IT stocks are in focus as Wipro is scheduled to announce its Jul-Sep quarter earnings today, while Infosys and HCL Technologies will announce their corporate results on October 14 and October 16, 2020, respectively.
Infosys share price gained over one per cent to hit a fresh 52-week high of Rs 1,146.50 apiece for the second consecutive day on BSE. IT bellwether on Monday announced that it has completed the acquisition of Kaleidoscope Innovation, a full-spectrum product design, development and insights firm innovating across medical, consumer and industrial markets, bolstering capabilities in the design of smart products. The stock has been on a gaining spree for nine days, rising 13.74 per cent. Another IT stock, HCL Technologies too hit a fresh 52-week high of Rs 885 apiece on BSE. “The acquisition of Kaleidoscope Innovation demonstrates Infosys’ commitment to innovate for its clients, and make a meaningful impact on human lives through a combination of cutting-edge technologies,” the company said in a press release.
IT stocks are in focus as Wipro is scheduled to announce its July-September quarter earnings later in the day today, while Infosys and HCL Technologies will announce their corporate results on October 14 and October 16, 2020, respectively. IT is one of the sectors which has a blessing in disguise as Covid-19 impacted the management decision of many companies and WFH (work from home) is a new culture in the service industry at least. “So, the demand for a new work environment which will support virtual workspace at home. Which ultimately reduces overhead costs for companies. Shortly, one may see the IT sector may continue to lead in the current scenario,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express Online.
With today’s gain, the Infosys stock price has risen over 124 per cent from March lows. Similarly, HCL Tech stock has rallied over 135 per cent in nearly seven months. Last week, Infosys co-founder and Non-Executive Chairman Nandan Nilekani informed that the company is looking at doubling its headcount in Canada to over 4,000 employees in the next 12-18 months. The Nifty IT index was also trading 0.74 per cent higher, with Naukri, HCL Tech, Mphasis, Mindtree and other stocks.
In late mornings deals, Infosys shares were trading nearly one per cent up at Rs 1,142.75 apiece, as compared to a 0.33 per cent rise in the S&P BSE Sensex.