IT stocks remained in focus on October 13 as Infosys, Wipro and Mindtree gear up to announce their quarterly earnings during the day.
The Nifty IT index rose 0.4 percent supported by the L&T Technology Services, Tech Mahindra, Coforge, Infosys and Mindtree.
Infosys Ltd, India’s second-largest IT services provider, may report a revenue growth of 5.3 percent sequentially on a constant currency basis and 19.8 percent on-year for the quarter ended September 30.
Revenue growth in dollar terms is expected at about 4.8 percent on the back of a ramp-up in the Daimler AG deal, strong seasonality and broad-based growth across verticals.
Also Read – Infosys Q2 preview: Analysts expect revenue growth of 5.3% QoQ, 19.8% YoY
In Wipro, experts largely hope for a 7 percent growth in IT services revenue in constant currency terms, led by organic as well as inorganic components.
“We expect sequential revenue growth of 7.2 percent in constant currency, which is marginally above the guidance range of 5-7 percent. Revenues include inorganic component of 3 percent, while organic constant currency revenue growth of 4.1 percent will be a multi-year high,” said Kotak Institutional Equities.
Also Read – Wipro Q2 Preview | Profit likely to fall but revenue may rise 7% on Capco deal & organic business
In the last week, Tata Consultancy Services reported a consolidated net profit of Rs 9,624 crore for the quarter ended September 2021 (Q2FY22), registering a 14.1 percent year-on-year (YoY) growth.
Its consolidated revenue during the July-September period stood at Rs 46,867 crore, up 16.8 percent over the year-ago quarter, however, the numbers were largely below the street estimates.
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Infosys was quoting at Rs 1,694.25, up Rs 9.45, or 0.56 percent, Wipro was quoting at Rs 660.00, up Rs 0.95, or 0.14 percent, and Mindtree was quoting at Rs 4,281.40, up Rs 15.35, or 0.36 percent, on the BSE in the early trading hours.