Jefferies downgrades stocks of select IT companies https://ift.tt/V1UNvLR has downgraded HCL Technologies and Tech Mahindra to hold recommendation. The brokerage has cut rating on Wipro, Larsen & Toubro Infotech, Mindtree and Coforge to underperform. The brokerage has maintained Infosys as its top pick due to its sector-leading growth and strong execution. It has, however, lowered target price to ₹1,700 from ₹1,830.
Government's cash surplus tops Rs 3.4 lakh crore https://ift.tt/54P3HSG from the deceleration in government spending, higher direct tax collections and a likely sharp rise in issuances of Treasury Bills by the Centre in FY24 were factors pushing up the government's cash balances, analysts said. The flow of government cash balances to and from the banking system is a key factor that influences liquidity conditions.
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