HCLTech and TCS Shares Rise After Strong Quarterly Results
· Business · Times of India, LiveMint
HCLTech emerged as the top gainer, rising 5.74% to Rs 1,290 after reporting strong quarterly results a day earlier, backed by improved profitability metrics. Tata Consultancy Services (TCS) gained 5.07% to Rs 2,234.80 after announcing a 15% rise in net profit in its quarterly earnings last week. The Nifty IT index rose 3.12% to 29,235.25 and the BSE Focused IT index increased 3.04% to 35,366.87 as tech-heavy stocks drove gains in Dalal Street. Better-than-expected results from major IT firms have encouraged investors to return to beaten-down shares, raising hopes that concerns over the sector's earnings growth may be easing. Despite the rally, the Nifty IT index remains down 23% year-to-date due to moderating earnings and AI disruption concerns. The rupee strengthened to 95.25 against the dollar after the RBI announced additional measures to ease currency pressure.
Why it matters
The rally in IT stocks benefits investors holding shares in major Indian technology companies like TCS, HCLTech, Infosys, and Tech Mahindra. Improved sentiment in the sector may signal a turnaround after a challenging year marked by falling valuations and growth concerns.
Read the original report — Times of India
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