Macquarie downgrades IT services sector to "underweight"

Macquarie Equities Research has downgraded the IT services sector stocks to "underweight" from "overweight".

The brokerage firm has said that there are demand concerns after Infosys, which has 30 per cent staff on the bench, delayed joining of new employees.

Bangalore-based, Infosys has announced a delay in taking on board some of its planned 28,000 new employees till mid next year.

Macquarie reduced ratings for India's top three software exporters Tata Consultancy Services , Infosys and Wipro to "underperform". The company also replaced TCS from its Top-10 list with ICICI Bank.

Macquarie Capital downgrades HDFC to 'underperform'

Macquarie Capital downgrades HDFC to 'underperform'Macquarie Capital Securities India has said that it is downgrading HDFC to 'underperform' from earlier rating of outperform mainly due to the bank's aggressive accounting practices from the last two years.

Mr Suresh Ganapathy and Mr Parag Jariwala of Macquarie said that the bank's quality of earnings and ROE were changed due to corporate book and aggressive accounting practices. Macquarie has also reduced HDFC's target price by 30 per cent to Rs550.

Macquaire SBI buys stake in Viom Networks

MSIFViom Networks has seen 11 per cent of its stake being bought over by Macquarie SBI Infrastructure Fund (MSIF). The total amount that is being for this is Rs 1,400 crore.

Chairman of one of the main promoting companies of Viom gave this information on Wednesday. Talking to media, Sunil Kanoria, SREI Infrastructure vice-chairman said that 11 per cent sale and the subsequent money generated by it will be used for repaying loan that has been created by Viom.

21% Decline in Profits Reported by Macquarie

Macquarie Macquarie, Australia's leading investment banking group, recently posted a 21% fall in its profits for the first year, but also said that it was on its way to post at least a 10% rise in the complete year report. In light of the steadily improving market conditions and economy, the bank is optimistic about the times to come.

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