Bettering Tech’s Big Boys
At a time when big IT services companies are struggling, the agility of mid- and small-cap firms is giving them an edge.
At a time when big IT services companies are struggling, the agility of mid- and small-cap firms is giving them an edge.
In the first two weeks of December, the BSE benchmark Sensex has rallied 4,617 points, with FIIs injecting over ₹3,900 crore daily on an average this month.
The BSE Sensex rallied as much as 955 points to hit a fresh record high of 70,540; the NSE Nifty climbed 263 points to touch a new all-time high of 21,189.
TCS has the largest private sector workforce in Fortune 500 India, followed by RIL and Infosys.
Post Q2 results, the U.S.-listed shares of Infosys plunged 6.5% to $16.46 in overnight trade on NYSE after the IT heavyweight cut revenue guidance for the second in a row.
The total contract value of new deal wins stood at $4 billion.
As ChatGPT captures the imagination of the world, the focus is now on Generative AI, with IT services companies queuing up to crack the code.
The richest billionaire from the sector is Shiv Nadar of HCL Tech, followed by Wipro’s Azim Premji.
Shares of HCLTech rose as much as 4% in opening trade to ₹1,186.70 apiece on the BSE.
Brokerages have turned bearish on the stock after the IT heavyweight reported lower than expected earning in the June quarter.