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Infosys dropped 4.3%, the top loser in the IT pack, after Morgan Stanley downgraded the stock from 'Overweight' to 'Equal-Weight'. Other IT large caps such as TCS, LTIMindtree, HCL Technologies, and Tech Mahindra declined 1.7-3.6%. Midcap IT companies fell 2-3%.
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The QIP market seems to be showing signs of revival. On Tuesday, Hitachi Energy India's 2,000 crore QIP - the largest such offering so far this year - was subscribed two times. With demand doubling, the company is likely to partially exercise the green shoe option. On Tuesday, another company, Centum Electronics, launched a 250 crore QIP.
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Hinduja Group-led IndusInd International Holdings (IIHL) mandated Barclays and 360 One to syndicate the debt, people cited above said. The bank on Monday disclosed accounting discrepancies in its derivative transactions affecting 2.35% of its net worth, raising alarm among potential investors.
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