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IT shares trade weak; TCS, Infosys down over 2%

At 10:51 am; the Nifty IT index was down 1.2% falling nearly 3% from its early morning high

SI Reporter  |  Mumbai 

TCS, Infosys

Shares of information technology (IT) companies were trading weak, falling by up to 3% on the National Stock Exchange (NSE) after the sector majors Tata Consultancy Services (TCS) and declared their October-December quarter (Q3FY17) results.

At 10:51 am; was down nearly 4% to Rs 2,261, while down 2% at Rs 978 as compared to 1.2% decline in the index and 0.10% fall in the benchmark Nifty 50. The IT index has fallen nearly 3% from its early morning high.


HCL Technologies, Wipro and Tata Exlsi were down less than 1% each. However, Tech Mahindra was up 1% at Rs 488 on the NSE.

India's biggest software services firm reported 2.9% jump in profit to Rs 6,778 crore for the third quarter of the current fiscal on sequential basis. Revenue grew 1.5% at Rs 29,735 crore on quarter-on-quarter basis. The company beat Street estimates as it saw substantial jump in revenue from digital services.

"The resilience of our business model and strength of our operating strategy has been brought to the fore by our performance in Q3, traditionally a quarter of weak demand," MD and Chief Executive N Chandrasekaran said.

reported revenue beat after several quarters and the outlook is also incrementally better. However, investor focus will be on management transition post the elevation of CEO Mr. N Chandrasekaran (Chandra) to Tata Sons Chairman. Under Chandra's leadership had delivered phenomenal results and set industry benchmarks on efficiency and growth,” analysts at Antique Stock Broking.

Incoming CEO and current CFO Mr. Rajesh Gopinathan has wide experience ranging from business to finance within TCS. However filling in Mr. Chandra's shoes will be a challenging task, the brokerage firm said in Q3 results review.

reported 1.4% quarter on quarter (QoQ) decline in its revenues at $ 2,551 million for the quarter ended December 31, 2016 in USD terms. It decline 0.3% in constant currency terms. On rupee terms, revenues decline 0.2% at Rs 17,273 crore, while net profit grew 2.8% at Rs 3,708 crore on QoQ basis. The company revised for the third time its annual guidance marginally to 8.4-8.8% from its earlier forecast of 8-9%.
 

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IT shares trade weak; TCS, Infosys down over 2%

At 10:51 am; the Nifty IT index was down 1.2% falling nearly 3% from its early morning high

At 10:51 am; the Nifty IT index was down 1.2% falling nearly 3% from its early morning high
Shares of information technology (IT) companies were trading weak, falling by up to 3% on the National Stock Exchange (NSE) after the sector majors Tata Consultancy Services (TCS) and declared their October-December quarter (Q3FY17) results.

At 10:51 am; was down nearly 4% to Rs 2,261, while down 2% at Rs 978 as compared to 1.2% decline in the index and 0.10% fall in the benchmark Nifty 50. The IT index has fallen nearly 3% from its early morning high.

HCL Technologies, Wipro and Tata Exlsi were down less than 1% each. However, Tech Mahindra was up 1% at Rs 488 on the NSE.

India's biggest software services firm reported 2.9% jump in profit to Rs 6,778 crore for the third quarter of the current fiscal on sequential basis. Revenue grew 1.5% at Rs 29,735 crore on quarter-on-quarter basis. The company beat Street estimates as it saw substantial jump in revenue from digital services.

"The resilience of our business model and strength of our operating strategy has been brought to the fore by our performance in Q3, traditionally a quarter of weak demand," MD and Chief Executive N Chandrasekaran said.

reported revenue beat after several quarters and the outlook is also incrementally better. However, investor focus will be on management transition post the elevation of CEO Mr. N Chandrasekaran (Chandra) to Tata Sons Chairman. Under Chandra's leadership had delivered phenomenal results and set industry benchmarks on efficiency and growth,” analysts at Antique Stock Broking.

Incoming CEO and current CFO Mr. Rajesh Gopinathan has wide experience ranging from business to finance within TCS. However filling in Mr. Chandra's shoes will be a challenging task, the brokerage firm said in Q3 results review.

reported 1.4% quarter on quarter (QoQ) decline in its revenues at $ 2,551 million for the quarter ended December 31, 2016 in USD terms. It decline 0.3% in constant currency terms. On rupee terms, revenues decline 0.2% at Rs 17,273 crore, while net profit grew 2.8% at Rs 3,708 crore on QoQ basis. The company revised for the third time its annual guidance marginally to 8.4-8.8% from its earlier forecast of 8-9%.
 

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Business Standard
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IT shares trade weak; TCS, Infosys down over 2%

At 10:51 am; the Nifty IT index was down 1.2% falling nearly 3% from its early morning high

Shares of information technology (IT) companies were trading weak, falling by up to 3% on the National Stock Exchange (NSE) after the sector majors Tata Consultancy Services (TCS) and declared their October-December quarter (Q3FY17) results.

At 10:51 am; was down nearly 4% to Rs 2,261, while down 2% at Rs 978 as compared to 1.2% decline in the index and 0.10% fall in the benchmark Nifty 50. The IT index has fallen nearly 3% from its early morning high.

HCL Technologies, Wipro and Tata Exlsi were down less than 1% each. However, Tech Mahindra was up 1% at Rs 488 on the NSE.

India's biggest software services firm reported 2.9% jump in profit to Rs 6,778 crore for the third quarter of the current fiscal on sequential basis. Revenue grew 1.5% at Rs 29,735 crore on quarter-on-quarter basis. The company beat Street estimates as it saw substantial jump in revenue from digital services.

"The resilience of our business model and strength of our operating strategy has been brought to the fore by our performance in Q3, traditionally a quarter of weak demand," MD and Chief Executive N Chandrasekaran said.

reported revenue beat after several quarters and the outlook is also incrementally better. However, investor focus will be on management transition post the elevation of CEO Mr. N Chandrasekaran (Chandra) to Tata Sons Chairman. Under Chandra's leadership had delivered phenomenal results and set industry benchmarks on efficiency and growth,” analysts at Antique Stock Broking.

Incoming CEO and current CFO Mr. Rajesh Gopinathan has wide experience ranging from business to finance within TCS. However filling in Mr. Chandra's shoes will be a challenging task, the brokerage firm said in Q3 results review.

reported 1.4% quarter on quarter (QoQ) decline in its revenues at $ 2,551 million for the quarter ended December 31, 2016 in USD terms. It decline 0.3% in constant currency terms. On rupee terms, revenues decline 0.2% at Rs 17,273 crore, while net profit grew 2.8% at Rs 3,708 crore on QoQ basis. The company revised for the third time its annual guidance marginally to 8.4-8.8% from its earlier forecast of 8-9%.
 

image
Business Standard
177 22