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IT stocks rally; Wipro, TCS, MindTree crosses share buyback price

Wipro, TCS, HCL Technologies, Tech Mahindra and Infosys from the Nifty IT index were up in the range of 2% to 4% on NSE.

SI Reporter  |  Mumbai 

TCS, Infosys

Shares of information technology (IT) companies were in focus in other wise subdued market with most of the frontline stocks trading higher by up to 4% on the National Stock Exchange (NSE).

Wipro, Tata Consultancy Services (TCS), HCL Technologies, Tech Mahindra and from the were up in the range of 2% to 4% on NSE.

At 10:53 AM; Nifty IT index, the largest gainer among sectoral indices, was up 2.8% at 12,324, as compared to 0.25% decline in the benchmark index Nifty 50 index. IT index hit a fresh 52-week high of 12,339 in intra-day trade. The index is 4.6% away from its all-time high of 12,908 touched on March 4, 2015 in intra-day deal.

TCS, Wipro, MindTree, Nucleus Software and MphasiS were trading above their buyback price, while and quoting close to buyback price.

Price in Rs
Company Share buyback Intra-day high % chg
Infosys 1150 1108.00 -3.7
Wipro 320 329.25 2.9
Mindtree 625 635.45 1.7
HCL Technologies 1000 942.20 -5.8
TCS 2850 2853.65 0.1
Intra-day high on NSE at 10:53 AM
Stocks from Nifty IT index
Source: CapitalinePlus

Among the individual stocks, was up 4% to Rs 329 on NSE, crossing its price of Rs 320 per share.

The board of directors of will held on January 18-19 to consider December 2017 quarter (Q3FY18) results. The board will also consider interim dividend for the financial year 2017-18.

Edelweiss Securities expects to post USD revenue and cc revenue growth of 1.4% in Q3FY18 on quarter on quarter (QoQ).

We believe absence of wage hike and marginal appreciation of INR will lead to mere 20bps QoQ margin expansion, as quarter will be impacted due to seasonal furloughs. Demand outlook in energy & utilities vertical, traction in BPM, demand from India & MEA geographies, and deal contours of Cooper acquisition are key monitorables, the brokerage firm said in Q3FY18 results preview.

hit a fresh 52-week high of Rs 1,108, up 2.6% on NSE in intra-day trade, extending its past 7% gain in past six trading days.

Analysts KRChoksey Shares and Securities recommend an ‘accumulative’ rating on the stock with target price of Rs 1,187.

The company has witnessed a significant deal wins in the quarter that would provide incremental revenues inflows in the subsequent years especially in the retail, insurance and manufacturing sectors. The company remained positive in improving its profitability despite the overall industry’s been shifting from traditional IT services to a more business-driven coupled with ongoing political state of affairs.

We believe that the newly appointed CEO would identify the opportunities in the highly emerging market and outline the defined roadmap for addressing the growing demand from its clients, the brokerage firm said in result update.

has been able to manage the transition in the board and CEO without any disruption to the business. FY18 CC revenue growth at midpoint of guidance will be almost similar to TCS' FY18E at 6.5%. From a demand outlook perspective is sounding much more comfortable on CY18/ FY19 than Commentary on demand outlook, in particular BFSI is heartening,” said analysts at Antique Stock Broking in result review. The brokerage firm retains ‘buy’ rating on the stock with a target price of Rs 1,190.

COMPANY LATEST ONE-MONTH BEFORE GAIN(%)
SONATA SOFTWARE 300.00 231.25 29.7
INTELLECT DESIGN 185.70 145.65 27.5
KPIT TECH. 202.20 167.55 20.7
ECLERX SERVICES 1538.60 1282.70 20.0
VAKRANGEE 441.45 372.73 18.4
NIIT TECH. 719.20 613.90 17.2
PERSISTENT SYS 752.70 648.65 16.0
POLARIS CONSULTA 412.95 358.80 15.1
TATA ELXSI 1053.35 924.75 13.9
WIPRO 326.05 289.70 12.6
FIRSTSOUR.SOLU. 44.00 39.25 12.1
TECH MAHINDRA 560.00 500.75 11.8
TCS 2841.60 2545.60 11.6
HEXAWARE TECH. 357.00 320.40 11.4
ZENSAR TECH. 906.00 814.10 11.3
MINDTREE 624.35 566.55 10.2
RAMCO SYSTEMS 539.40 489.60 10.2
INFOSYS 1102.20 1022.90 7.8
L & T INFOTECH 1117.05 1039.55 7.5
TAKE SOLUTIONS 165.50 156.35 5.9

First Published: Tue, January 16 2018. 11:03 IST
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