Friday, Apr 19, 2024 | Last Update : 06:20 AM IST
Investors book Profit in IT stocks
Wipro declined 6% while Infosys (1.03 per cent) and TCS (1.05 per cent) gained over 1% each as the market had factored in their performance
Mumbai: Investors resorted to profit-taking in the IT sector stocks after frontline IT firms Infosys, TCS and Wipro reported mixed earnings performance, with revenue growing but employee and other costs denting profits.
Wipro declined 6 per cent while Infosys (1.03 per cent) and TCS (1.05 per cent) gained over 1 per cent each as the market had factored in their performance. Others that saw profit-taking included, HCL Technologies, L&T Infotech, Tech Mahindra, NIIT and Happiest Mind Technologies.
HCL Technologies will announce its third quarter earnings on Friday.
Gains to the BSE IT Index were muted at 0.25 per cent due to profit booking in many IT companies which had run up sharply in anticipation of good earnings. The October-December is usually a soft quarter for IT services firms.
TCS' Q3 revenue exceeded expectations but profit was lower due to a rise in compensation costs, higher subcontracting expenses and discretionary non-manpower costs.
