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Persistent Systems’ strong deal wins boost outlook, acquisition costs pose risk

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Persistent Systems’ strong deal wins boost outlook, acquisition costs pose risk
ET Intelligence Group: The stock of Persistent Systems has gained 31% from the 52-week low at the end of June after the mid-tier IT exporter announced the $1.4 billion acquisition of Germany based Nagarro. The BSE Infotech index has gained 10% during the period. The rebound in Persistent’s stock can be attributed to Persistent’s sustained focus on AI-driven client engagements and a better than expected June quarter result. Apart from a strong sequential revenue growth, the company booked a multi-year, mega deal worth $650 million from a US client, which improves revenue visibility. For the September quarter, operating margin may come under pressure considering the salary increase in July. In addition, the $1.6 billion bridge loan taken to fund the acquisition of Nagarro will result in interest expenses, further denting the bottom line. The stock may remain range-bound in the medium term given the acquisition related strain on the financials.

Persistent Systems reported a strong 3.8% sequential revenue growth for the June quarter, largely led by a 22% increase in India business while the US, its largest market, grew by a modest 0.8%. The growth in India seems more like an aberration, driven by a few clients that procured services through the global capability centres (GCC) in the country. Therefore, the outlook for rest of the fiscal year depends on the recovery in the US market.

Persistent on the Rise, but Acquisition Costs may WeighET Bureau

A strong June quarter and sustained AI-led client wins have helped the stock rise 31% from its 52-week low

The total contract value (TCV) of order bookings shot up to $1.1 billion from $520.8 million in the year-ago quarter, aided by the large deal win. According to the management, ramp-up of this project has begun and its full effect on the company’s revenue will be visible by the December quarter.

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The operating margin (EBIT margin) contracted by 30 basis points sequentially to 16% amid a 150 basis point fall in employee utilisation at 86.5% as the company hired employees to ramp up the large project. The staff strength increased to 28,640 from 27,502 a quarter ago. The wage increase undertaken at the beginning of the September quarter is likely to pull down the margin by 180-200 basis points, which may be mitigated to some extent through improved utilisation amid the ramp up of new projects.

Read more: Global Market Today: Asian shares slip as US stock futures dip ahead of Warsh’s Jackson Hole speech


Despite the recovery since the end of June, the stock price is still 10% lower on year-to -date (YTD) basis though it remains in a relatively better position compared with a 20% drop in the BSE Infotech index. It is likely to stay range-bound in the short term depending on the actual impact of the funding of Nagarro’s acquisition on the financials. For the long-term, analysts have raised the valuation multiples amid higher new deal momentum. JM Financials has raised the FY28 expected price-earnings (P/E) multiple to 34 from 28, resulting in a higher target price o ₹5,870 compared with ₹4,755 earlier. The stock ended Thursday’s session at ₹5,647 on the BSE.

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Lenskart shares fall 1.5% after Rs 1,856 crore stake change hands in block deal, Alpha Wave Ventures likely seller

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Lenskart shares fall 1.5% after Rs 1,856 crore stake change hands in block deal, Alpha Wave Ventures likely seller
The shares of Lenskart Solutions dropped around 1.5% on Friday after 2.95 crore shares worth Rs 1,857 crore were traded in the block deal, with Alpha Wave Ventures likely being one of the sellers.

The block deal was done at Rs 630 apiece, implying around 2% discount to the stock’s previous closing price of Rs 640.6 apiece. The shares of the company dropped to Rs 630.10 apiece on BSE on Friday morning.

Alpha Wave Ventures was set to sell up to 2.1 crore shares or 1.2% stake in the company worth Rs 1,313 crore through a block deal at a floor price of Rs 630 apiece. The transaction is entirely secondary, meaning Lenskart itself is not issuing new shares and will not receive the sale proceeds.

Alpha Wave Ventures II, LP held 2.12 crore shares, representing a 1.22% stake in Lenskart Solutions as at the end of the quarter which ended on June 30, 2026. Spark Institutional Equities and Kotak Securities are handling the deal. The lock-in period is 45 days.

