India’s information technology stocks is on track to record its eighth straight week of losses, a slide that has erased nearly Rs 7.7 lakh crore in market value. Investors are now grappling with a crucial question: does this slide mark the ultimate fall of IT shares, or is it a golden buying opportunity in disguise?The Nifty IT index is expected to end Friday in negative territory for the eighth consecutive week, pushing the total market capitalisation of its 10 constituent companies to below Rs 25 lakh crore. The prolonged sell-off has significantly eroded investor wealth, with the pace of decline rarely seen outside major market downturns.

Where is the sector headed?

Historical patterns suggest that extended losing streaks in the sector have sometimes been followed by quick rebounds. Take the instance of 2022 when, the index declined for eight straight weeks in April and May, before recovering 4.4% in the following week. Go back further to July 2008 for a similar pattern,when a seven-week fall was followed by gains of around 3–5% in the next week. Even the longer 12-week slide between January and mid-April 2001 eventually ended with a jump. The latest downturn accelerated in February when foreign investors sharply reduced their exposure to IT stocks. According to NSDL data, foreign institutional investors sold shares worth about Rs 17,000 crore during the month. The outflow occurred in two phases, around Rs 11,000 crore in the first half of February and another Rs 5,993 crore between February 15 and 28. While overseas investors exited the sector, one large domestic fund moved in the opposite direction. PPFAS Flexicap Fund, which manages assets of Rs 1.34 lakh crore, took a contrarian position and increased its holdings in several IT majors during the decline. Portfolio disclosures for February showed the fund purchased 4.3 million shares of HCL Tech, 4.2 million shares of Infosys and 1.9 million shares of TCS. The buying came during a month when IT stocks tumbled about 20%, marking their steepest monthly drop since the 2008 global financial crisis.

What’s the outlook?

Brokerage houses remain divided on the sector’s outlook. Jefferies warned that artificial intelligence could reshape the structure of the IT services business. According to the brokerage, AI “may structurally change IT business mix towards consulting/implementation while shrinking managed services. This would not only increase cyclicality but also require a change in talent/operating model—thus adding risks.” The firm cautioned that in a worst-case scenario, stock valuations could decline by another 30–65%, with Wipro having the lowest downside risk and Coforge the highest. Even under more moderate projections — including a 3% reduction in growth during FY26–FY36 and 1% lower terminal growth — price-to-earnings multiples could still fall by 10–35% for large IT companies and up to 15% for mid-sized firms, ET cited the firm. Jefferies has downgraded several stocks as a result. Infosys, HCL Tech and Mphasis were moved to Hold, while TCS, LTIMindtree and Hexaware were downgraded to Underperform. The brokerage also cut price targets by up to 33% and said that IT stocks currently present more downside risk than upside potential. Emkay Global has also turned cautious, lowering its earnings estimates for FY27 and FY28 by 1% and 2% respectively. It reduced target valuation multiples for IT services companies by about 20% and for BPO firms by roughly 32%, saying the changes reflect “conservative assumptions on required terminal growth.” Axis Mutual Fund has maintained an underweight stance on the sector due to cautious demand conditions in the United States. “While rupee depreciation and attractive absolute valuations offer some comfort, relative valuations versus global peers remain elevated,” the fund said. In contrast, brokerage Nuvama has taken a more optimistic view, arguing that concerns about the decline of traditional software services are overstated. Referring to Mark Twain’s remark that “Reports of my death are greatly exaggerated,” the brokerage said fears around the sector’s long-term viability are misplaced. “We see no existential threat from Gen-AI, as we believe the requirement for a system integrator—which can customise an enterprise’ plug-and-play software’s input and output as per its requirements—shall always exist,” Nuvama said. “We also note B2B adoption of any technology is very different from that of the B2C segment. Eventually, enterprises going for automation of tasks shall still need someone to take ownership of the system—and that will be IT Services firms.” The brokerage said IT services companies may experience revenue cannibalisation in the early phase of the shift, something it believes is already happening, before reaching an inflection point. After that, the opportunity could expand the sector’s total addressable market to $300–400 billion by 2030, according to projections cited from Infosys management. Nuvama also noted that the recent correction has significantly improved valuations. “Post the recent sharp correction, we find the valuations of all stocks highly attractive,” it said, adding that reverse DCF calculations indicate very low terminal growth expectations. Following this view, the brokerage upgraded HCL Tech, Wipro, TechM and Hexaware to Buy and now holds a bullish outlook on all the top 10 IT stocks. With the sector facing its longest losing streak in years, the debate among investors has intensified. While some warn that artificial intelligence could reshape the industry and pressure valuations further, others view the sharp correction as a potential opportunity after a steep fall in prices.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

