Microsoft

3 reasons you can’t do without tech stocks

Who says you can’t participate in US tech companies? Everybody in India is allowed to invest $2,50,000 abroad. Even Indian funds have US funds and you can go and participate in that, says Ajay Srivastava, CEO, Dimensions Corporate Finance.Wish you a very happy and prosperous and healthy 2021.Thank you very much and all the best…

Who says you can’t participate in US tech companies? Everybody in India is allowed to invest $2,50,000 abroad. Even Indian funds have US funds and you can go and participate in that, says Ajay Srivastava, CEO, Dimensions Corporate Finance.Wish you a very happy and prosperous and healthy 2021.Thank you very much and all the best to you. It is great news that now no one needs to work for themselves. They just need to put money and somebody else works for them. But are you beginning to question that model? Would it be as smooth sailing from the March recovery that we saw in 2020 or do you think it is time to get a little bit cautious?One should always be cautious. When you are buying C grade stocks, then you got to be extra cautious and that goes for whether the market is at a low or a high because that is where the problem comes in most portfolios. C grade stocks trouble the most and that is where you tend to put the larger amount of money. Having said that, if you follow the government policy, you are absolutely fine. It started with the tax cut — GST, LTRO — it is a brilliant way to give money to the corporates. RBI lends at 4% interest to the banks; the banks lend at 4-5-6-7% to the large corporate. Now what could have been better for them? There is a movement of absolute wealth from the account of the public. You tax the petrol but the tax rate for the corporates go down. If you are a stock market guy, you better be sure that these large companies are going to gain, they gain on tax cut, they gain on LTRO and they gain on all the tariffs barriers that are coming up now. Huge tariff barriers are coming up in India at this point of time. There is no reason to believe that these companies will not be supported. PLI is coming in. So the construct is very simple – large domestic companies are there and they will make the kind of profit we have never seen ever. So whether the valuation is right or wrong, who am I to argue? The fact is that these companies will make historically high profits in the next 12 to 24 months and that is a given on the back of a capital structure, the kind of liquidity which has come in. Lots of companies have raised money, lots of companies have done QIPs and there is abundant liquidity in the market. You could not have a better situation for larger corporates. You can take your pick on valuation but they are going to make more money than we ever dreamed of. Would IT be part of the pack? Today’s focus is on TCS’ earnings and then will come Infosys and the rest. But the stocks are very expensive. The beauty of these tech stocks is that tech is a major innovative industry and new players will come. But if you look at India, 20 years back, there were the same three top four players in the country, maybe Tech M came up. The same one exists 25 years later and they have become huge in terms of being size, scale and customer access. Globally also, these companies are now quite large and there are about two or three companies which can compete with TCS or Infosys at this point of time globally. Digital has been embraced totally maybe only in America. Their revenues from Europe or Asia is hardly anything. India is nothing to talk about. The digital revolution is just beginning and these companies are there to deliver. They give cash back to the shareholders, not like ITC where they build monuments for themselves in hotels which make no money. The guys have spent so much money making monuments. TCS gives money every year. Infosys gives dividends. There is no trouble in these companies. How does one understand the pricing in this sector? TCS at best will grow 12-14% and that is the most bullish number on the Street. Does a company growing at 12-14%, deserve a PE multiple of 40?As an investor, obviously you would like to lower the multiple to get in the company. The problem is that today if you look at what is happening globally, a company like Snowflake is running 70 times. US Nasdaq is full of sales multiples — be it Palantir, Snowflake or the biggest poster child Tesla. But that is not the argument. The argument here is that these companies have a moat which is almost insurmountable at this point of time and that lends credence to the fact that you have assured annuity income and revenues coming from them. It is not like Tata Motors where some cars may do well, some cars may do badly. Out here, there are longer term, strategic contracts and their ability with the new technologies to build the moat is very strong. You give them a premium for that, that is one. Number two, the last three years have decisively changed the equation in favour of the companies vis-a-vis the employees. Earlier the biggest cost used to be the attrition of employees. They had to keep giving increases month after month to retain employees. Now that has settled down. Their attrition rates are down, people want to gravitate to larger companies and their biggest cost element for the first time in history is under severe control. They are able to control their people cost compared to what they make out of them. The third is you do not have a competitor and in the global context, how many Indian companies can say that? The last point which is more important is giving money to the shareholders. No more diversification, no more a Videocon, no more an ITC. These are clean, neat companies which do not acquire expensively. They are very prudent and frugal. They do not spend money on acquisition and write off goodwill. Now if you say let us take 30 times, maybe in a year, two years time your multiple will go down to 20 times; maybe if you bought in early, you should buy 30% now and another 20% if it corrects. The point is you cannot live without them in your portfolio. That is the bottom line. If Tesla is megatrend, EV is the future and if that is where the world is migrating, how can an Indian investor benefit from that? Three things; one, everybody in India is allowed to invest $2,50,000 abroad. Even Indian funds have US funds and you can go and participate in that. IndiaMART InterMESH had a meteoric rise starting from Rs 2,000-3,000. It has moved up rapidly because that is the only surrogate ecommerce company on a B2B basis in India in the listed space. You need to be there. The third one, this year is going to see the largest number of IPOs in this sector, in BYJU’S, Nykaa, and you have to be ready with cash. If you are 100% invested and do not have cash, you could be in trouble. One way to get in is mutual fund. There is even a listed ETF on Nasdaq. Do not worry. You can pay in rupees and acquire US assets at this point of time. Also, Indian equivalent companies are in the fray and more IPOs are coming into the system. All those should be a good part of the portfolio and I am sure this valuation is coming also because most people were not invested in these things. It is just what happened to Bitcoin and now the catch up is going on. If in India, your portfolio was primarily geared towards cement, etc, now there is a FOMO effect or these sectors are trying to catch up and that is driving the valuations of these companies. Look at the global construct; how many actually have exposure to an Amazon or a Facebook or a Google or a Microsoft? In terms of investment dollars, outside the US, hardly anybody. As the flavour catches on, can you imagine what is going to happen in the next three years as all Indians, Chinese, Africans and other nationalities start to allocate 10-12% of their investment surplus to US stocks? It is going to be the ride of your life.
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Microsoft

