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Cons revenue is expected to rise 0.5% sequentially and 7.5% YoY to Rs 28,599 crore, according to the average of estimates of 10 brokerages. Cons net profit is likely to fall 6% sequentially but rise by 2.8% YoY to Rs 4,094 crore.
The broader NSE Nifty climbed 151 points or 0.69% to finish at 22,147. Among the Sensex constituents, Bajaj Finance, M&M, HDFC Bank, JSW Steel, and Maruti emerged as the top gainers, registering gains of 2-3%. Infosys, HCL Tech, and TCS closed 0.6% to 1.2% lower, resulting in a 0.4% decline in the IT index.
Hemang Jani remains cautious on the IT sector. He says \”the only positive takeaway is that the market is already sensing that there would be a significant negative growth of about 1% to 1.8% in terms of quarterly revenue growth for Infosys. The next year guidance was anywhere from 3% to 5%, which is mediocre. So, it would be best to stay away from IT till we get more colour on growth.\”
Indian IT stocks decline, affecting benchmarks. Concerns over US Fed rates and IT demand recovery persist. Infosys\’ guidance for FY25 awaited. Market cautious pre-results, with Nifty IT Index closing below 200 EMA.
Banks spending more on technology to meet regulatory mandates, companies upgrading SAP systems and a broader increase in technology spending after US elections due in November are some of the factors that have raised demand recovery prospects for India’s $245 billion-plus IT services sector next year.