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This comes days after SoftBank sold shares worth about Rs 2,888 crore in eyewear retailer Lenskart through a block deal on Monday. SoftBank sold 4.5 crore shares, or about a 2.6% stake in Lenskart, at Rs 641.75 apiece, exchange data showed.


Also read | Lenskart shares block deal: Alpha Wave Ventures II likely to sell 1.2% stake worth Rs 1,313 crore

Lenskart share price

This comes after a sharp spike in Lenskart shares. The stock had debuted on stock market debut in November 2025 after raising Rs 7,278 crore through a combination of a fresh issue of and an offer for sale by promoters and existing investors. The company’s shares had listed at Rs 395 per share on NSE, representing a 1.75% discount to the issue price of Rs 402. On the BSE, the shares opened at Rs 390, a 3% discount to the issue price.The shares have surged around 16% in one month, and 46% in 2026 so far. At Thursday’s closing price of Rs 639.60, Lenskart shares were about 59% above their IPO issue price.

What lies ahead for Lenskart shares?

Elara Capital believes Lenskart has built one of India’s most differentiated retail models by creating a full-stack eyewear ecosystem spanning the entire value chain. The brokerage draws a parallel with Titan Company’s jewellery business, arguing that Lenskart could steadily compound market share gains and emerge as the category-defining leader in eyewear, much as Tanishq did in jewellery.

Jefferies has maintained its Buy rating on Lenskart and raised its target price to Rs 680. The brokerage said Q1FY27 further strengthens the company’s growth and margin expansion story. Market creation remains a key priority, with supply rather than demand emerging as a constraint in India, reflected in around 70,000 daily eye tests.

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Lenskart has also strengthened its presence at the lower end with a fully loaded Rs 500 product, while premiumisation is emerging as another growth driver. Jefferies believes improving margins in the international business should address a key investor concern and sees potential for Meller to become the “Ray-Ban of the future.”

Morgan Stanley has an Overweight rating and a target price of Rs 666. The brokerage said Lenskart delivered another quarter of strong performance in Q1, with the beat driven largely by the international business. Strong performance, optimistic management commentary, and higher earnings estimates support its expectation of continued stock outperformance.

Also read | From IPO mockery to Rs 1 lakh crore m-cap: Why investors are still betting on Lenskart’s vision

(With inputs from agencies)

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Indian street food chain opens second Bristol branch

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Business Live

The brand is looking to expand to 500 global locations in the next decade

Chaiiwala has opened its second site in Bristol on Gloucester Road

Chaiiwala has opened its second site in Bristol on Gloucester Road(Image: Chaiiwala)

Fast-growing Indian street food chain Chaiiwala has opened its second eatery in Bristol.

The new café will be based at 171 Gloucester Road and will be operated by local franchisee partners Zahid and Imran, who own the Chaiiwala Stapleton Road site and the brand’s first Welsh café in Cardiff.

The Gloucester Road branch will serve Chaiiwala’s full menu, including its signature spiced milk tea drink karak chaii, along with wraps, Bombay bowls and toasties, and more recent menu additions including the Wala Box and family platter.

Sohail Ali, co-founder of Chaiiwala, said: “Bristol has been a fantastic city for us with strong consumer engagement over recent years. This opening will enable us to deepen our roots in the city and offer more opportunities to serve flavourful Indian street food across all day parts and occasions. We look forward to welcoming Bristol customers through the doors.”

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Chaiiwala was founded in Leicester in 2015 and now has 120 global outlets in 59 cities, based on high streets, at drive-thrus, in travel hubs and other high-footfall locations.

The opening of the Gloucester Road site forms part of the brand’s ambitious expansion strategy to scale to 500 locations over the next decade.

The news comes just a week after Chaiiwala announced it was expanding its partnership with Roadchef by opening a motorway services site in Wales. The Roadchef Magor site on the M4 is the Indian street food chain’s second location in Wales.

