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The company expects revenue from its IT Services business to be in the range of $2,748 million to $2,803million in the June 2022 quarter. This translates to a sequential growth of 1 per cent to 3 per cent.

“The startups have to make sure while going for an IPO to leave enough on the table for the incoming investors while at the same time not short charge the current shareholders. It is a fine dividing line. Also, corporate governance is important for everyone including start-ups. It is never too early to be well governed.”

An official of one of the lead managers said 50 per cent of the offer is reserved for QIPs, including anchor investors. He said 35 per cent is being reserved for retail investors, 15 per cent for high networth individuals and ten per cent for policy holders.

The government is selling over 22.13 crore shares in LIC at a price band of Rs 902-949 apiece in the initial public offering, which opens on May 4 and closes on May 9. LIC would start trading on stock exchanges on May 17.

“Today a shift is happening towards sectors and stocks where the risk reward of investing is in place and there is growth ahead. By risk reward, I mean companies are available at 15% free cash flow yield or 10% free cash flow yield. Should I buy that versus companies where 40% growth is baked in and fully priced in? As the cost of capital goes up, this kind of shift will happen and is here to stay for some time.”

Nomura has set a target price of Rs 770 on the stock. Interestingly, in order to reach all-time high level of Rs 1,610, the stock will need to more-than-double from the said target. From the last close, it suggests an upside potential of nearly 19 per cent.

Tech giants trading in Hong Kong led gains with a 10% jump, amid hopes that Beijing will stop its sweeping regulatory clampdown on the embattled sector.

The pan-European STOXX 600 index rose 1.1%, trimming its monthly declines to 0.9%.

Erasing initial gains amid a choppy session, the 30-share pack Sensex declined 460.19 points or 0.80% to close at 57,060.87. Axis Bank, Reliance, and Infosys were top index drags. The Nifty Bank index fell nearly 1 per cent. Its broader peer, NSE Nifty50, slumped 142.50 points or 0.83% to 17,102.55.

“Play your stories, play your investment trust; play your commodities stocks – the dividends are good; go for good long term stories and the new stories structuring stories coming out. Those have done well for it. Let us see what happens to autos, tractors, everything at the end of June quarter and we will take a call. There is no hurry to invest in 70% of the companies in this country.”