Upsides for Wipro is least among the three IT majors
TCS is heading towards Rs 4,200 followed by Infosys, which is moving in the direction of Rs 2,100
The three IT majors - Infosys, TCS and Wipro shall react to the Q3 earnings reported on Wednesday after market hours this morning.
Companies are rushing to campuses in order to mitigate supply-demand imbalance
In US dollar terms the company's revenue growth was 7 per cent in constant currency basis
Consolidated revenue rose 23% to Rs 31,867 cr
The three IT majors are scheduled to report Q3 earnings on Wednesday.
While the overall growth outlook is positive, there are headwinds for margins and valuations are at premium to large-cap IT firms
According to Jefferies, Infosys's growth will be impacted by seasonal softness, although deal ramp-ups should help drive 3.7 per cent quarter-on-quarter (QoQ) CC revenue growth
The October-December (Q3) quarter is expected to be another strong quarter for IT companies after strong performance witnessed in Q2FY22.
The major IT stocks like Infosys, LTI, Coforge continue to absorb selling pressure at the counters
With the withdrawal of easy and cheap money globally, fundamentals would come to fore, analysts suggest. Therefore, one needs to stay invested in the right quality of stocks, analysts suggest
IT stocks were in demand on hopes of strong Q3 earnings post Accenture performance. 63 Moons has zoomed 117% this month, while stocks like CyberTech, Brightcom and D-Link have soared over 30% so far
While RIL, TCS, Infosys, HUL and Wipro were the gainers, HDFC Bank, ICICI Bank, HDFC, Bajaj Finance and SBI emerged as laggards
In the past six trading days, Infosys has gained 7 per cent after Accenture reported strong results for the quarter ended November (Q1FY22) and also gave a strong FY22 outlook
In the top-10 list, Infosys and Wipro were the only gainers.
Major IT stocks are either on verge of breakout or holding the positive bias, the positive sentiment may see up to 10% gains
Accenture reported strong revenue in Q1FY22 and upgraded its annual guidance by a massive 700bps as it continues to gain from demand for Cloud transformation.
The stock price of Infosys has broken out from the downward sloping trendline on daily chart
Of the e-verified ITRs, more than 23.8 million ITRs have been processed and over 909.5 million refunds for AY 2021-22 have been issued