I.T Stocks Outlook for the week – 24 to 28.07
I.T Stocks Outlook for the week – 24 to 28.07
( www.rupeedesk.in )
Stocks of information technology companies are seen extending gains next week due to overhang of
corporate earnings that have built up a short-term positive momentum for the sector. Earlier this week, Wipro Ltd announced its earnings for Apr-Jun. Even though the company's consolidated net profit fell 8.1% on quarter to 20.83 bln rupees, the bottomline was higher than the consensus estimate of 20.10 bln rupees. The company also announced a buyback of 7% of paid-up equity capital, or 343.75 mln shares at 320 rupees per share on Thursday. The buyback of shares is seen helping the stock in short term. Mindtree Ltd also announced its Apr-Mar earnings this week, wherein it reported a 2.3% sequential rise in dollar sales to $200.1 mln and a 25% on-quarter rise in consolidated net profit to 1.2 bln rupees. Among other midcaps, Persistent Systems Ltd, NIIT Tech Ltd, Zensar Technologies Ltd, and KPIT Technologies Ltd announced their quarterly results. With the exception of NIIT Ltd, which reported a 48.9% sequential fall in consolidated net profit, all other companies saw their consolidated net profit rising on quarter.
Source : Cogencis Information Services Ltd.
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I.T Stocks Outlook for the week – 24 to 28.07
( www.rupeedesk.in )
Stocks of information technology companies are seen extending gains next week due to overhang of
corporate earnings that have built up a short-term positive momentum for the sector. Earlier this week, Wipro Ltd announced its earnings for Apr-Jun. Even though the company's consolidated net profit fell 8.1% on quarter to 20.83 bln rupees, the bottomline was higher than the consensus estimate of 20.10 bln rupees. The company also announced a buyback of 7% of paid-up equity capital, or 343.75 mln shares at 320 rupees per share on Thursday. The buyback of shares is seen helping the stock in short term. Mindtree Ltd also announced its Apr-Mar earnings this week, wherein it reported a 2.3% sequential rise in dollar sales to $200.1 mln and a 25% on-quarter rise in consolidated net profit to 1.2 bln rupees. Among other midcaps, Persistent Systems Ltd, NIIT Tech Ltd, Zensar Technologies Ltd, and KPIT Technologies Ltd announced their quarterly results. With the exception of NIIT Ltd, which reported a 48.9% sequential fall in consolidated net profit, all other companies saw their consolidated net profit rising on quarter.
Source : Cogencis Information Services Ltd.
