As Indian stock market is touching new highs day after day, the underlying sectors are trading mixed despite the broad rally. Indian IT sector as being the largest exporter of services has gone through a bumpy ride this year notably from visa issues, corporate governance tussles to the strengthening of rupee against the US dollar. Among the major developments this year, N Chandrasekaran climbed to the post of chairman of Tata Sons from the chairmanship of India’s largest IT company TCS, while Vishal Sikka resigned from the post of CEO of the second-largest IT bellwether Infosys.
The stocks of big three IT companies TCS, Infosys and Wipro have gone through a highly volatile trade in the current calendar year with share prices appreciating only a little. We take a look at five IT stocks which have vastly outperformed India’s biggest IT companies Infosys, TCS and Wipro.
Shares of TVS Electronics have more than doubled in last three months of trade with the share price skyrocketing nearly 130% to Rs 420. TVS Electronics is a subsidiary of TVS Group which manufactures and distributes products. The stock of Zen Technologies had also more than doubled in last 3-month period. Shares of Zen Technologies have returned about 115% to Rs 111. Shares of 63 Moons Technologies have grown nearly 70% from a share price of Rs 72 to Rs 122 in last three months.
Other shares which have also outperformed India’s largest IT companies TCS, Infosys and Wipro are 8K Miles Software Services and Nucleus Software Exports. The stock of 8K Miles Software Services had gained over 75% to Rs 920 while Nucleus Software Exports had appreciated nearly 60% to Rs 463 in the same period under review.
Meanwhile, Infosys and Wipro are slated to open their mega share buybacks offering this week to collectively return as much as up to Rs 24,000 crore in cash to small and large investors. Earlier in May 2017, Tata Consultancy Services concluded India’s biggest share repurchase of worth Rs 16,000 crore.