Nearly a decade after one of the most dramatic finishes in T20 World Cup history, former Bangladesh captain Mahmudullah has revisited the painful memories of his team’s heartbreaking defeat to India in the 2016 tournament. Speaking during a recent appearance on the Simply Sayeed podcast, the veteran all-rounder reflected on how the narrow loss in Bengaluru still lingers in his mind.

The match, played on March 23, 2016 at the M. Chinnaswamy Stadium, ended in a stunning one-run victory for India national cricket team against the Bangladesh national cricket team. For Bangladesh players, especially Mahmudullah, the defeat became a deeply emotional experience that taught them lasting lessons about handling pressure at the highest level.

The dramatic final over that changed everything

Bangladesh seemed firmly in control during the final moments of the match. Chasing a modest target of 147, they needed just 11 runs from the final over, which was bowled by a young Hardik Pandya.

The equation quickly tilted further in Bangladesh’s favour. Wicketkeeper-batter Mushfiqur Rahim smashed back-to-back boundaries off the second and third deliveries, leaving Bangladesh needing only two runs from three balls with two well-set batters – Rahim and Mahmudullah – at the crease.

But what followed became one of the most unbelievable turnarounds in cricket history.

Pandya struck on the fourth delivery when Rahim was caught at deep mid-wicket. The pressure immediately shifted back to Bangladesh. On the next ball, Mahmudullah attempted to finish the game with a big shot but ended up hitting straight to Shikhar Dhawan near the boundary.

With two runs needed off the final ball, the tension inside the stadium was palpable. New batter Shuvagata Hom failed to connect cleanly, and in a dramatic finish, MS Dhoni produced a lightning-fast run-out of Mustafizur Rahman to seal a miraculous victory for India.

Looking back, Mahmudullah admitted that his decision-making in that crucial moment still haunts him.

“At that particular moment I was thinking that if we just hit one boundary we would win. To be honest, that was dumb,” Mahmudullah confessed.

Now 38 and retired from international cricket, he acknowledged that a calmer approach might have changed the outcome.

“I will try to put it in the gap and take a two,” he reflected while describing what he would do differently today.

Mahmudullah had also taken responsibility for the defeat immediately after the match in 2016.

“I made a senseless mistake and was responsible for the defeat. I just want to say – I apologise to everyone.”

Tears, regret and a life-changing lesson 

The heartbreak of that night extended well beyond the final ball. Mahmudullah recalled how the entire Bangladesh team struggled to process the loss after coming so close to defeating India on their home soil.

“I don’t know what happened in that game against India. That was tragic. It was very heartbreaking,” he said.

The emotional aftermath was intense, with players openly breaking down both on the field and later at the hotel.

“We cried on the ground. When we got back to the hotel, we cried. Me, Mushfiqur Rahim, we all cried. Many other members were crying as well because we were so close to beating India.”

For Bangladesh cricket, a victory that night would have been historic. Beating India in India at a World Cup would have marked a huge moment for the team. Instead, the defeat eventually led to their exit from the group stage, while India advanced to the semi-finals.

Despite the lingering pain, Mahmudullah believes the experience ultimately shaped him as both a player and a person.

“I think that was a great lesson I’ve learned in my life. I did a horrible mistake. It burns me all the time whenever I think about it. But I think I’ve learned from that mistake. Once I heard that ‘you burn you learn.’ So, I was burned on that day,” he said in a 2020 interview.

In his latest reflection, he described the defeat as a turning point in his life.

“Personally, in my life that was a very life-changing lesson for me. You drag it to the last ball and you finish it off,” he said.

