February 18, 2024
Nifty IT Index up 3 Percent; Infosys rises 5%, TCS 3%
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Nifty IT Index up 3 Percent; Infosys rises 5%, TCS 3%

Nifty IT Index up 3 Percent; Infosys rises 5%, TCS 3%. Image/Mint

Nifty IT Index up 3 Percent; Infosys rises 5%, TCS 3%

By Mint:
Nifty IT Index gained more than 3% in the morning trades on Friday post results declared by Tata Consultancy Services and Infosys on Thursday. Infosys saw its share price gain more than 5% while TCS gained more than 3%.

The expectations from IT companies had remained subdued during the December quarter . The impact of rise in furloughs, weak macros, wage hikes  weak demand environment were expected to weigh on their earnings.

The impact was visible , nevertheless the earnings performance by Infosys and TCS came in line or better than analysts expectations.

Infosys reported consolidated net profit of ₹6,106 crore, declined over 7 percent from ₹6,586 crore in the year-ago period. Its consolidated revenue could just grow1.3 percent to ₹38,821 crore versus ₹38,318 crore in the same period last year.

(This is a developing story. Check for more updates later)

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