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Infosys, TCS rub-off impact! IT stocks surge up to 14%, Nifty IT hits new 52-week peak

IT counters surged up to 14% on a rub-off impact from Infosys and Tata Consultancy Services (TCS) while the Nifty IT index also hit a fresh 52-week high of 36,482.25. In the largecap pack, the top gainer was Infosys which soared 8% to the day s high of Rs 1,613.65 on the NSE. TCS, meanwhile, gained 4.2% to attain the day s high of Rs 3,894. Their smaller peers Cyient and Firstsource Solutions rose 6% and 14%, respectively. Other IT stocks including Mphasis, Coforge, Tech Mahindra, Wipro, LTIMindtree, Persistent Systems, HCL Technologies, and L&T Technology Services (LTTS) were also up. ....

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Q3 results today: HCL Tech, Wipro among 18 companies to announce earnings

Today, the focus will be on the results of HCL Technologies and Wipro.. Other important results include HDFC Life Insurance Company, Anand Rathi Wealth, Aditya Birla Money, Den Networks, and Tata Metaliks. HCL Technologies is expected to beat sector seasonality with a rise in revenue, while Wipro s performance is expected to be muted due to furloughs and weak demand. ....

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wipro: Wipro's headcount drops by about 4,500 in Q3 FY24

Wipro s staff strength for the quarter ended December was 240,234 as against 244,707 in the previous quarter. HCLTechs staff strength for the quarter ended December was 224,756 as against 221,139 in the quarter ended September 2023. ....

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Attrition: Efficiency of execution is primarily resulting in lower headcount for TCS: Samir Seksaria

TCS CFO and CHRO discuss Q3 results and margin resilience. Attrition has decreased and there is potential for further reduction. Subcontracting cost has been lowered and there is room for optimization. The impact of generative AI on the workforce is acknowledged, but it is not a major factor in the current headcount decline. The BSNL deal contributes to growth and showcases TCS s capabilities. The demand environment is being closely monitored and there is optimism for improvement. ....

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