India leads the technology sector in Asia; Share price gains 37% – The New Indian Express
Express news service
BENGALURU: Despite a pandemic that has hit its economy hard, India has emerged as the leader in the tech sector in Asia with robust 37% growth in tech stock prices (in dollars) by far in 2021 compared to China which was down 11.1%, according to the latest analysis from the global investment bank, Credit Suisse said.
The research, which analyzed the tech sector in various countries except Japan, noted that Taiwan also saw 19.6% growth in tech stocks while the prices of Korean tech stocks fell as much as at 9% in 2021.
Indian mid-cap IT companies like Mindtree, Happiest Minds, L&T Infotech, Persistent Communications experienced strong growth during the pandemic even as the big four IT services companies – Tata Consultancy Services, Infosys, Wipro, HCL Tech – the courses shares rallied with double-digit growth in stock prices, leading the bullish race in stock markets even as Covid derails the economy.
Manish Nigam, head of global industry research and head of Asia-Pacific technology research (APAC) at Credit Suisse, said that while there have been growing concerns in recent months about the peak of the semiconductor cycle, Credit Suisse believes the cycle will not peak. until the second half of 2022. He added: “While factors such as the ongoing geopolitical business sentiment and the resurgence of new variants of the Covid virus may weigh on the industry’s results, the longer-term tech story remains. solid.