Moneycontrol Selects: Top stories this afternoon

A round-up of the big stories

IT stocks spiral lower as Infosys sours sentiment

Information technology stocks were the biggest drags on the market on July 21 after a raft of disappointing numbers from Infosys and other players highlighted the stiff near-term challenges confronting the IT segment. Here is a detailed report. 

Neutral stance on IT despite lower valuations: Trideep Bhattacharya

The IT index has plunged over 4% after the guidance shocker from Infosys. The relief rally that the index had witnessed in the past week has completely fizzled out as shares of India's second-largest IT services giant nosedived as much as 10% during intraday trade. However, Trideep Bhattacharya of Edelweiss AMC remains neutral on the industry despite low valuations, he told CNBC TV18 in an interview held on July 21. The market expert has upgraded to a neutral stance against the underweight stance of last year but is not looking to modify his holdings in the sector as of present. Read more.

Tiger Global, Peak XV, Steadview Capital, others write to PM Modi against 28% GST on real-money gaming

A group of 30 prominent domestic and international startup investors including Tiger Global, Peak XV and Steadview Capital have written to prime minister Narendra Modi, expressing deep concerns over GST Council's recent decision to levy 28 percent on the online real-money gaming sector. More details here.

MC Selects

AI will replace roles, not employees: Zoho's Sridhar Vembu

Amid debates about artificial intelligence (AI) replacing jobs, Indian software-as-a-service (SaaS) major Zoho's co-founder and CEO Sridhar Vembu said on July 21 that AI will only replace roles, not employees. More details here.

Red alert in Thane, orange alert in Mumbai on July 21 | In Pics

Amidst severe monsoons, the India Meteorological Department has issued a 'Red' alert for heavy to very heavy rainfall in Thane, Raigad, Pune as well as Palghar for today. Additionally, an 'Orange' alert has been issued for Mumbai, Ratnagiri and Satara. More updates here.

Strong listing | Utkarsh Small Finance Bank debuts with 60% premium

Utkarsh Small Finance Bank opened with a massive 60 percent premium over issue price on July 21, the listing day, attributing to the strong IPO subscription numbers and bullish market conditions. The benchmark indices hit historic highs this week with the Nifty reaching 20,000 mark. Detailed report here.