IT Stocks

Firstsource Solutions shares surged over 15% on heavy volumes today amid an IT rebound. Here's what's driving the rally: Q4 expectations and analyst views on stock outlook

At 9:57 AM, the Nifty IT index was trading lower by 2.30 per cent, at 39,612. It touched an intra-day low of 39,465.75 during the session so far.

The quantum of deal pipeline, nature of large deals, pace of decision-making and drivers of consolidation trend will also be closely tracked

The Nifty 50 index closed 1.63% higher at 17,359.75. The S&P BSE Sensex rose 1.78% to 58,991.52. Both the indexes logged their best day in since Nov. 11

An analysis shows the average return divergence between these two sectors during the past decade has been 37%

Following recent developments around bankruptcy of Silvergate, SVB and Signature Bank in the US and UBS-CS merger will likely lead to further curtailing of discretionary tech spends in the near term.

The board has nominated K Krithivasan as CEO designate with effect from March 16, 2023.

The growth could be a challenge in Q1FY24, too, not just because of the cautious customer behavior but also due to the added issue of productivity concessions kicking in, says Nirmal Bang in a note.

In past two days, the stock was down 4% after the company on Saturday informed to the stock exchanges that Mohit Joshi, President of the company resigned effective from March 11, 2023.

MOFSL believes that this is a positive for Tech Mahindra as it will help the company scale up its BFSI vertical, which has lagged peers in recent years.

At 09:15 AM; around 23.63 million equity shares representing 6.23 per cent of total equity of MCIE changed hands via block deal on the BSE.

The bank bought billions of dollars worth of bonds over the past couple of years, using customers' deposits as a typical bank would normally operate

According to Jefferies, analysts' consensus revenue growth estimates for CY24 have been lowered for top clients of all IT firms, barring Wipro, with the highest cuts for HCL Tech and Tech Mahindra

Acquisition of Quant Systems will strengthen Sonata offering in BFSI and Healthcare & Life science verticals which will aid the revenue growth of company, say analyst at ICICI Securities.

The company's North America arm has inked an agreement to buy 100 per cent in Texas-based Quant Systems in an all-cash deal of $65 million.

Last month, electronic Manufacturing Services (EMS) firm Cyient DLM, a subsidiary of Cyinet, filed preliminary papers with capital markets regulator Sebi to raise Rs 740 crore through an IPO.

TMS Ep373: IT layoff, millets market, IT stocks, debt refinancing

Why is TCS bucking the trend on IT layoffs? How can millets crack the consumer market? Are IT stocks a good bet even as new hiring tapers? What is debt refinancing? All answers here

Thus far in calendar year 2023, the Nifty IT index has outperformed the market by surging 10 per cent, as compared to 0.55 per cent decline in the Nifty 50

Analysts at ICICI Securities expect TCS' margins to improve from FY23 onwards due to utilization improvement and moderation of sub-contractor costs

Tech Mahindra is witnessing moderation in growth, slower decision-making for projects, cuts in discretionary spending and shrinking budgets for short-term tactical deals, its management said