Mr Ali said: “We’re delighted to be building on our partnership with Roadchef by opening at Magor and introducing even more motorway travellers to Chaiiwala.

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“Since opening our first Roadchef location, we’ve seen just how well our authentic Indian street food and handcrafted drinks resonate with customers on the move.

“Whether it’s a karak chaii and an omelette wrap before setting off or a Bombay Twister Wala wrap during a journey, we’re excited to offer drivers something a little different from the traditional motorway stop.”

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Mark My Words August 28 2026

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Mark My Words August 28 2026

Isabel Vieira speaks to Gary Adshead, Claire Tyrrell, Jack McGinn, Sam Jones and Jayde Andrews about the big events of the week in WA business and politics.

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39 Australians Missing in Nepal-Tibet Floods as Death Toll Tops 469, Canberra Sends $5 Million in Aid

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Nepal Landslide

CANBERRA — The Australian government confirmed Friday that at least 39 Australians remain missing following catastrophic flash floods that tore through the Nepal-Tibet border region this week, as the death toll climbed past 469 and more than 1,400 people remained unaccounted for across both countries.

Foreign Minister Penny Wong announced the updated figure in a joint statement with International Development Minister Anne Aly, alongside news that Australia is rapidly mobilizing consular and humanitarian support, including a $5 million assistance package for affected communities. “We understand at least 39 Australians are among those reported missing,” the ministers said in the statement, adding that the missing Australians were part of separate pilgrimage and tour groups traveling in the region when the disaster struck.

The floods tore through mountain villages along the Nepal-Tibet frontier on Wednesday morning local time, in what authorities believe was triggered by a massive chunk of ice breaking away from a Himalayan glacier. Satellite imagery reviewed by disaster officials showed the ice and rock tumbling into a river below, sending a wall of water and debris crashing through settlements, trekking routes and a border crossing used by pilgrims traveling between Nepal and Tibet.

The scale of the disaster has grown sharply each day since. Nepal’s disaster management agency reported Thursday that 910 people remained unaccounted for on its side of the border, including at least 517 foreign nationals, while Chinese authorities said 558 people were missing in Tibet, among them 260 foreigners. Nepal Police put the confirmed death toll on their side of the border at 389 by early Friday, an increase of 30 from the previous count, with a further 466 people reported injured. By Friday, the combined death toll across Nepal and Tibet had surpassed 469, with more than 1,400 people still missing across both countries.

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The number of missing Australians has risen steadily as authorities have worked to account for travelers in the affected region. Prime Minister Anthony Albanese confirmed Thursday that 34 Australians were unaccounted for, a figure that climbed to 39 by Friday as the Department of Foreign Affairs and Trade continued to verify the whereabouts of citizens believed to have been in the area.

Wong said earlier in the week that she had personally spoken with Australia’s ambassadors to both China and Nepal to convey the government’s support for the response effort. “The government’s priority is to confirm the whereabouts and welfare of these Australians,” Wong said. “We are currently deploying further DFAT personnel, including crisis response experts, to the region.”

A DFAT spokesperson said the department was working closely with local authorities and tour operators to establish the status of Australians believed to be in the affected area. “We are aware of a number of Australians in the area, and Australian officials are urgently working to confirm their welfare,” the spokesperson said. “We are liaising with local authorities as well as tour operators.” The department urged any Australians in the region to follow the advice of local authorities and directed families seeking information to DFAT’s 24-hour Consular Emergency Centre.

Australia is far from alone in accounting for missing nationals. The disaster has affected a broad cross-section of foreign travelers who were in the region for pilgrimages, trekking expeditions and tour groups. A Nepal Tourism Board spokesperson, Sunil Sharma, said earlier this week that 133 of the missing tourists were from India, many of them on a pilgrimage through the border region, while 47 were from the United States, 33 from Britain and 24 from Canada.

