Market News
3 min read | Updated on July 15, 2024, 14:34 IST
SUMMARY
The NIFTY IT index traded 0.07% lower at 38,994.35 levels. Of the ten constituents, seven stocks traded in the red and the rest three in the green.
In 2024 so far, NIFTY IT has risen by around 9.7%
IT stocks were trading mixed in the afternoon deals on Monday, July 15, amid a positive trend in benchmark indices. Last week, two leading IT services firms, TCS and HCLTech, reported their June quarter (Q1FY25) results, which boosted investor sentiment with their encouraging numbers, order book and revenue guidance for FY25 (for HCLTech).
Meanwhile, the benchmark NIFTY50 index was trading 0.45% higher at 24,613.55 levels.
The company reported new deal wins of $8.3 billion for the June quarter, of which $4.6 billion were from North America and USD 2.7 billion came from the BFSI vertical, Krithivasan said. The new wins or total contract value was much lower when compared to both the quarter-ago period and the year-ago period, but the CEO said the company was comfortable till the quarterly figure is between $7-9 billion.
Commenting on the first quarter numbers, HCLTech CEO and MD C Vijayakumar said the Q1 revenue and EBIT (earnings before interest and taxes) performance was "slightly better than our expectations". The MD added that the Q1 has been a seasonally soft quarter for HCLTech, but affirmed that the Noida-headquartered tech major will achieve its annual growth guidance.
There are ten constituents of the Nifty IT index. Infosys has the highest weightage with 27.68%. TCS comes second on the list with a weightage of 24.22%.
In 2024 so far, NIFTY IT has given returns of around 9.7%, whereas the benchmark NIFTY50 has risen by about 13% year-to-date.
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