The match remains one of the most iconic contests between India and Bangladesh. India had earlier posted 145 for 9, with contributions from Suresh Raina and Dhoni, but the total seemed below par on a good batting surface.

Also READ: Nahid Rana, Tanzid Hasan Tamim shine as Bangladesh crush Pakistan in the first ODI

MUMBAI: The BMC, which had invited bids for the desilting of the Mithi river ahead of the monsoon, received no response from contractors till its March 11 deadline, forcing the civic administration to extend the tender deadline to March 17.The proposed desilting work is planned in three phases, covering the stretch from Filter Pada to Mahim creek, and is considered to be crucial for the city before the onset of monsoon.Civic officials said the river accumulates large amounts of silt every year, which reduces its carrying capacity and increases the risk of flooding. Earlier this month, concerns had emerged within the BMC administration about a possible lack of interest from contractors in the tender, especially in the backdrop of the ongoing probe by the Economic Offences Wing (EOW) of the Mumbai police into the alleged Mithi river desilting scam.The investigation last year led to the arrest of civic officials and contractors over alleged irregularities in desilting works.In a first this year, the civic body had reduced both the quantity of silt to be removed and kept it at 1.65 lakh metric tonnes, a steep reduction from 2.67 lakh metric tonnes last year, also bringing the contract value down by nearly half – from Rs 48 crore to Rs 29.5 crore. Officials said that the Mithi river flows through several low-lying and flood-prone areas such as Kurla, LBS Marg and Chunabhatti, making annual desilting critical to prevent waterlogging at the time of heavy rainfall. During a recent meeting of the civic standing committee, BJP corporator from Malad Tajinder Tiwana, in a point of order, questioned why the civic body could not carry out the work directly through its own machinery and staff if contractors were unwilling to participate in the tender process. BJP’s Mumbai chief Ameet Satam had also last week in a letter he sent to Mumbai mayor Ritu Tawde as well as the civic chief pointed out the same.However, officials said, “The work on desilting the Mithi river needs to begin from April 1 latest as it will increase the carrying capacity of the river.” At the same time, there are serious apprehensions about whether the municipal corporation will be able to carry out the work departmentally. Last year, after contractors abandoned the work mid-way, the BMC had made serious attempts to get other contractors to complete the remaining portion of the work. However, at that time as well, no other contractor came forward to take up the remaining work ahead of the monsoon season.

India’s manufacturing sector is on high alert as the war involving Iran threatens to disrupt key maritime routes used for global trade. (AI image)

US-Iran war impact: The ripple effects of the ongoing Middle East tensions, LPG supply issues, rising oil prices and closure of Strait of Hormuz are being felt across industries in India. India’s manufacturing sector is on high alert as the war involving Iran threatens to disrupt key maritime routes used for global trade. For factories whose operations depend heavily on raw material supply chains, energy flows and shipping routes that pass through volatile regions, the situation has turned into a cautious wait-and-watch phase.The scarcity of commercial LPG has emerged after shipments from the Gulf region were disrupted amid the ongoing conflict in West Asia. India relies heavily on imports from this region for its LPG requirements.