The Outer Worlds 2 is now $10 cheaper, as Obsidian details how to get a refund on your pre-order

If you click on a link and make a purchase we may receive a small commission. Read our editorial policy. The Outer Worlds 2 is now $10 cheaper, as Obsidian details how to get a refund on your pre-order Cash in hand. Image credit: Obsidian News by Connor Makar Staff Writer Published on July 23

If you click on a link and make a purchase we may receive a small commission. Read our editorial policy.

The Outer Worlds 2 is now $10 cheaper, as Obsidian details how to get a refund on your pre-order

Cash in hand.

A character in a leafy ghilli suit leaps over a platform towards the camera while being shot at from afar.
Image credit: Obsidian

The Outer Worlds 2, the upcoming sci-fi FPS by Obsidian Entertainment will now be sold at $70 dollars, rather than the planned $80. This follows a statement by Microsoft confirming the U-turn earlier today.

Those who have already purchased the game at the $80 price point on Steam will have the purchase refunded and re-bought at the lower figure. On Battle.net, those who pre-ordered the game will have their orders cancelled and refunded, and will have to re-buy the game. Those on Xbox and PlayStation will have the difference refunded in the upcoming days.

This announcement was made on The Outer Worlds official social media accounts, with a cute in-universe statement and graphic. On the official Obsidian website, further explanation on how the price change will affect those who’ve already spent money has been provided.

Cover image for YouTube videoThe Outer Worlds 2 – Official Gameplay Trailer

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Microsoft

Microsoft reverses $80 first-party price hike to keep “full priced holiday releases in line with current conditions”

If you click on a link and make a purchase we may receive a small commission. Read our editorial policy. Home News Microsoft reverses $80 first-party price hike to keep “full priced holiday releases in line with current conditions” Starting with The Outer Worlds 2 Image credit: Obsidian Entertainment News by Vikki Blake Contributor Published

If you click on a link and make a purchase we may receive a small commission. Read our editorial policy.

Microsoft reverses $80 first-party price hike to keep “full priced holiday releases in line with current conditions”

Starting with The Outer Worlds 2

Image credit: Obsidian Entertainment

Just weeks after confirming The Outer Worlds 2 will be the first Microsoft game to retail for $80, Microsoft has reversed the decision, revealing the highly-anticipated sequel will now launch for $69.99 in keeping with typical AAA pricing.

This will apply not just to The Outer Worlds 2, but indeed other “full priced holiday releases” launched across the period.

In a statement, a Microsoft spokesperson said Xbox was “focused on bringing players incredible worlds to explore, and will keep our full priced holiday releases, including The Outer Worlds 2, at $69.99, in line with current market conditions.”

On social media, developer Obsidian posted: “We have received your SOS via skip drone about the pricing. As an organization devoted to making sure that corporations do not go unfettered, we at the Earth Directorate have worked with [REDACTED] to revise the price of The Outer Worlds 2. While this will not bring peace to the galaxy, or even your local colony, we assure you all that we are here to fight for all colonies in every way that we can.”

