Lack of AI Is Reducing India Software Stocks' Heft as Tech Bets [BNN Bloomberg (Canada)]
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Unlike counterparts in the developed world and China, Indian software makers including leader Tata Consultancy Services Ltd. have yet to make significant advances in generative AI. That combined with a still cloudy outlook for client spending may soon leave them looking like the tech bets of yesterday. “Traditional software companies' earnings and valuations are at risk because their business models are not evolving with the times,” said Deven Choksey, managing director of DRChoksey FinServ Pvt. A BSE Ltd. gauge of Indian software stocks has recently fallen through key support levels into a technical correction. Yet it's still trading well above its historical average earnings multiple after a yearslong rally in the nation's equity market. Read More: Why Artificial Intelligence Is So Costly to Develop: QuickTake India's IT firms enjoyed years of strong growth as the world's biggest corporations outsourced a vast amount of back-office work to save money, in a phenomenon known
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