How is the ongoing US-Israel-Iran war impacting India Inc? We take a look:1. Auto industryThe escalating crisis has prompted automobile manufacturers and component suppliers to urgently evaluate their dependence on supply chains connected to the Gulf region.Leading car and two-wheeler manufacturers have circulated advisories to their vendor networks, urging them to review exposure to critical inputs that pass through Gulf ports. These include aluminium alloys, copper, petrochemical derivatives, PVC resins, lubricants, adhesives and electronic components.The energy shortage is creating difficulties for automakers and their supplier networks, including foundries, forging units and paint shops. Switching from gas to oil as a fuel source requires additional capital investment, regulatory approvals and time, which many smaller units do not have.2. Consumer goods & electronicsExporters in consumer goods and electronics have already begun facing direct disruptions, with shipments suspended and production lines halted as rising war-risk surcharges erode profit margins. Industry associations have started approaching the government for urgent assistance to ensure adequate supplies of industrial fuel.Electronics contract manufacturers have paused production lines meant for overseas markets. Godrej Appliances and Haier Appliances India have also revised their production plans. Consumer goods producers have started reducing output tied to exports after suspending shipments to the Gulf and certain European markets. 3. Gas distributorsCity gas distributor Adani Total Gas has directed commercial and industrial customers to restrict natural gas consumption to 40% of their contracted volumes. The company warned that any usage beyond that threshold would be billed at significantly higher spot market rates, said an ET report. Contracted prices stand at about ₹40 per standard cubic metre, compared with spot LNG prices of nearly ₹120.Last week, Gujarat Gas declared force majeure on certain gas supply agreements after supplies of regasified LNG tightened sharply. 4. MedicinesAccording to an ET report, medicine prices could rise following a sharp increase in the cost of essential raw materials, or active pharmaceutical ingredients (APIs), which have surged about 30% over the past two weeks. The spike has largely been attributed to a shortage of container vessels after the Iran war disrupted global shipping.Senior industry executives said the scarcity of ships has slowed the movement of raw materials from China, the largest supplier to Indian pharmaceutical manufacturers. This disruption could affect domestic production and may also lead to higher medicine prices if companies pass the increased input costs on to consumers.Prices of several important inputs have risen sharply, with some increasing by more than 60%. For example, glycerine prices have climbed 64% since December, while the cost of paracetamol has increased by 26%.5. Ceramics industryIndian Oil Corp has also stopped supplying propane, a decision that could severely affect the ceramics industry, where 70–80% of manufacturers rely on propane.6. FMCGFast-moving consumer goods companies such as Parle Products, Emami and Marico, which have operations in the Gulf region, are also experiencing the impact.Packaged food manufacturers across India have either suspended or scaled back production at facilities that depend on LPG due to a severe shortage of the fuel. Some companies have also reported disruptions in the availability of alternatives such as piped natural gas.“Manufacturing in plants that use LPG has been stopped because there is no supply,” said Mayank Shah, vice president at biscuits and confectionery major Parle Products. He added that concerns are now extending to other fuels as well, with rationing being imposed even on PNG and other options that are also becoming difficult to obtain.Deepak Agarwal, managing director of Bikaji Foods, said the snacks and sweets manufacturer is trying to shift production wherever possible away from gas-based burners toward equipment such as induction systems, kettles and fryers.“For sweets and cookies which rely on cooking gas, we are reducing stocks,” he said.7. FertilizersSeveral fertiliser producers in India are bringing forward their annual plant maintenance shutdowns as supplies of LNG have been disrupted due to the ongoing conflict in West Asia, according to industry executives.“As supplies of LNG have been cut down, we are moving our annual shutdown for repair and maintenance work from April to mid-March,” a leading urea manufacturer told ET. The executive added that the company had originally planned to use March to build up inventories and prepare stock for the upcoming kharif season.LNG serves as the primary input for producing ammonia, which is a key component in the manufacture of urea.8. Paint makersProducts derived from crude oil are widely used in the manufacture of paints and make up roughly one-third of the industry’s overall input costs. Domestic paint manufacturers, which had been anticipating a stabilisation in earnings after a phase of intense competition, are now encountering new challenges as rising input costs threaten to put pressure on margins.“Retaining profitability guidance becomes more challenging if crude oil remains elevated,” said Poonam Upadhyay, director at Crisil Ratings. “While the impact will be with a lag, higher raw-material costs would gradually start feeding into the cost structure,” she said.Several key materials used in paint production, including solvents, binders, resins and titanium dioxide, are derived from crude oil.9. Restaurants and caterersWith LPG supplies directed more for domestic use, commercial LPG cylinders are facing a supply issue. Restaurants around the country have said that they are being forced to curtail operations.The shortage of LPG is also beginning to disrupt a wide range of social and hospitality events, including large weddings, iftar gatherings and high-end hotel banquets. Hotels, catering services and banquet venues are rushing to arrange additional cylinders, often paying higher prices or switching to alternative fuels in order to continue operations. Some businesses have also started reducing the scale of their menus in response to the supply constraints.10. Positive impact: Induction cooktops gainQuick commerce platforms have witnessed a sharp rise in demand for induction cooktops. “We have seen a 10x spike in induction sales today compared to business-as-usual,” an Instamart executive said. The company has also been pushing targeted notifications to users to highlight the offers.Tata-owned BigBasket reported a similar surge in demand, noting that sales of induction cooktops had increased fivefold.Ecommerce platforms have also recorded a rise in purchases as LPG supply constraints and higher prices prompt consumers to seek alternatives.

