The IT index jumped nearly 2 percent on Thursday reacting to the US Federal Reserve’s decision to keep interest rates steady at 4.25 – 4.50 percent. Indian IT firms generate a significant portion of their revenue from US-based clients. With stable interest rates and anticipated rate cuts later this year, investor confidence in the sector has strengthened.
Here’s a look at how the major IT stocks performed on Thursday
Infosys
With a market capitalization of Rs 6,67,967.23 crore, Infosys Ltd rose nearly 3 percent in Thursday’s trading session and made an intraday high of Rs 1,631 per share compared to its previous closing price of Rs 1,586.55 per share. The shares retraced and were trading at Rs 1,608.50 which is 1 percent higher than the previous close.
Infosys is engaged in providing technology, consulting and outsourcing services. The segments of the company include retail, financial services, communication, manufacturing and life sciences among others. Its diverse product portfolio includes Finacle, Panaya platform, Infosys Equinox, Infosys Cortex and many more.
Wipro
With a market capitalization of Rs 2,81,483.48 crore, Wipro rose over 3 percent in Thursday’s trading session and made an intraday high of Rs 274 per share compared to its previous closing price of Rs 265.75 per share.
Wipro is a global company that operates through two segments: IT services and IT products. The services segment includes customer centric design, digital strategic advisory, and package implementation. The products segment primarily consists of third-party IT products which allows it to provide IT system integration services.
Tata Consultancy Services Ltd
With a market capitalization of Rs 12,90,336.64 crore, TCS rose over 2 percent in Thursday’s trading session and made an intraday high of Rs 3.577.55 per share compared to its previous closing price of Rs 3,497.15 per share.
Tata Consultancy Services (TCS), the flagship company of the Tata Group, is a leading IT services, consulting, and business solutions provider. The company offers an AI-powered, consulting-driven, and integrated portfolio of technology, business, and engineering services and solutions.
HCL Technologies Ltd
With a market capitalization of Rs 4,27,049.48 crore, HCL Technologies rose over 2 percent in Thursday’s trading session and made an intraday high of Rs 1,578 per share compared to its previous closing price of Rs 1,543.50 per share.
HCL Technologies is an Indian IT company, focused on transformational outsourcing, and offers an integrated portfolio of services. It operates primarily in three segments: IT and Business Services (ITBS), Engineering and R&D services (ERS) and HCLSoftware.
Written by Shwetha Sairam
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