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Rupee appreciation not to impact long-term: Analyst

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Mumbai, Jan 9 (IANS) An appreciating rupee would not impact Indian IT firms in the long-term due to their higher hedging against the US dollar, said an analyst on Tuesday.

“Though the rupee appreciation will have an impact on IT firms in the short or near term, they are safe because of their hedging against the US dollar at a higher level,” IDBI Capital Associate Vice-President and Research Analyst Urmil Shah told BTVi in an interview.

Asserting that the rupee would not appreciate in a significant manner on a full year basis, Shah said the rupee would be at Rs 64.70 against the US dollar in the second half of fiscal 2017-18 as in the first half.

“Rupee has appreciated because of what the dollar has done not only to it (rupee), but also other currencies. We don’t see a significant appreciation of the rupee on a long-term basis,” he reiterated.

Noting that one per cent appreciation in rupee would have 20-35 basis points impact on the operating margins of IT companies, Shah said their higher hedging against the US dollar would take care of any impact for the next three or four quarters and “which is why we don’t see much impact on the earnings before income and tax (Ebit) of the IT companies”.

As the third quarter is seasonally weak with less working days and furloughs in the manufacturing sector, the IT spend will be incremental in the retail CPC.

IDBI Capital, however, expects the fourth largest software major HCL Technologies to grow the fastest in the quarter under review.

“Among mid-cap companies, we expect L&T Infotech to grow strongly in the third quarter by 2.8 per cent sequentially,” said Shah.

On the outlook for calendar year 2018, he hoped there would be some recovery in the revenue growth.

Though the overall revenue growth was not encouraging in calendar year 2017 for IT companies, digital solutions business grew well up to 30 per cent.

“For larger IT firms like Tata Consultancy Services (TCS), digital solutions business grew 20 per cent while for medium size firms like L&T Infotech, it has touched 30 per cent.ATechnology is one area in which enterprises would want to spend to drive growth. It make us factor a relatively positive year for 2018 as compared to 2017,” added Shah.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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