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The United States has since revised its own missing-persons count sharply higher. A State Department spokesperson said Friday that 90 Americans were currently unaccounted for, though the department stressed it had not confirmed any American deaths. “We’re currently tracking 90 Americans who may be impacted by the flood, currently unaccounted for,” the spokesperson said, according to Agence France-Presse, adding that three Americans had been confirmed rescued.

The rising toll among foreign nationals underscores the popularity of the Nepal-Tibet border region among international travelers, many of whom pass through on pilgrimage routes connecting sacred sites in Tibet with trekking and tourism infrastructure on the Nepali side. The flash floods struck with little warning during peak travel season, catching pilgrims, hikers and tour groups in exposed mountain terrain with limited escape routes.

Rescue operations have continued across both sides of the border throughout the week, hampered by damaged roads, destroyed bridges and the remote, high-altitude terrain that characterizes the affected region. Nepali authorities have deployed military personnel, police and helicopters in an effort to reach survivors and recover the dead, while Chinese rescue teams have carried out parallel operations on the Tibetan side of the border.

Australia’s $5 million assistance package is intended to support both the immediate emergency response and the recovery needs of affected communities, according to the joint statement from Wong and Aly, though the ministers did not detail Friday how the funding would be distributed or which organizations would administer it on the ground.

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The disaster has drawn comparisons to previous major flooding events in the region, though officials and aid organizations have said the scale of missing persons — spanning dozens of nationalities — appears unusually large, reflecting both the volume of international travelers in the area and the sudden, glacier-triggered nature of the flooding, which left little time for warning or evacuation.

As search and rescue operations continue, Australian officials have cautioned that the number of missing citizens could still shift in either direction as authorities work through the difficult task of accounting for travelers who may have been off predictable routes, out of mobile phone contact, or registered under tour groups whose full passenger manifests are still being confirmed.

For now, families of the missing Australians have been directed to DFAT’s Consular Emergency Centre, reachable at 1300 555 135 domestically or +61 2 6261 3305 from overseas, as the government continues working to determine the fate of the 39 citizens still unaccounted for in one of the deadliest natural disasters to strike the Himalayan border region in recent memory.

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Wipro shares gain 2% after IT major expands Google Cloud AI partnership. What investors should know

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Wipro shares gain 2% after IT major expands Google Cloud AI partnership. What investors should know
Wipro shares gained 2% to their day’s high of Rs 180 on the BSE on Friday after the IT services company expanded its partnership with Google Cloud to accelerate enterprise adoption of Gemini Enterprise and agentic AI.

The development came after Indian market hours on Thursday, while Wipro’s ADRs jumped 5% in pre-market trading in the US following the announcement

Wipro Google AI partnership

Under the expanded partnership, Wipro will deploy Gemini Enterprise internally and equip more than 10,000 AI-certified specialists, including 1,500 Forward Deployed Engineers, with advanced AI tools to improve productivity, operations and decision-making.

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The partnership aims to help enterprises move beyond basic task automation towards secure, autonomous AI agents that can be embedded into core business workflows. As part of the initiative, Wipro has introduced the LIFT framework, short for Launch-Ignite-Flywheel-Transform, to help companies accelerate AI transformation and deploy agentic AI at scale.

Also read: Two-year market consolidation may set stage for next bull run


The framework will bring together Gemini Enterprise and Wipro’s AI-powered delivery platforms, WINGS and WEGA. Wipro said the combination will allow clients to apply AI to multi-step business processes rather than limit its use to simple automation tasks.
Kanwar Singh, Managing Partner and Global Head of Technology Services at Wipro, said AI is becoming central to how the company is shaping its future, transforming operations and delivering value to clients.Wipro is also creating a dedicated team of more than 1,500 certified Forward Deployed Engineers. The team will combine Google Cloud’s AI expertise with Wipro’s consulting and engineering capabilities to take AI projects from the pilot stage through to full enterprise deployment.

