TCS, Infosys, Wipro, Tech Mahindra among 13 IT stocks that hit 52-week high
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Tata Consultancy Services (TCS), Infosys, Wipro and Tech Mahindra were among 13 stocks from the information technology (IT) sector that hit their respective 52-week highs on Wednesday in an otherwise subdued market on expectation of improvement in outlook.
KPIT Technologies, NIIT Technologies, Persistent Systems, Tata Elxsi, Vakrangee, Mastek, Infinite Computer Solutions (India), Hinduja Global Solutions and BLS International were other IT stocks from the S&P BSE500 and S&P BSE Smallcap index that touched their respective 52-week highs in intra-day trade today.
The S&P BSE Information Technology index, the largest gainer among sectoral indices, was up 1.8% at 11,599, against a marginal 0.03% decline in the S&P BSE Sensex. The IT index hit 52-week high of 11,621 in intra-day trade.
IT giant TCS will kickstart the IT sector's third quarterly earnings season of the current fiscal (Q3FY18) on Thursday, January 11, 2018. Infosys to follow, will declare its Q3FY18 results on Friday, January 12, 2018.
“With improving economic outlook in key geographies of US and Europe alongwith strong traction in digital and IoT (Internet of things), we expect IT companies’ outlook to improve,” analysts at Edelweiss Securities said in Q3FY18 result preview.
We anticipate demand commentary to be strong for BFSI sector riding improving profitability leading to jump in discretionary spends.
Sustained increase in number and scale of digital transformation deals alongwith a positive bias towards large‐cap companies for execution of large deals will ensure that digital growth rates remain robust, added report.
“Commentaries around Digital-led revenue momentum have been the key highlight in a quarter of muted activity, raising hopes of a revenue growth recovery in CY18. Increasing base of new technology revenues aiding credible references, industrialization of Digital, and expectations of higher investments by US companies post tax cuts all favorably feed to the recovery theory,” analysts at Motilal Oswal Securities said in results preview.
Meanwhile, Infinite Computer Solutions (India) rallied 15% to Rs 385, extending its Tuesday’s 20% surge, after the company announced that its board will meet on January 12, 2018 to consider the proposal of voluntary delisting of equity shares. The stock finally settled 10% higher at Rs 369 on BSE.
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Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
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