
IT majors TCS, Infosys, Wipro rise on robust Q4 from peer HCL Tech
HCL Tech shares climbed over 3% in early trade, whereas TCS, Infosys, and Wipro gained nearly 1% on the BSE.
HCL Tech shares climbed over 3% in early trade, whereas TCS, Infosys, and Wipro gained nearly 1% on the BSE.
The BSE IT index witnessed broad-based selling, with most of sectoral heavyweights such as TCS, Wipro, HCL Tech, and LTIMindtree reeling under selling pressure.
Credited with many firsts, he transformed HCL Tech into India's third-largest IT services firm.
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Reacting to Q1 results, HCL Technologies share price declined as much as 2.46% to touch a 52-week low of ₹905.2 on the BSE.
The Sensex and Nifty are set to open a tad higher on Wednesday, tracking mixed cues from global peers and positive trends on SGX Nifty.
Revenue from operations for Q1 FY23 stood at ₹23,464 crore, up 16.9% year-on-year from ₹20,068 crore; total income increased to ₹23,873 crore from ₹20,323 crore a year ago.
The Sensex and Nifty are set to start the day in negative terrain, tracking weak cues from global peers and bearish trends on SGX Nifty.
The agency has downgraded TCS, HCL Tech, Wipro, and L&T Tech, but maintained an overweight rating on Infosys, Mphasis, and Tech Mahindra with reduced target prices.
Most analysts have maintained "buy" calls on HCL Technologies after its net profit more than tripled in Q4 FY22.