Kevin Ichhpurani, President, Global Partner Ecosystem at Google Cloud, said the partnership is intended to help customers close the gap between AI’s potential and actual business performance.

Wipro has already deployed Gemini Enterprise as its central agentic orchestration platform under its “Operate Better with AI” strategy and “Client Zero” approach. The company said Gemini’s reasoning and long-context capabilities have enabled it to build autonomous AI agents across compliance, HR and sales intelligence, marking a shift from task automation towards an enterprise-wide decision intelligence layer.

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The company has also integrated Antigravity Command Line Interface into its software engineering ecosystem. According to Wipro, this enables agentic workflows that support developers across planning, coding, testing and application modernisation.

Read more: 4 smallcaps with up to 332% PAT growth just surged 170%: Can the outperformance continue?

Wipro said the initiative has resulted in measurable gains in development productivity and a reduction in post-production defects.

Wipro Q1 results snapshot

The company reported a 1% year-on-year (YoY) increase in consolidated net profit to Rs 3,352 crore in the June quarter, compared with Rs 3,330 crore in the year-ago period. Revenue from operations rose 11% YoY to Rs 24,479 crore from Rs 22,135 crore in the same quarter last year.

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The company maintained a cautious outlook for the September quarter, guiding for IT services revenue to range from a 1.5% decline to a 0.5% increase in constant currency terms. Wipro expects IT services revenue to be between $2.574 billion and $2.627 billion, implying sequential constant-currency growth of -1.5% to +0.5%.

Wipro shares are down 35% since the beginning of the year.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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SpaceX Stock: Long Term Prospects Are Bright Despite Risks, A Buy (NASDAQ:SPCX)

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SpaceX: Weathering Lockup Expirations

This article was written by

I’m a full-time investor with a strong focus on the tech sector. I graduated with a Bachelor of Commerce Degree with Distinction, major in Finance. I’m also a proud lifetime member of the Beta Gamma Sigma International Business Honor Society. My core values are: Excellence, Integrity, Transparency, & Respect. I always, to the best of my ability, hold true to these values which I believe are key for long-term success. I would like to invite all of my readers to leave their constructive criticism and feedback in the comments section so that I can further enhance the quality of my work moving forward. Thank you and God Bless America!

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Analyst’s family has a beneficial long position in the shares of SPCX.

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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Stock market holiday: Are NSE, BSE closed today for Raksha Bandhan? Find out here

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Stock market holiday: Are NSE, BSE closed today for Raksha Bandhan? Find out here
The Indian stock market will remain open on August 28, despite Raksha Bandhan celebrations in several parts of the country. Both the NSE and BSE will operate as usual, as August 28 is not listed as a trading holiday in the 2026 exchange holiday calendars.

Trading will continue across the Equity, Equity Derivatives, Currency Derivatives, NDS-RST and Tri Party Repo segments. Commodity markets will also remain operational, with the Multi Commodity Exchange of India (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) scheduled to function normally.

Under standard market timings, the Indian equity market operates from 9:15 am to 3:30 pm. The pre-open session begins at 9:00 am. The NSE and BSE remain closed on weekends and on officially notified stock market holidays.

ALSO READ: Ahead of Market: 10 things that will decide stock market action on Friday

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Upcoming stock market holidays in 2026

A total of 16 stock market holidays are scheduled for 2026, with 10 having already passed. Previous market holidays included Good Friday on April 3, Dr B.R. Ambedkar Jayanti on April 14, Maharashtra Day on May 1, Bakri Id on May 28 and Muharram on June 26.

Here’s the list of the upcoming stock markets holiday:

September 14: Ganesh Chaturthi
October 2: Mahatma Gandhi’s birth anniversaryOctober 20: Dussehra

November 10: Diwali-Balipratipada

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November 24: Prakash Gurpurb Sri Guru Nanak Dev

December 25: Christmas

The NSE and BSE will therefore next close on September 14 for Ganesh Chaturthi, followed by the October 2 holiday for Mahatma Gandhi Jayanti.

