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This conversion is said to be critical for the company being able to induct investors and raise funds for expanding its 4G network and outlining its 5G rollout plans.

Of the 17 analysts that updated their ratings post the earnings call, nine of them raised their price forecasts while seven of them maintained the status quo. One trimmed the target. Analysts at domestic brokerage firm Spark Capital remain the most optimistic with a target price of ₹3,249.

The board of Integra Essential other than the results will deliberate on the rights issue. Also, Triveni Engineering and Industries will consider the buyback of shares. Other than that, the board of Mefcom Capital will consider a stock split. Besides, the board of Aarti Surfactants will consider raising funds.

Shares of the state-owned oil and gas refining company closed at ₹203.65 apiece on the BSE, down 3.51% from the previous close. Analysts, on aggregate, have set a price target of ₹251.45 per share over the next 12 months compared with ₹270.14 earlier.

Infosys in the September quarter had revenue of $4.6 billion, just $300 million lower than Cognizant’s $4.9 billion. And there’s a huge gulf between the two companies’ growth rates. While Infosys grew at 18.8% year-on-year in constant currency in the quarter, Cognizant’s growth was a mere 5.6%.

Of the total investment limits in the general category, foreign portfolio investors (FPIs) now own about 17% of corporate bonds and 24.5% of sovereign debt, data from Clearing Corp of India and Bloomberg and compiled by ETIG showed. Such low ownership thresholds were not seen in at least the past 15 years, as per the ETIG analysis.

Consumer price data has driven huge market moves this year, as surging inflation forced investors to ramp up expectations for Fed rate hikes. A stronger-than-expected reading on Nov. 10 would likely bolster the case for the Fed to continue.

Between October 2021 and September 2022, FPIs were net buyers of IT stocks only in August 2022 when they bought shares worth ₹397 crore, show data compiled by primeinfobase.com. Between October 1 and 15, FPIs sold IT shares worth ₹1,665 crore. Investors have dumped IT stocks amid concerns over their prospects in the wake of fears about a recession in the US and Europe.

The non-farm payrolls report comes after a conflicting set of data this week that pointed to a slowdown in certain parts of the economy but also underscored the resilience of the U.S. labor market despite aggressive rate hikes to tame inflation.

“Across market cycles, such an approach has aided in delivering a better risk-adjusted investment experience. Furthermore, multi-asset investing can aid in curbing portfolio volatility and over longer time horizons, the importance of de-risking the portfolio cannot be overstated,” he added.