InformationTechnology companies are all set to post their earnings for Q3 starting January 11. Tata Consultancy Services and Infosys will kickstart the proceedings. In the past quarter, the stocks of IT companies performed in sync with the Nifty IT Index. Some stocks outperformed while others lagged.
Performance of stocks
Shares of the Tata Group-backed Tata Consultancy Services gained 7.96% in the last three months. The stock has surged 13% in the last six months and around 13% in the last one year.
Shares of Infosys were up 7.59% in the last three months. The stock of the company rose nearly 12.% in the last six months and above 3% in the last one year.
Outperforming Nifty IT, shares of Wipro gained 16.24% in the third quarter of FY24. The stock surged 16.22% in the past six months and 15.7% in the last one year.
Similarly, shares of HCL Technologies rose 18.4% in three months comprising Q3 FY24. The stock rose 33.64% in the last six months and 41.26% in the past one year.
LTIMindtree gained 20.76% in Q3 FY24. The stock surged nearly 21% in the last six months and nearly 41% in the last one year.
However, Tech Mahindra underperformed Nifty IT by over 730 basis points and gained just 4.64% in the same period mentioned above. The stock rose 6.72% in the last six months and 23.17% in the past one year. “TechM underperformance was driven by revenue weakness led by both Coms and enterprise business and margin softness due to impact of restructuring and revenue weakness,” said Abhishek Shindadkr, Research Analyst in IT Services at InCred Capital.
Nifty IT gained nearly 12% in the last quarter starting October 3 and ending December 29. Nifty IT outperformed Nifty 50 by 69 basis points.
Nifty 50 inched higher and gained 11.28% in Q3 FY24.