
Infosys completes acquisition of Danske Bank’s IT centre in India; stock down
In June this year, Infosys signed a deal to acquire Danske Bank’s IT centre in India, where over 1,400 professionals are employed.
In June this year, Infosys signed a deal to acquire Danske Bank’s IT centre in India, where over 1,400 professionals are employed.
The sell-off in the equity market was triggered by weakness in index heavyweights such as Infosys, TCS, HCL Technologies, RIL, and HUL as well as bearish global cues.
Brokerages have turned bearish on the stock after the IT heavyweight reported lower than expected earning in the June quarter.
The IT heavyweights are expected to report weak earnings in June quarter with flattish sequential growth in CC terms due to soft demand outlook with limited large deal ramp ups.
In a clarification to exchanges, TCS said that no key managerial person of the company has been found to be involved in the alleged recruitment scam.
Shares of TCS, Infosys, Wipro, HCL Technologies, and Tech Mahindra fell up to 2%, in sync with a weak broader market.
The brokerage expects most IT services firms to miss current expectations and placed Infosys, TCS and MphasiS on negative catalyst watch
HCL Tech shares climbed over 3% in early trade, whereas TCS, Infosys, and Wipro gained nearly 1% on the BSE.
The IT heavyweight has fallen 11% in two of three trading sessions post Q4 results, while it lost ₹62,477 crore in market valuation during the same period.
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.