margin resulting from benefits of project Fortius. ADVERTISEMENT This will offset headwinds from wage revisions. Rupee depreciation will help. We forecast net new deal wins of $750 million, an improvement QoQ and material increase YoY. More importantly, new deals are won at a higher expect a solid FY26E on profitability. Revenue growth will be weaker due to rationalization of low margin businesses. We expect investor focus on— measures to improve margins to 15% by FY27, health of telecom vertical, a segment in which many peers have announced megadeals, growth in keenly watched financial services vertical, reasons for weak hitch and BPO businesses. ADVERTISEMENT TechM shall report -0.8% QoQ CC and +1% QoQ in USD - Comviva seasonality along with headwinds in the hi-tech segment. Margins shall expand +50bp QoQ. We will watch out the management comments on the FY27 revenue and margin guidance, and their progress on it. ADVERTISEMENT Revenue growth may see a decline of 1.0% QoQ CC due to a muted recovery in Telecom and Manufacturing (50% of revenue). While the communications vertical has stabilized, recovery may take wins have picked up pace, with Tech Mahindra outperforming peers. Management sees a sustainable TCV baseline of $600-800 million. ADVERTISEMENT Margins are expected to rise by 20 bp, supported by lower subcontractor costs and SG&A efficiency. That said, weak revenue growth may limit outlook on segments such as BFS vertical and CME, especially in US and deal TCV, will be the key expect CC revenue to decline 0.5% sequentially. Communications vertical to be impacted by Comviva seasonality while Enterprise to be impacted by likely softness in expect margins to expand by 50bps led by efforts under Project Fortius Watch out for: Progress of the strategic initiatives by CEO Mohit Joshi, Telecom vertical outlook, margins levers, discretionary spend outlook (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Business Upturn
2 days ago
- Business
- Business Upturn
HCLTech shares upgraded by Jefferies to a Buy on strong growth outlook despite margin pressures in Q1
By Markets Desk Published on July 15, 2025, 07:33 IST Jefferies has upgraded HCL Technologies to a 'Buy' with a revised target price of ₹1,850, citing the company's robust growth guidance for FY26 and its willingness to invest aggressively in long-term levers such as GenAI, sales and marketing. This comes despite HCL Tech's Q1FY26 margins missing estimates sharply, causing a temporary hit to profitability. The IT major reported Q1FY26 revenue of $3.545 billion, down 0.8% QoQ in constant currency, but above consensus expectations. Rupee revenue came in at ₹63,437 crore, while net profit rose 4.4% QoQ to ₹12,760 crore. However, EBIT margins fell to 16.3%, a decline of 170bps QoQ, which was the key negative for the quarter. In its investor call, HCL Tech raised its FY26 revenue guidance to 3-5%, the highest among Tier-I Indian IT firms. However, it also revised its EBIT margin guidance downward to 17-18% from 18-19%, reflecting its accelerated investments in building capabilities for future growth — particularly in GenAI, employee reskilling, and sales. Jefferies noted that while these investments have weighed on near-term profitability, they position HCL Tech well for delivering above-industry growth over the next few years. 'We expect a 10% EPS CAGR over FY26–28, and believe these growth-enabling investments justify a premium valuation,' Jefferies said in its note. The brokerage has made a minor 0–2% cut in FY26–27 EPS estimates to reflect the margin compression. The firm also highlighted that HCL Tech's stock trades at a discount to peers like Infosys, and that the positive guidance, strong deal pipeline, and focus on long-term strategy could lead to re-rating. Ahmedabad Plane Crash Markets Desk at
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Business Standard
2 days ago
- Business
- Business Standard
India sees $52.3 bn services surplus in Q3 FY25; offsets goods deficit
India recorded a services trade surplus of $52.3 billion in the third quarter (Q3) of the financial year 2024-25 (FY25), driven by a 17 per cent rise in services exports driven by information technology, consulting, and R&D services. This strong trajectory in the October-December 2024 quarter helped cushion a growing merchandise trade deficit. These are among the key findings of the third edition of 'Trade Watch Quarterly', released by NITI Aayog on Monday. Merchandise trade gap widens During the same period, India's merchandise exports rose by 3 per cent to $108.7 billion, while imports jumped 6.5 per cent to $187.5 billion, the report found. The widening goods trade gap was offset significantly by robust services performance, reinforcing India's growing competitiveness in the