Tech brands lose value; Tata Group and Infosys climb the charts
Accenture retains top slot for the fifth year straight; Cognizant and Wipro fall in rankings
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IT companies have done better than expected
The combined market valuation of seven of the top-10 most valued firms jumped Rs 1,07,224.82 crore last week, with IT majors Tata Consultancy Services (TCS) and Infosys emerging as the biggest gainers. Last week, the 30-share BSE Sensex climbed 360.81 points or 0.60 per cent. While TCS, HDFC Bank, Infosys, Hindustan Unilever, ICICI Bank, HDFC and Life Insurance Corporation of India (LIC) were the gainers, Reliance Industries Limited, State Bank of India and Bharti Airtel faced erosion from their market valuation. The valuation of TCS rallied Rs 59,349.81 crore to Rs 12,34,637.11 crore, the most among the top-10 firms. The market capitalisation (mcap) of Infosys jumped Rs 22,997.16 crore to Rs 6,32,684.95 crore. Infosys had on Thursday reported a better-than-expected 13.4 per cent rise in profit for the December quarter and raised its annual sales forecast on a strong deal pipeline even as it warned of "constraints" in certain verticals amid slowing global economy. Meanwhile, Hind
The 30-share BSE Sensex rose by 303.15 points or 0.51 per cent to settle at 60,261.18. During the day, it jumped 460.23 points or 0.76 per cent to 60,418.26
Infosys Q3 review: The company is likely to benefit from vendor consolidation opportunities, gain market share and see margin expansion going ahead, say analysts
CLOSING BELL: Within sectors, barring consumer durables, PSB and Metal indices on the Nifty logged in most gains, up over 1 per cent each, followed by IT and financial pockets
Stocks to Watch: IT shares are likely to be in focus after Infosys and HCL Technologies reported stronger than expected Q3 results; and Wipro scheduled to report earnings on Friday.
So far the top three IT firms have announced their third quarter numbers and the dip in attrition rates and a higher bench strength seems to be signalling towards a normal year for hiring in FY24
Net profit for the Q3 FY23 came in at Rs 6,586 crore up 13.4 per cent y-o-y and 9.4 per cent sequentially
The attrition rate has been recorded at 24.35 in Q3FY23. In Q3FY22, it was at a higher 25.5%
CLOSING BELL: Broader markets, too, were subdued in trade as Nifty SmallCap 100 and Nifty MidCap 100 indices slipped up to 0.2 per cent
Stocks to Watch: Infosys and HCL Technologies to announce Q3 results; Sah Polymers to debut on Thursday.
Infosys Q3 preview: The operating margin could improve by 10-40 basis points (bps) to up to 21.9 per cent sequentially aided by a weakened rupee, lower attrition and higher optimisation
CLOSING BELL: Broader markets, too, bled simultaneously in trade as Nifty MidCap 100 and Nifty SmallCap 100 indices fell up to 0.5 per cent
The overall trend in the IT stocks have remained laggard and continues to bear high risk element.
Eight of the top 10 most valued firms faced a combined erosion of Rs 1,06,991.42 crore in market valuation last week, with IT majors Infosys and Tata Consultancy Services along with HDFC Bank taking the biggest hit. Last week, the Sensex declined 940.37 points or 1.55 per cent. Barring Hindustan Unilever and Life Insurance Corporation of India (LIC), eight firms suffered erosion from their market capitalisation (mcap). The market valuation of Infosys tumbled Rs 25,185.37 crore to Rs 6,09,687.79 crore, the most among the top 10 firms. The mcap of HDFC Bank tanked Rs 18,375.41 crore to Rs 8,89,130 crore. The valuation of Tata Consultancy Services (TCS) eroded by Rs 17,289.02 crore to Rs 11,75,287.30 crore and that of ICICI Bank diminished by Rs 14,447.69 crore to Rs 6,07,140.65 crore. State Bank of India's market valuation slumped Rs 11,245.01 crore to Rs 5,36,012.18 crore. HDFC's valuation declined by Rs 7,419.45 crore to Rs 4,74,018.02 crore and that of Reliance Industries Limit
Stocks to watch today: In a relief to multiplexes, the Supreme Court on Tuesday said that theatre owners had the right to prohibit outside food and beverages on their premises
Infosys has been recognised for leadership in corporate transparency and performance on climate change by global environmental non-profit CDP, securing a place on its annual 'A List'