Home / Markets / News / IT stocks rally post encouraging Q3 results by Accenture; Infosys jumps 7%

IT stocks rally post encouraging Q3 results by Accenture; Infosys jumps 7%

The S&P BSE Information Technology index ended over 5 per cent higher at 15,125 levels.

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Infosys, Mindtree, Mastek, and NIIT Tech were among the top gainers on the index - rising up to 6 per cent.

3 min read Last Updated : Jun 26 2020 | 4:20 PM IST

Information technology (IT) companies' shares rallied on Friday after Accenture came out with better-than-expected quarterly numbers. The company reported an adjusted third-quarter profit of $1.90 a share, which beat the $1.85 average estimate of 22 analysts surveyed by Bloomberg.

In the management commentary, Accenture said it expects a decline in IT budgets due to the weak economic growth outlook. However, spends on digital transformation will increase, offset by lesser spend on running operations. Accenture will transform run operations providing cost savings, which will be invested back into digital transformation.

Reacting to the development, most IT stocks traded in the green.

Topics : IT stocks Accenture Buzzing stocks information technology

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