global services economy. ALSO READ: Chhattisgarh govt gives a breather to small traders, waives VAT dues Key trade highlights from Q3 FY25 The publication also highlighted key trends during this period: * Digitally Delivered Services (DDS) exports reached $269 billion in 2024, making India the world's fifth-largest exporter in this segment. * Exports of aircraft, spacecraft and parts entered the top 10 export categories, growing by over 200 per cent year-on-year on increased demand from Saudi Arabia, UAE, and the Czech Republic. * High-tech merchandise exports, in electrical machinery and arms/ammunition, have grown at a 10.6 per cent compound annual growth rate (CAGR) since 2014, reaching $80.6 billion in 2024 ALSO READ: Rupee drops as traders await CPI print; ends near 86 mark on tariff fears India's tariff advantage in US trade On trade with the United States, the NITI Aayog report noted that while the government was still engaged in bilateral talks with the Trump administration, India currently enjoys a tariff advantage over major competitors. This has been observed in key sectors like pharmaceuticals, textiles, and electrical machinery. 'The realignment of global trade requires agile policymaking,' said Arvind Virmani, member of NITI Aayog. 'India's trade strategy is increasingly driven by competitiveness, innovation, and a focus on key global markets like the United States.' The report mentions that India is well-positioned to capitalise on the realignment. For example, India stands to gain a tariff edge over China, Mexico, and Canada in nuclear reactors, iron and steel, textiles, electricals and vehicles, the report said. ALSO READ: India's oil imports from Russia hit 11-month high in June amid war fearsRise in Indian exports, FTA fuels growth Exports to ASEAN, West Africa, and South Asia saw significant year-on-year growth, with Singapore alone accounting for a 52 per cent rise, largely due to higher petroleum and cargo vessel shipments. Overall, North America and the EU continued to anchor 40 per cent of India's exports. Trade with Free Trade Agreement (FTA) partners also recorded robust growth. Exports to these countries rose 16 per cent year-on-year to $43.2 billion, while imports increased 7 per cent to $66.7 billion. Notably, Mauritius saw an 800 per cent surge in imports owing to offshore drilling platform purchases Future trade outlook for India To leverage trade tailwinds, the report recommended several policy actions, such as: * Expanding PLI schemes to labour-intensive sectors * Fast-tracking FTAs, especially with the EU and the US * Enhancing export credit access for MSMEs * Building digital-ready customs and trade infrastructure. The report also recommended negotiating services-oriented FTAs, particularly with the US, that would cover data flows and professional mobility.
Business Recorder
3 days ago
- Business
- Business Recorder
0.17pc decline
KARACHI: Rupee depreciated against the US dollar in the inter-bank market as it lost Re0.49 or 0.17% during the previous week. The local unit closed at 284.46, against 283.97 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). Dubai Islamic Bank (DIB), the largest bank in the UAE, finalised a syndicated term finance facility deal worth $1 billion with the Government of Pakistan. The facility was arranged in collaboration with a consortium of regional and international financial institutions, read a statement during the previous week. The inflow of overseas workers' remittances into Pakistan stood at $38.3 billion in fiscal year 2024-25, the highest-ever in the country's history, the SBP data showed. Remittances increased by 27% year over year, compared to $30.25 billion recorded in the previous fiscal. Open-market rates In the open market, the PKR lost 94 paise for buying and 1.10 rupee for selling against USD, closing at 286.35 and 287.50, respectively. Against Euro, the PKR gained 1 paisa for buying and lost 45 paise for selling, closing at 335.68 and 338.65, respectively. Against UAE Dirham, the PKR lost 53 paise for buying and 81 paise for selling, closing at 78.21 and 78.91, respectively. Against Saudi Riyal, the PKR lost 45 paise for buying and 58 paise for selling, closing at 76.43 and 76.98, respectively. ========================================= THE RUPEE ========================================= Weekly inter-bank market rates for dollar ========================================= Bid Close Rs. 284.46 Offer Close Rs. 284.65 Bid Open Rs. 283.97 Offer Open Rs. 284.16 ========================================= Weekly open-market rates for dollar ========================================= Bid Close Rs. 286.35 Offer Close Rs. 287.50 Bid Open Rs. 285.41 Offer Open Rs. 286.40 ========================================= Copyright Business Recorder, 2025
