
JP Morgan downgrades Indian IT sector on margin, revenue concerns
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.
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.
Revenue from operations stood at ₹22,597 crore, from ₹19,641 crore a year ago, while EBITDA decreased to ₹5,053 crore from ₹5,276 crore.
The Sensex and Nifty are set to open higher on Thursday, mirroring gains in Asian markets and positive trends at SGX Nifty futures.
Q4 results: IT giants TCS, Infosys, and Wipro are expected to report moderate growth in revenue during the December quarter due to continued higher employee expenses.
The BSE Sensex and the NSE Nifty are set to rise at the open on Tuesday, following strong cues from Asian peers and firm trends on the SGX Nifty futures.
The trending stocks such as State Bank of India, Tata Consultancy Services, Axis Bank, HCL Tech, Infosys, and others are likely to be in focus on Wednesday.
Shares of TCS, Infosys, Mindtree, Birlasoft, L&T Infotech, Tech Mahindra, HCL Technologies gained up to 5% on the BSE in intraday trade.
The Sensex and the Nifty are seen opening higher on Thursday, tracking gains in Asian markets and on Wall Street overnight amid easing of U.S. interest rate fears.
Ending the gaining streak of three sessions, the BSE Sensex and the NSE Nifty closed 1.3% lower each on Friday, led by strong selling across IT and tech space.