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The Nifty IT index advanced in a weak market on Wednesday and was up 1.09 per cent at 27162.00 points. Meanwhile, the Nifty 50 was down 0.079 per cent. Most IT shares were trading in the green. 

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MPhasis (up 1.83 per cent), L&T Technology Services (up1.61 per cent), Tata Consultancy Services (up 0.77 per cent), Tech Mahindra (up 0.83 per cent) and Infosys (up 0.41 per cent) were among the top gainers. 

The shares of IT majors recently hit their 52-week lows. However, they have recovered marginally. Brokerages see an upside of up to 45 per cent in these IT stocks: 

Infosys 

The company has opened a digital centre in Calgary, Canada that would bring 1,000 jobs to the city over the next two years and support the company’s growth over the next two years. In addition, the Bengaluru-based IT major has taken various initiatives like promotions and role rotations for its employees. 

Axis Securities has a ‘buy’ call on Infosys with a target price of ₹ 1750. The company’s shares were trading at ₹1399.45 a piece at 12:58 PM and the given target suggests an upside of 25.05 per cent. 

Tata Consultancy Services 

The IT giant from the Tata Group has been positioned as a Leader and Star Performer in Everest Group’s PEAK Matrix for System Integration (SI) Capabilities on Amazon Web Services (AWS). 

Its shares were trading at ₹ 3,045.55 apiece at 01:10 PM on Wednesday. Global brokerage CLSA sees an upside of 23.13 per cent in the stock as it has set a target price of ₹ 3750. 

HCL Technologies 

The company has further strengthened its service business (i.e. ITBS and ERS) services due to the constant demand for next-generation technologies across various industries. Moreover, it has rebranded itself to ‘HCLTech’ to represent its differentiated portfolio of services and products that supercharge digital transformation for enterprises at scale. 

Religare Broking has maintained a buy rating on the stock with a target price of ₹ 1,333. This target is achievable in the next 9 to 12 months. This translates to an upside of 44.70 per cent as compared to the current share price of ₹ 921.20. 

Written by Simran Bafna 

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