Core Insights - Revenue growth at India's five largest IT services companies has been slower than that of their global clients since 2023, indicating a shift in tech spending patterns and leading to a cautious outlook on India's $283 billion IT sector [1][2] Revenue Growth Trends - The five largest IT services companies account for 28% of the country's overall tech sector, and their slowdown in revenue growth may have a cascading effect on smaller rivals [2] - Revenue growth for the top five IT services companies has been around 1-2%, compared to 3-5%+ for the S&P 500 and Stoxx 600 since CY23, indicating a weakening correlation with major global indices [3][7] - The S&P 500's technology revenue grew over 15%, while IT services companies' revenue grew at about 1%, highlighting a significant divergence in growth rates [8] Factors Influencing Growth - The decoupling of growth between large companies and IT services is attributed to the rise of automation tools, a shift in IT spending towards product-based and AI infrastructure companies, and investments in in-house tech centers [5][10] - IT deals are now priced based on outcomes rather than headcount, reducing the need for excess personnel in projects due to automation [6] - The shift in spending patterns of large multinationals towards AI infrastructure and data modernization has impacted traditional IT outsourcing deals [14] Current Financial Performance - TCS, Infosys, and HCLTech reported revenues of $30.18 billion, $19.28 billion, and $13.84 billion, growing at 3.78%, 3.85%, and 4.3% respectively, while Wipro and Tech Mahindra saw declines in revenue [13] - The divergence in revenue growth is linked to changing spending patterns among large multinationals, with a focus on AI and automation rather than traditional IT services [12][14] Future Outlook - IT services spending is expected to remain steady with no significant changes anticipated in the near term, as companies maintain tight control over discretionary budgets amid economic uncertainties [15] - Analysts suggest that a faster rate-cutting cycle and improvements in the macroeconomic environment could serve as tailwinds for growth in the IT sector [16]

Group 1 - The Vanguard Information Technology ETF (VGT) is being added to custodial accounts to secure the financial future of children, focusing on the anticipated growth of artificial intelligence (AI) in the economy by the mid-2030s [1][2] - The ETF holds over 300 technology companies, weighted by market capitalization, allowing for automatic capital allocation to the largest and most successful firms [4] - Nvidia, Apple, and Microsoft are the top three holdings in the fund, comprising approximately 18%, 14%, and 13% of assets respectively, reflecting their dominance in AI technology [5][7] Group 2 - The fund's automatic rebalancing feature allows it to adapt to emerging leaders in the technology sector without the need for individual stock selection [6] - The Vanguard Information Technology ETF has a low expense ratio of 0.09%, significantly lower than the average technology sector fund, which charges over 1%, enhancing long-term investment returns [10] - The concentration of the fund's assets in its top three holdings results in higher volatility compared to broader market indices, which is a consideration for long-term investors [7]

Market Valuation Overview - The combined market valuation of seven of the top-10 most valued firms increased by ₹96,200.95 crore last week, driven by Reliance Industries and Bajaj Finance amid a positive equity market trend [1] - The BSE benchmark rose by 474.75 points or 0.55%, with the Sensex reaching a record high of 86,055.86 [1] Gainers and Losers - Among the top-10 firms, Reliance Industries, HDFC Bank, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, and Hindustan Unilever saw increases in their valuations, while Bharti Airtel, Tata Consultancy Services (TCS), and Life Insurance Corporation of India (LIC) experienced declines [2] - Reliance Industries' market valuation increased by ₹28,282.86 crore, reaching ₹21,20,335.47 crore [2] Individual Firm Valuations - Bajaj Finance's valuation rose by ₹20,347.52 crore to ₹6,45,676.11 crore [4] - HDFC Bank's valuation increased by ₹13,611.11 crore to ₹15,48,743.67 crore [4] - ICICI Bank's valuation surged by ₹13,599.62 crore to ₹9,92,725.97 crore [4] - Hindustan Unilever's market capitalization edged up by ₹7,671.41 crore to ₹5,79,644.16 crore [4] - State Bank of India's valuation increased by ₹6,415.28 crore to ₹9,04,185.15 crore [4] - Infosys' valuation climbed by ₹6,273.15 crore to ₹6,47,961.98 crore [5] Declines in Valuation - Bharti Airtel's market capitalization fell by ₹35,239.01 crore to ₹11,98,040.84 crore [6] - LIC's market capitalization decreased by ₹4,996.75 crore to ₹5,65,581.29 crore [6] - TCS's valuation dipped by ₹3,762.81 crore to ₹11,35,952.85 crore [6] Ranking of Top-10 Firms - The ranking of the top-10 firms is led by Reliance Industries, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever, and LIC [6]

RT Expose H1B Fraud (@JobsNowPaper)The Indian tech cartel is far more powerful and organized than Americans can ever imagine."ITServe Alliance" is the biggest IT services association in US, and surprisingly, its members are exclusively Indians.This shows that H1B fraud is a coordinated attack on Americans. https://t.co/iwu9fCoaev ...

