Iran-Israel war: 4 Indian IT companies with presence in Israel – Times of India

Oil prices surged and major stock markets retreated on Thursday, October 3, as investors grappled with escalating tensions in the Middle East. Brent crude topped $77 per barrel, while WTI flirted with $74, both rising over 5% before paring some gains.
The Dow and S&P 500 declined in New York, while the Nasdaq gained. European markets closed in the red.The dollar strengthened, buoyed by its safe-haven status. The British pound fell over 1% against the greenback as the Bank of England hinted at faster interest rate cuts. In Asia, Tokyo closed 2% higher as the yen weakened, benefiting Japanese exporters. Hong Kong retreated after a recent surge fueled by China’s economic stimulus measures.

4 listed Indian IT companies with presence in Israel

The Indian stock market bled on Thursday, October 3. The impact was felt on Dalal Street with Sensex falling over 1,700 points as investors feared the impact of the war on crude oil prices and global supply chains. There are at least 14 listed Indian companies that have a presence in the troubled territory of Israel. Of these, four are technology companies. But do not that for many of them, the impact could be limited.

IT majors with presence in Israel are:

* Tata Consultancy Services (TCS)
* Wipro
* Tech Mahindra
* Infosys
Other listed Indian companies with presence in the region include Titan, State Bank of India (SBI) and Larsen & Toubro (L&T). Adani Ports owns the Haifa Port in Israel; Sun Pharmaceutical owns a majority stake in Israel’s Taro Pharmaceutical. Generic drugmaker Dr Reddy’s and Lupin have a stake in Tel Aviv-based Teva Pharmaceutical. Miner NMDC and jewelers Kalyan Jewellers too have an Israeli connection.

Escalating tension in the Middle East

Iran’s missile attack on Israel raised concerns of a wider regional war, escalating tensions between Israel and Tehran-backed militants. Analyst Stephen Innes noted that markets were “in a state of suspense” awaiting Israel’s potential retaliation. Iran vowed to intensify its response if Israel counterattacked, defying calls for de-escalation.
Israel’s military struck Hezbollah’s intelligence headquarters in Beirut and engaged in battles with militants near the border. Despite the escalating conflict, analysts suggested that oil price gains might be limited due to rising US stockpiles and Libya’s recent end to a production blockade.