According to IBEF, The Information Technology (IT) sector in India is projected to reach $138.6 billion in FY24, reflecting an 11.1% growth from the previous year. Major players like TCS, Infosys, and Wipro are driving this expansion, with significant investments in AI and cloud technologies shaping the industry’s future.
Here are the IT stocks to buy with a potential upside of 19%:-
LTIMindtree Limited is engaged in the business of analyzing, designing, maintaining, converting, porting, debugging, coding, outsourcing, and programming software and also providing information technology-enabled services.
With a market capitalization of Rs 1.84 lakh crore, the shares of LTIMindtree Ltd were trading at Rs 6,234.20 per share, decreasing around 0.60 percent as compared to the previous closing price of Rs 6,116.90 apiece.
JP Morgan, one of the well-known brokerages globally, gave a ‘Buy’ call on the IT stock with a target price of Rs 6,900 apiece, indicating a potential upside of 11 percent from Tuesday’s price of Rs 6,235.15 per share.
Looking forward to the company’s financial performance, revenue zoomed by 5 percent from Rs 8,702 crore in Q1FY24 to Rs 9,143 crore in Q1FY25 but during the same time, net profit shrank by 1.4 percent from Rs 1,152 crore to Rs 1,135 crore.
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Mphasis Limited specializes in cloud and cognitive services. It uses technology to assist corporations to improve their operations internationally. Banking and financial services, logistics and transportation, technology, media and telecommunications, insurance, and others are among the company’s segments.
With a market capitalization of Rs 54,689.19 crore, the shares of Mphasis Ltd were trading at Rs 2,858.10 per share, decreasing around 0.47 percent as compared to the previous closing price of Rs 2,875.45 apiece.
JP Morgan, one of the well-known brokerages globally, gave a ‘Buy’ call on the IT stock with a target price of Rs 3,400 apiece, indicating a potential upside of 19 percent from Tuesday’s price of Rs 2,858.10 per share.
Looking forward to the company’s financial performance, revenue zoomed by 5 percent from Rs 3,252 crore in Q1FY24 to Rs 3,422 crore in Q1FY25 but during the same time, net profit zoomed by 2 percent from Rs 396 crore to Rs 405 crore.
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Written by:- Abhishek Singh
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