IT Firms: Mind The Bend
Demand slowdown has forced the big boys of Indian IT to cut their growth outlook for FY24. As macro uncertainty looms large, companies are shifting focus to controlling costs to protect profitability.
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Tech Mahindra Q2 profit plunges 62% to ₹494 cr; revenue drops 2%
Sequentially, the profit declined 28.7% as against ₹692.5 crore in the June quarter.
Infosys ADR plummets over 6% on weak guidance; stock falls 4%
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.
Charging Up Mahindra
Group MD & CEO Anish Shah has delivered a steep increase in RoE while pushing for fast growth in all group businesses.
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).
Tech Mahindra shares tank 5%; here's why
Tech Mahindra reported a 39% decline in its profit to ₹693 crore as against ₹1,131 crore in the corresponding period last year, which was lower than analyst expectations of ₹1,100 crore.
Should you buy, sell or hold Wipro shares post Q1 results?
Brokerages have turned bearish on the stock after the IT heavyweight reported lower than expected earning in the June quarter.
TCS, HCL Tech shares trade flat ahead of Q1 results; here’s what to expect from IT majors
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.
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.
Why IT Majors Fret Over FY24?
As US recession looms large, Indian IT services companies are bracing for a hard landing.
