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I.T Stocks Outlook For The Week –20 To 24.11.2017

I.T Stocks Outlook For The Week –20 To 24.11.2017

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I.T Stocks Outlook For The Week –20 To 24.11.2017

Stocks of information technology companies are expected to move in a range with a negative bias due to strong rupee next week. Stocks in the sector are seen consolidating next week after the recent Gains. The Nifty IT index has gained 4.4% so far in November as a near 1% fall in the rupee against the dollar this month has boosted outlook for information technology companies' revenue growth in rupee terms. However, a sharp rise in rupee last day after Moody's upgrade of India's sovereign debt rating weighed on the shares of IT companies. Moody's upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed its outlook to "stable" from "positive". Another factor that could weigh on the sector's stock performance in the upcoming days is the possible pressure on operating margin due to the proposed increase in minimum salary of H-1B visa holders to $90,000 from $60,000 in the US. The US House Judiciary Committee on Wednesday voted to pass a legislation that proposes increasing the minimum annual salary of H-1B visa holders to $90,000 from $60,000. A hike in minimum salary would result in additional spending by Indian IT companies on employing talent leading to pressure on operating margin. These companies generate around 48-62% of their revenues from operations in the US.

Source : Cogencis Information Services Ltd.

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