Microsoft announced last month that The Outer Worlds 2 would be the first Xbox title to retail at $80 following Microsoft’s planned price rises in May.

“We understand that these changes are challenging, and th

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Microsoft

Coyote malware abuses Windows accessibility framework for data theft

A new variant of the banking trojan ‘Coyote’ has begun abusing a Windows accessibility feature, Microsoft’s UI Automation framework, to identify which banking and cryptocurrency exchange sites are accessed on the device for potential credential theft. …

A new variant of the banking trojan ‘Coyote’ has begun abusing a Windows accessibility feature, Microsoft’s UI Automation framework, to identify which banking and cryptocurrency exchange sites are accessed on the device for potential credential theft. …
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Microsoft

Microsoft Server Software Comes Under Widespread Cyberattack

Breadcrumb Trail Links Home PMN Business Share this Story : Microsoft Rushes to Stop Hackers from Wreaking Global Havoc Copy Link Email X Reddit Pinterest LinkedIn Tumblr Microsoft Rushes to Stop Hackers from Wreaking Global Havoc Hackers exploited a security flaw in common Microsoft Corp. software to breach governments, businesses and other organizations across the

Microsoft Rushes to Stop Hackers from Wreaking Global Havoc

Hackers exploited a security flaw in common Microsoft Corp. software to breach governments, businesses and other organizations across the globe and steal sensitive information, according to officials and cybersecurity researchers.

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(Bloomberg) — Hackers exploited a security flaw in common Microsoft Corp. software to breach governments, businesses and other organizations across the globe and steal sensitive information, according to officials and cybersecurity researchers.

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Microsoft over the weekend released a patch for the vulnerability in servers of the SharePoint document management software. The company said it was still working to roll out other fixes after warnings that hackers were targeting SharePoint clients, using the flaw to enter file systems and execute code.

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Multiple different hackers are launching attacks through the Microsoft vulnerability, according to representatives of two cybersecurity firms, CrowdStrike Holdings, Inc. and Google’s Mandiant Consulting.

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Hackers have already used the flaw to break into the systems of national governments in Europe and the Middle East, according to a person familiar with the matter. In the US, they’ve accessed government systems, including ones belonging to the US Department of Education, Florida’s Department of Revenue and the Rhode Island General Assembly, said the person, who spoke on condition that they not be identified discussing the sensitive information.

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Representatives of the Department of Education and Rhode Island legislature didn’t respond to calls and emails seeking comment Monday. A Florida Department of Revenue spokesperson, Bethany Wester Cutillo, said in an email that the SharePoint vulnerability is being investigated “at multiple levels of government” but that the state agency “does not comment publicly on the software we use for operations.”

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The hackers also breached the systems of a US-based health-care provider and targeted a public university in Southeast Asia, according to a report from a cybersecurity firm reviewed by Bloomberg News. The report doesn’t identify either entity by name, but says the hackers have attempted to breach SharePoint servers in countries including Brazil, Canada, Indonesia, Spain, South Africa, Switzerland, the UK and the US. The firm asked not to be named because of the sensitivity of the information. 

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In some systems they’ve broken into, the hackers have stolen sign-in credentials, including usernames, passwords, hash codes and tokens, according to a person familiar with the matter, who also spoke on condition that they not be identified discussing the sensitive information.

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“This is a high-severity, high-urgency threat,” said Michael Sikorski, chief technology officer and head of threat intelligence for Unit 42 at Palo Alto Networks Inc. 

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“What makes this especially concerning is SharePoint’s deep integration with Microsoft’s platform, including their services like Office, Teams, OneDrive and Outlook, which has all the information valuable to an attacker,” he said. “A compromise doesn’t stay contained—it opens the door to the entire network.” 

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(Bloomberg) — Hackers exploited a security flaw in common Microsoft Corp. software to breach governments, businesses and other organizations across the globe and steal sensitive information, according to officials and cybersecurity researchers.

Article content

Microsoft over the weekend released a patch for the vulnerability in servers of the SharePoint document management software. The company said it was still working to roll out other fixes after warnings that hackers were targeting SharePoint clients, using the flaw to enter file systems and execute code.

Article content
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Story continues below

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Multiple different hackers are launching attacks through the Microsoft vulnerability, according to representatives of two cybersecurity firms, CrowdStrike Holdings, Inc. and Google’s Mandiant Consulting.

