By Malvika Gurung
Expecting positive/bullish results from the giants, given the strong demand environment of the online space, especially post-pandemic, the share prices of the three stocks recorded a rise ahead of their quarterly earnings announcements scheduled on Wednesday.
At 12:55 pm, Infosys was seen trading 0.85% higher, while Wipro and Mindtree were trading at +0.32% and +1.07% respectively.
Additionally, the country’s largest company in terms of market cap, TCS (NS: TCS ) also showed an uptick during early trade hours after a two-day decline resulting from its quarterly earnings announcement last week which fell short of its expectations.
All eyes are now set on TCS’ peers Infosys, Wipro and Mindtree’s quarterly earnings. Besides, a surge in share prices of Tata Elxsi (NS: TTEX ), Birlasoft Ltd (NS: BIRS ), L&T (NS: LART ) Tech and Coforge Limited (NS: COFO ) led to a lift in the S&P BSE IT index by 0.53% at 1:00 pm on Wednesday.
Additionally, Infosys, Wipro and Mindtree’s returns to their investors stood at 46%, 76% and 171% in the past year, respectively.
Rahul Singh from Tata Mutual Fund states that the IT space looks extremely promising at the moment, from a medium-term view. He adds that IT stock prices can ‘go through a phase of consolidation after the sharp run-up’.
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