Information Technology Stocks Evidence of Profits Booking Post Infosys Q3 Numbers

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Infosys, Wipro, HCL Tech and Tech Mahindra lost around 3% with every release of Infosys Q3 issues

Information technology stocks are under intense selling pressure in today’s session, after Infosys and Wipro’s after-hours results were announced on Wednesday. HCL Tech, which is due to report its December quarter figures on Friday, lost 3.7% to Rs 1,016 on BSE at the start of negotiations, while Infosys and Wipro lost around 3% each after their third quarter figures . Tech Mahindra also lost 3 percent on BSE at the opening of the bell. As of 11:10 a.m., Infosys was trading down 1.8% to Rs 1,362.10, while Wipro had lost 2.3% to Rs 448.20 and HCL Tech had lost 3.2% to Rs 1,021 , 85.

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Infosys announced a 16.6% increase in profit for the October-December quarter and raised its forecast for annual revenue growth, in the after-hours results announcement on Wednesday. The consolidated net profit of the Bengaluru-based company climbed to Rs 5,197 crore from Rs 4,457 crore a year earlier, beating the estimates of the Street.

Wipro reported an increase of almost 21 percent in consolidated net profit to Rs 2,967 crore for the quarter ended in December. Revenue rose 1.3 percent to Rs 15,670 crore. In dollar terms, revenue rose 3.9 percent to $ 2.07 billion from the previous three months.

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The BSE Sensex was trading at 49,477.45, down 10.65 points and the NSE Nifty was at 4,650.95, down 3.75 points at the time.

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