Article content
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Hackers have already used the flaw to break into the systems of national governments in Europe and the Middle East, according to a person familiar with the matter. In the US, they’ve accessed government systems, including ones belonging to the US Department of Education, Florida’s Department of Revenue and the Rhode Island General Assembly, said the person, who spoke on condition that they not be identified discussing the sensitive information.

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Representatives of the Department of Education and Rhode Island legislature didn’t respond to calls and emails seeking comment Monday. A Florida Department of Revenue spokesperson, Bethany Wester Cutillo, said in an email that the SharePoint vulnerability is being investigated “at multiple levels of government” but that the state agency “does not comment publicly on the software we use for operations.”

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Story continues below

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The hackers also breached the systems of a US-based health-care provider and targeted a public university in Southeast Asia, according to a report from a cybersecurity firm reviewed by Bloomberg News. The report doesn’t identify either entity by name, but says the hackers have attempted to breach SharePoint servers in countries including Brazil, Canada, Indonesia, Spain, South Africa, Switzerland, the UK and the US. The firm asked not to be named because of the sensitivity of the information. 

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In some systems they’ve broken into, the hackers have stolen sign-in credentials, including usernames, passwords, hash codes and tokens, according to a person familiar with the matter, who also spoke on condition that they not be identified discussing the sensitive information.

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“This is a high-severity, high-urgency threat,” said Michael Sikorski, chief technology officer and head of threat intelligence for Unit 42 at Palo Alto Networks Inc. 

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“What makes this especially concerning is SharePoint’s deep integration with Microsoft’s platform, including their services like Office, Teams, OneDrive and Outlook, which has all the information valuable to an attacker,” he said. “A compromise doesn’t stay contained—it opens the door to the entire network.” 

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Tens of thousands — if not hundreds of thousands — of businesses and institutions worldwide use SharePoint in some fashion to store and collaborate on documents. Microsoft said that attackers are specifically targeting clients running SharePoint servers from their own on-premise networks, as opposed to being hosted and managed by the tech firm. That could limit the impact to a subsection of customers.

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A Microsoft spokesperson declined to comment beyond an earlier statement.

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“It’s a dream for ransomware operators,” said Silas Cutler, a researcher at Michigan-based cybersecurity firm Censys. He estimated that more than 10,000 companies with SharePoint servers were at risk. The US had the largest number of such firms, followed by the Netherlands, the UK and Canada, he said. 

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The breaches have drawn new scrutiny to Microsoft’s efforts to shore up its cybersecurity after a series of high-profile failures. The firm has hired executives from places like the US government and holds weekly meetings with senior executives to make its software more resilient. The company’s tech has been subject to several widespread and damaging hacks in recent years, and a 2024 US government report described the company’s security culture as in need of urgent reforms.

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The Center for Internet Security, which operates a cybersecurity information sharing system for state and local governments in the US, found more than 1,100 servers that are at risk from the SharePoint vulnerability, said Randy Rose, the organization’s vice president of security operations and intelligence. Rose said more than 100 were likely hacked.

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The Washington Post reported that the breach had affected US federal and state agencies, universities, energy companies and an Asian telecommunications company, citing state officials and private researchers.

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Eye Security was the first to identify that attackers were actively exploiting the vulnerabilities in a wave of cyberattacks that began on Friday, said Vaisha Bernard, the company’s chief hacker and co-owner.

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Eye Security said the vulnerability allows hackers to access SharePoint servers and steal keys that can let them impersonate users or services even after the server is patched. It said hackers can maintain access through backdoors or modified components that can survive updates and reboots of systems.

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The SharePoint vulnerabilities, known as “ToolShell,” were first identified in May by researchers at a Berlin cybersecurity conference. In early July, Microsoft issued patches to fix the security holes, but hackers found another way in.

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“There were ways around the patches,” which enabled hackers to break into SharePoint servers by tapping into similar vulnerabilities, said Bernard. “That allowed these attacks to happen.” The intrusions, he said, were not targeted and instead were aimed at compromising as many victims as possible. After scanning about 8,000 SharePoint servers, Bernard said he has so far identified at least 50 that were successfully compromised.

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He declined to identify the identity of organizations that had been targeted, but said they included government agencies and private companies, including “bigger multinationals.” The victims were located in countries in North and South America, the EU, South Africa, and Australia, he added.

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—With assistance from Lynn Doan, Cameron Fozi, Daniel Cancel, Aashna Shah, Jane Lanhee Lee and Patrick Howell O’Neill.

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(Updates with additional information beginning in third paragraph.)

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