, Columnist
Most-Sold Emerging Market Is Gripped by a Profit Crunch
India’s market is attractive for IPOs.
Photo: Indranil Aditya/NurPhoto/Getty Images
In just two years, India has gone from being the best-loved emerging market to the most sold, and now investors are bracing themselves for yet another quarter of disappointing corporate earnings.
Globally, excitement is concentrated in AI, but as Bloomberg Intelligence strategist Nitin Chanduka points out, India has limited representation in this high-growth area. In fact, AI is forcing its once-celebrated software export industry to shrink. Amid its steepest-ever job cuts, Mumbai-based Tata Consultancy Services Ltd. missed profit estimates for the three months to Sept. 30.