Indian IT players like Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies, Mphasis, and LTIMindtree have exposure to some of the troubled banks.
"We expected a growth slowdown in FY2024 to play out in the form of a weak March 2023 quarter, followed by a moderate uptick in 1QFY24 and normalisation in 2QFY24. Current woes in the banking sector can impact sequential growth by 1-2 per cent in 1QFY24," said a note from Kotak Institutional Equities.
The note further stat that its current growth forecast for leaders-FY2024E -- stood at 8 per cent, which may be cut short by 1-2 percentage points due to the current crisis.
For instance, TCS has exposure to Silicon Valley Bank (SVB), Credit Suisse, and UBS. "We estimate SVB exposure is 10-20 bps for TCS, Infosys and LTIM that may lead to a provision in 4Q23.
Diese Geschichte stammt aus der March 22, 2023-Ausgabe von Business Standard.
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