IT stocks were in focus today as TCS, Wipro, Infosys and Mindtree shares hit fresh 52-week highs on Monday. BSE Information Technology index rose 3.32 per cent to climb up to a new record high. During the second quarter of FY21, BSE IT index surged 31.7 per cent, significantly outperforming BSE Sensex, which managed to gain 9.2 per cent. Corporate earnings for the July-September quarter will kick start from Wednesday as TCS is scheduled to announce its second-quarter results. Analysts expect Q2 to be a strong quarter for Indian IT companies as all the companies successfully transitioned to ‘work from home’ (WFH) model leading to business continuity and significant cost savings.
From March lows of 10,937.37, BSE IT index has rallied over 90 per cent. In today’s session, TCS shares
SHANGHAI (Reuters) – China must engage in a new “long march” in the technology sector now that the U.S. has imposed export restrictions on Semiconductor Manufacturing International Corp, the country’s largest chip manufacturer, Chinese state-backed tabloid the Global Times wrote on Sunday.
The unnamed author of an op-ed in the paper here argues that the U.S’ dominance of the global semiconductor industry supply chain is a “fundamental threat” to China.
“It now appears that China will need to control all research and production chains of the semiconductor industry, and rid itself of being dependent on the U.S.,” the author wrote.
On Saturday, Reuters reported that the U.S. had sent letters to companies informing them that they must obtain a license to supply SMIC.