Playing for Sunrisers Eastern Cape, James Coles amassed 152 runs at a strike rate of 170.78 and picked up five wickets with his left arm spin. (SA 20)

NEW DELHI: Dinesh Karthik, the mentor and batting coach of the London Spirit men’s team for the 2026 season of The Hundred, described uncapped England all-rounder James Coles as possessing “rare” skill sets, which is why he attracted so much interest during the auction.The 21-year-old was roped in by London Spirit for a whopping £390,000 after a fierce bidding war between five franchises.

“First up with the bat, I think for the first time he is able to bat anywhere between 4, 5 and 6. At times he has been very good at 3 as well, so we have definitely looked at that aspect. He is a gun left-hander, someone involved in the powerplay and someone who has shown incredible skills with the ball. The fact that not too many of those skill sets exist in the UK tempted us to go strongly towards him,” said Karthik after the auction.Coles was part of the England squad for the 2022 U-19 World Cup and was recently included in the England Lions squad for the tour of Australia in January 2025. He made his county debut as a 16 year old at Sussex County Cricket Club, where he became the club’s youngest ever debutant in 2020.

In the County Championship last season, he scored 1,032 runs, including four centuries, at an average of 47 and added 20 wickets, while also proving to be a safe pair of hands with 19 catches, most of them at second slip, a position in which he has excelled.Coles’ record in the T20 Blast last season was equally impressive. He scored 397 runs at an average of 33 and took 10 wickets at an economy rate of just over nine.

James Coles of Sussex celebrates with Jack Carson after dismissing h10on Day 2 of the Rothesay County Championship Division 1 match between Sussex and Hampshire at The 1st Central County Ground on September 09, 2025 in Hove, England. (Photo by Mike Hewitt/Getty Images)

But it was in the SA20 where the talented youngster caught everyone’s attention. Playing for Sunrisers Eastern Cape, he amassed 152 runs at a strike rate of 170.78 and picked up five wickets with his left arm spin.“For a start we were getting dry right at the end there. I do not think there was too much to say, but he has been someone who has had a great upward curve. You could see walking into the auction that he would be one of the most sought after players,” said Karthik.“Mo [Mo Bobat, Spirit director of cricket] and I have worked with him with England Lions and I have really enjoyed working with him as a player.

James Coles of Southern Brave bats during the The Hundred match between Southern Brave Men and Welsh Fire Men at Utilita Bowl on August 28, 2025 in Southampton, England. (Photo by Mike Hewitt/Getty Images)

“We have had our eyes on him for some time now. He has always been a part of our plan and the fact that he has done so well in the recent past shows why teams really wanted him. We were very keen on him and we are very happy we got him,” he said.Coles is the fourth most expensive player recruited by Hundred sides this year. England’s Jofra Archer (£400,000), Phil Salt (£450,000) and Harry Brook (£465,000) were signed before the auction by Southern Brave, Welsh Fire and Sunrisers Leeds respectively.When asked whether the heavy price tag would put pressure on the youngster, Karthik replied: “For starters, we know his personality and because we know him quite intimately over a period of time from working with him, we back his skill sets.

Poll

What do you think of James Coles’ signing for London Spirit?

“We also back the person that he is. He is a very sorted kid, someone who does not get too carried away or too frustrated. Yes, there is a high price, but at some point in life when you do well, you have to deal with it.“I think he is at a stage where he is ready to deal with it because he seems to be someone who has shown a lot of growth in the recent past. The way he speaks, the way he has played in franchise leagues and the way we have observed him over a period of time suggests that his graph will only go up. He is definitely a future prospect for England, if not immediately then in the near future. To back somebody like him is quite a good achievement for us.“