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.
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Infy, Tech Mahindra, LTIMindtree fall on Accenture's muted FY24 guidance
U.S.-based Accenture gave a bleak revenue growth guidance of 2-5% year-on-year in constant currency terms for the financial year 2023-24 (FY24).
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Why IT stocks are under stress despite weak rupee
Shares of TCS, Infosys, Wipro, HCL Technologies, and Tech Mahindra fell up to 2%, in sync with a weak broader market.
Accenture to pump in $3 bn to boost data, AI capabilities
Accenture to double AI talent to 80,000 people; its Indian rivals TCS and Infosys are also investing heavily to create platforms using GenAI technologies
Accenture to lay off 19,000 employees, lowers revenue guidance for FY23
According to the company’s SEC (Securities and Exchange Commission) filing, Accenture had approximately 7,38,000 workforce as of February 28, 2023.
IT stocks take a hit after Accenture signals slowdown in client spending
New bookings for Accenture in the first quarter were $16.22 billion, a 3% decrease in US dollar.
Consumers see health, fitness as 'essential' spend category: Accenture
80% of survey respondents said they intend to maintain or increase their spend on areas related to health and fitness in the next year.
TCS beats IBM to world's 2nd most valuable IT brand
Indian software services firms have outpaced their rivals from the United States in brand value growth over the past two years.
Infosys’ Pravin Rao is Nasscom chairman
Accenture’s Rekha M. Menon, a regular on Fortune India’s Most Powerful Women in business lists, has been named as vice chairperson.
