Information technology stocks, including Infosys. Wipro and MindTree, rally after September quarter numbers

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IT stocks after September quarterly numbers

Wipro and MindTree hit 52-week highs on BSE, while Infosys moves towards annual gains

Shares of IT companies, which announced September-September quarterly numbers, rose 2-12 per cent on Wednesday on the BSE, driven by better-than-expected numbers by ID Belweather Infosys. Wipro and MindTree hit 52-week highs on the BSE, while Infosys is heading for its annual high.

Shares of Infosys rose more than 3 per cent to Rs 1,784 after registering a consolidated profit of Rs 5,421 crore for the quarter ended September 2021, up 11.9 per cent year-on-year. Operating income for the September quarter was Rs 29,602 crore, compared to Rs 24,570 crore in the same quarter last year, registering a growth of 20.48 per cent year-on-year. Infosys raised its annual revenue forecast or revenue guidance to 16.5-17.5 per cent for the current financial year, up from 14 per cent – 16 per cent earlier, while retaining its margin guidance from 22 per cent to 24 per cent.

Shares of Wipro rose 7 per cent to a 52-week high of Rs 2,931 crore in the second quarter, up 19 per cent from Rs 2,466 crore in the year-ago period. Rose to 724.70. Wipro’s revenue grew by 30 per cent year-on-year to Rs 19,667 crore on the back of volume-led growth in markets and business ranges.

The company had posted a net profit of Rs 398.9 crore for the quarter ended September 2021, up 57.2 per cent.

Among other IT stocks, TCS and HCL Technologies traded weak. TCS has been lagging behind since its Q3 numbers fell short of market expectations. TCS began its September quarter results on Friday with a 28.75 percent increase in its second-quarter profit, boosting demand for digitalization from businesses due to the epidemic. HCL Tech is set to announce its Q2 numbers during the day.

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