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Taking Stock | Sensex rises 224 points, Nifty ends flat in a volatile session

February 2, 2023 by www.moneycontrol.com

Indian equity benchmarks ended mixed in yet another volatile session on February 2 despite the budget, presented a day earlier, being hailed as growth-oriented, as the selloff in Adani group stocks continued to roil the market. The 30-pack Sensex gained 224.16 points, or 0.38 percent, to close at 59,932.24, while the broader Nifty was down six points, or 0.03 percent, at 17,610.40. The market opened lower, with the Nifty slipping below 17,500 but recovered soon after and traded flat for most part of the session. Last hour buying, however, helped the Sensex to cross 60,000 and close near the level. "Despite a growth-oriented budget, drop in crude prices and upside in the global market, the domestic market is not able to gain because of the Adani saga having a ripple impact on the investors," said Vinod Nair, Head of Research at Geojit Financial Services. Premium valuations continue to weigh on the Indian market compared to other emerging markets, which are expecting upside … [Read more...] about Taking Stock | Sensex rises 224 points, Nifty ends flat in a volatile session

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We see slowdown in growth, average order size has come down: Zoho’s Sridhar Vembu

January 31, 2023 by www.moneycontrol.com

Zoho CEO Sridhar Vembu Zoho Corporation’s co-founder and CEO Sridhar Vembu said that the Software-as-a-Service (SaaS) company is seeing a slowdown in sales at present due to macro-economic challenges, despite reporting a 43 percent YoY growth in net profit for FY22 last week. During a media interaction on January 31, on being asked if the firm expects to sustain a similar or better growth run rate in FY23, Vembu shared that the growth is slower than last year as clients are taking longer to close large deals. Not just Zoho Corp but publicly listed IT services behemoths like Tata Consultancy Services (TCS), Infosys, Wipro, HCLTech and others are also expecting longer timelines to close deals as clients are approaching tech spending cautiously amidst inflation, impending recession in the US and ongoing war in Europe. Vembu said, “We'll see a growth slowdown in sales, so the growth is lower now than a year ago. We're still growing but trying to be cautious in terms of … [Read more...] about We see slowdown in growth, average order size has come down: Zoho’s Sridhar Vembu

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