Core Insights - Infosys Ltd is the only major IT services company that has increased its US lobbying expenditure over the past five years, while competitors like Tata Consultancy Services (TCS), Cognizant, and Wipro have reduced their spending [1][19] - The US government, which constitutes a significant portion of revenue for these companies, has tightened labor mobility and restricted access to foreign workers, prompting a shift in lobbying strategies [2][19] Lobbying Expenditure - Infosys spent $270,000 on lobbying in the first nine months of the year, an increase from $240,000 in 2020 [2] - In contrast, TCS and Cognizant reported declines in lobbying expenditures, spending $670,000 and $1.7 million respectively in the first nine months of 2025, down from $750,000 and $3.15 million in 2020 [3] - Wipro's lobbying costs decreased from $210,000 in 2020 to $90,000 in 2022, and it has not engaged lobbying services since then [3] Industry Trends - The overall lobbying spending by major Indian IT firms, including Nasscom, has been declining since 2020, with Nasscom spending less than one-tenth of its 2020 expenditure of $700,000 in the first nine months of 2025 [4][5] - Collectively, the largest IT services companies and Nasscom spent $2.7 million on lobbying, which is less than 1% of their revenue and significantly lower than the $5.05 million spent in 2020 [6] Strategic Shifts - The decline in lobbying costs is attributed to an increase in local hiring and a shift towards offshore delivery and AI utilization, reducing dependency on large onshore workforces [11] - The political climate has changed, making lobbying less effective, leading firms to focus on structural changes rather than political influence [12] Key Issues in Lobbying - H-1B visa regulations remain a central lobbying focus for the top three IT service providers, with TCS and Cognizant highlighting immigration-related issues in their lobbying reports [13][14] - Recent changes in H-1B application fees and scrutiny over hiring practices have intensified the need for lobbying among these firms [15][16][17] Conclusion - Infosys stands out for increasing its lobbying efforts amidst a general decline in political spending by its peers, reflecting a strategic pivot in response to stricter US labor mobility rules and a focus on local hiring and AI-driven models [19]

Core Insights - Wipro has signed a multi-year agreement with Odido Netherlands to transform its IT landscape using AI technologies [1][5] - The project will focus on modernizing and automating Odido's digital and enterprise technology systems, with a self-funded model reinvesting cost savings into further digital initiatives [1][4] Group 1: Project Details - Wipro will utilize its WEGA and WINGS AI platforms to enhance service reliability, IT operations, and incident management for Odido [2] - A conversational AI chat system will be implemented to provide multilingual and context-based self-service capabilities for users [3] - The engagement will employ a design-led approach, integrating design, development, and engineering teams to address user and business needs early in the process [4] Group 2: Strategic Importance - The partnership reflects Odido's commitment to a human-centric technology approach, aiming to improve network services, product innovations, and IT infrastructure [2][3] - Wipro's managing director emphasized the strategic value delivered through intelligent operations and a future-ready IT strategy [4] - Wipro's innovation network will collaborate with partners from various sectors to tackle complex business challenges [4]

Market Overview - The U.S. stock market is closed on November 27, 2025, for Thanksgiving, following a strong performance midweek with major indexes extending their winning streak [1] - Major U.S. benchmark indices posted solid gains on November 26, 2025, with the Dow Jones Industrial Average rising 0.67%, S&P 500 advancing 0.69%, and Nasdaq Composite increasing by 0.82% [2] Investor Sentiment - The market's upward trajectory is attributed to increasing investor confidence in a potential Federal Reserve interest rate cut in December, with an 83% to 85% probability of a 25-basis-point reduction [3] - Positive sentiment is further supported by strong performance in the technology sector and a notable surge in the cryptocurrency market, particularly Bitcoin reaching $91,500 [3] Upcoming Events - The focus shifts to the abbreviated trading session on November 28, 2025, with no major economic reports scheduled for release [4] - The Federal Reserve's meeting on December 9-10 is significant, with expectations for an interest rate cut, supported by the "Beige Book" report indicating little change in economic activity [5] Market Projections - Major financial institutions, such as JPMorgan, project continued market strength, forecasting the S&P 500 to reach 7,500 by the end of 2026, with potential growth past 8,000 if aggressive rate cuts are implemented [6] - Anticipated earnings growth for U.S. companies is projected at 13% to 15% over the next two years [6] Corporate Developments - In the technology sector, Nvidia and Microsoft were key drivers of the midweek rally, with Nvidia rising 1.4% and Microsoft gaining 1.8% [8] - Alphabet's stock surged by 6.3% earlier in the week due to enthusiasm surrounding its new Gemini AI model, although it experienced a 1% dip on Wednesday [8] - Dell Technologies closed up 5.83%, while Oracle jumped 4% after a bullish view from Deutsche Bank [8] - Other notable movements included Teradyne Inc. rising 6.98% and Newmont Goldcorp Corp. gaining 4.93%, while Deere & Company fell 5.7% due to a downbeat forecast [9] Corporate Announcements - HP Inc. plans to cut 4,000 to 6,000 jobs globally by 2028 to streamline operations and integrate AI into product development [10] - Asahi Group Holdings Ltd. reported a cyber-attack potentially leaking personal information of over 1.5 million customers [10] - Wipro announced a strategic alliance to advance research in various AI technologies [11] - IMPACT Silver Corp. reported a 24% increase in Q3 2025 revenue, driven by higher silver prices [11] - Azad India Mobility saw a 240% jump in Profit After Tax for Q2 FY26 due to rising demand for electric mobility [11]

