Page 11 - Wright Research News Today

While TCS June quarter numbers did not lead to upgrades, HCL Techs figures were an all-round miss and Wipros weak guidance drew bearish comments. But stock prices have another story to tell. Led by 7% weekly jump in Infosys and 5.6% rise in TCS, Nifty IT index ended last week higher by 4.7%.

Markets News: NEW DELHI: Foreign Portfolio Investors (FPIs) flow into the Indian equity market remained unabated as they invested over Rs 30,600 crore in the first .

TCS has reported better Q1 results than HCL Tech and Wipro, attracting buying interest in the Indian stock market. TCS shares are recommended for investment

TCS and HCL Tech reported lower-than-expected earnings in Q1FY24. TCS had its slowest start to a fiscal year since going public in 2004. TCS reported a 16.84 per cent YoY rise in net profit, but a 2.8 per cent QoQ decline. HCL Techs net profit rose 7.65 per cent YoY but declined 11.27 per cent QoQ.

Q1 Results: While TCS has demonstrated strong performance in certain areas, HCL Tech showcases promising growth potential and notable developments

With the merger between HDFC Bank and HDFC Ltd complete, analysts said the next key monitorable for the Street would be successful resolution of merger-related hiccups, including employee-related churn and roll out of complete banking services across branches. At the bourses, they expect the stock to perform in-line with the benchmark indices in the near-term. Theres usually an initial period of consolidation after a merger as the entities work towards integration.

Several investors are concerned that since both stocks are among the widely held scrips in their portfolios, it could result in a fire sale of the entity at a beaten-down price.

Overall, the AI theme is here to stay, and we are only at the beginning of understanding and harnessing its full potential.

Indias IT stocks are being shunned by institutional investors despite the fact some are up to 25% below their 52-week peak levels. The Nifty IT Index is still trading at a 10% premium compared to its 10-year average valuations, with the likes of IT giants TCS, Infosys, HCL Tech, Wipro and Tech Mahindra still trading above pre-Covid valuation levels. Midcap IT stocks are trading at a 25% premium compared to large caps. Hemant Kapasi, head of equities at Sanctum Wealth, said the IT industry may ex...

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