Stock markets on Thursday

Indian equity markets surrendered their morning gains and ended lower on Thursday, August 27. The Nifty 50 closed at 24,090.85, declining 116.90 points, or 0.48%. The BSE Sensex ended at 76,933.59, down 539.35 points, or 0.70%.

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The session also marked the first monthly expiry following the introduction of the Closing Auction Session (CAS), with the Sensex witnessing a sharp decline towards the end of trading.

Broader markets also finished in negative territory. The Nifty Midcap 100 fell 0.10%, while the Nifty Smallcap 100 declined 0.13%.

Most sectoral indices ended lower on Thursday. Nifty Pharma, Healthcare and Consumer Durables were among the sectors that managed to remain positive, along with select private banks. Nifty PSU Bank was the biggest laggard, ending nearly 1% lower.

Market breadth remained weak, with declining stocks outnumbering gainers on the NSE. Of the 3,619 stocks traded, 2,160 closed lower, while 1,341 stocks ended higher. Another 118 stocks remained unchanged.

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FPIs raise India bets in August, DIIs continue buying amid caution

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FPIs raise India bets in August, DIIs continue buying amid caution
Mumbai: Foreign portfolio investors (FIIs) moderately stepped up purchases of Indian equities in August after turning buyers in July following four months of selling, while domestic institutional investors (DIIs) continued to buy, though at a slower pace.

FPIs recorded net purchases of around $2.45 billion in July and $2.7 billion in August so far. DIIs bought around $3.65 billion in July and $4.6 billion in August so far, though their buying during the two months was around 50% below their average monthly investment over the previous six months, according to ET calculations.

Two Good? FPIs Build on July Buys with Select August PicksETMarkets.com

Foreign portfolio investors continue buying, selectively adding to their July bets in August

Rajesh Palvia, head of research at Axis Securities, said the recent FPI buying has been selective and partly driven by opportunities in stake-sale transactions such as offers for sale (OFS), qualified institutional placements (QIPs) and other block deals.

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Indian markets saw combined IPO, QIP and OFS issuances of over ₹1.15 lakh crore during July and August as promoters and early-stage private equity sold some of their stakes through block and bulk deals.

FPI buying in July and August followed four months of selling, even as foreign flows into some other Asian markets weakened. For much of CY26, Taiwan and South Korea had attracted strong foreign flows, supported by earnings momentum and the AI infrastructure trade.


The trend reversed in July, with Taiwan and South Korea seeing foreign outflows of $22.95 billion and $6.26 billion, respectively. South Korea recorded its third consecutive month of foreign selling. The trend has diverged in August so far, with Taiwan attracting $6.28 billion of foreign inflows. South Korea saw further outflows of $7.6 billion.
Read more: Sebi proposes merchant banker exemption for small-value private debt issues“I don’t see this as sustained buying in India,” Palvia said. “Foreign investors could turn sellers again once they deploy money into stocks offering better valuations, as geopolitical uncertainties remain.”

DII flows, meanwhile, have slowed as fund managers turned cautious amid the lack of buying opportunities across the board. “Domestic fund managers are more selective about deployment at current valuations,” said Sneha Poddar, VP-research, wealth management, Motilal Oswal Financial Services. “Domestic institutions had already front-loaded a large share of their buying this year, leaving less fresh capital to sustain the same monthly pace now that FIIs have turned buyers.”

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Perth manufacturer Arbortech plots US growth

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Perth manufacturer Arbortech plots US growth

Malaga-based Arbortech is gearing up for rapid growth in North America after attracting an unprecedented response to the launch of a new range of power tools.

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Chevron, Raelene Cooper at odds over court timeline in Gorgon legal dispute

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Chevron, Raelene Cooper at odds over court timeline in Gorgon legal dispute

Chevron’s legal counsel has pushed against Mardudunera woman Raelene Cooper’s bid for a time extension in a Federal Court dispute, with the oil and gas giant projecting a significant financial loss if the case drags on.

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