Core Insights - Capgemini's twelfth Employee Share Ownership Plan (ESOP) has achieved significant success, exceeding 100,000 active participants across 36 countries, reflecting employee trust in the company's strategy [4] - The plan saw a record level of oversubscription, resulting in a capital increase of 1.6% of the Group's issued share capital, maintaining employee share ownership at approximately 8% by year-end [4] - A total of 2,700,000 new shares were subscribed at a unit price of €110.70, representing 87.5% of the reference price, with a corresponding capital increase of €299 million scheduled for December 18, 2025 [5] - The implementation of this ESOP will not dilute shareholder value, as Capgemini has repurchased an equivalent number of shares for cancellation at an average price of €126.55 per share, totaling €342 million [6] Company Overview - Capgemini is a global business and technology transformation partner, leveraging AI and technology to deliver business value, with a workforce of 420,000 across more than 50 countries [7] - The company reported global revenues of €22.1 billion for the year 2024, showcasing its strong market presence and operational capabilities [7]

Core Insights - Capgemini's twelfth Employee Share Ownership Plan (ESOP) has achieved significant success, with over 100,000 active participants across 36 countries, reflecting employee trust in the company's strategy and ambition [4] - The ESOP was oversubscribed, resulting in a capital increase of 1.6% of the Group's issued share capital, maintaining employee share ownership at approximately 8% by year-end [4] - A total of 2,700,000 new shares were subscribed at a unit price of €110.70, representing 87.5% of the reference price, leading to a capital increase of €299 million scheduled for December 18, 2025 [5] - The plan will not cause shareholder dilution, as Capgemini has repurchased an equivalent number of shares for cancellation at an average price of €126.55, totaling €342 million [6] Company Overview - Capgemini is a global business and technology transformation partner, leveraging AI and technology to deliver business value, with a workforce of 420,000 across more than 50 countries [7] - The company reported global revenues of €22.1 billion for the year 2024 [7]

Core Insights - Vanguard is recognized as a leading ETF provider due to its mutual ownership model, which allows fund shareholders to own the funds and Vanguard itself [2] - The company operates at cost, resulting in a significantly lower average expense ratio of 0.07%, compared to the industry average of over 0.40%, leading to substantial long-term savings for investors [3] - Vanguard manages over $8 trillion in assets, offering a wide range of passively managed index funds that provide comprehensive market exposure [4] Fund Summaries - **Vanguard International High Dividend Yield ETF (VYMI)** targets high-yielding stocks in developed and emerging markets outside the U.S., with a focus on financials, consumer staples, and energy. It has an expense ratio of 0.17% and a 30-day SEC yield of approximately 4%, providing geographic diversification with over 1,500 holdings [5][7] - **Vanguard Information Technology ETF (VGT)** offers exposure to major players in the AI sector, with top holdings including Nvidia, Apple, and Microsoft, which together account for about 45% of assets. The fund charges an annual fee of 0.09% and has a 30-day SEC yield of 0.42%, covering over 300 companies in the tech space [8][10] - **Vanguard Small-Cap Value ETF (VBR)** focuses on small U.S. companies with depressed valuations, charging a low expense ratio of 0.07% and offering a 30-day SEC yield of 2.03%. The fund holds over 800 stocks, providing diversification and targeting sectors like financials and industrials [11][13] Investment Strategy - The combination of these three funds provides a balanced approach to investing, offering international income, domestic growth, and contrarian value exposure, which can complement each other across different market cycles [14]