IT stocks tumble after Accenture lowers guidance; HCL Tech, Wipro, TCS, Infosys fall up to 6%
The BSE IT index declined nearly 2% today, led by index heavyweights HCL Technologies, Wipro, Infosys, TCS, and Tech Mahindra.
The BSE IT index declined nearly 2% today, led by index heavyweights HCL Technologies, Wipro, Infosys, TCS, and Tech Mahindra.
HCLTech Investments UK, a wholly-owned subsidiary of HCLTech, has signed a MoU with its JV partner, State Street International Holdings, to sell the entire 49% stake in the JV to State Street
HCLTech share price rose despite the company slashing its revenue growth guidance for the current fiscal.
The total contract value of new deal wins stood at $4 billion.
Shares of HCLTech rose as much as 4% in opening trade to ₹1,186.70 apiece on the BSE.
ASAP focuses on future-oriented automotive technologies in areas such as autonomous driving, e-mobility and connectivity.
HCLTech has retained FY24 revenue guidance at 6-8% in constant currency, while services revenue growth is expected to be between 6.5%-8.5%; announces dividend payout of ₹10 apiece
The IT heavyweights are expected to report weak earnings in June quarter with flattish sequential growth in CC terms due to soft demand outlook with limited large deal ramp ups.
The brokerage expects most IT services firms to miss current expectations and placed Infosys, TCS and MphasiS on negative catalyst watch
HCL Tech shares climbed over 3% in early trade, whereas TCS, Infosys, and Wipro gained nearly 1% on the BSE.