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Shares of <keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords">Infosys</keyword> climbed nearly 5 per cent in morning trade on Friday, a day after the IT major reported a 7 per cent rise in consolidated net profit in the April-June quarter and raised its growth outlook for the current financial year. The stock jumped 4.76 per cent to hit a 52-week high of Rs 1,843 on the BSE. At the NSE, it climbed 4.88 per cent to Rs 1,844 -- its 52-week high. The company's market valuation rallied Rs 20,843.19 crore to Rs 7,51,247.27 crore during the morning trade. The stock emerged as the biggest gainer among the BSE Sensex and NSE Nifty firms. IT major Infosys on Thursday reported a 7 per cent rise in consolidated net profit at Rs 6,368 crore in the April-June quarter and raised its growth outlook for the current financial year, signalling an improvement in the IT segment. With improvement in business, Infosys has shared plans to hire 15,000-20,000 freshers depending on the growth during the year. The company has been reporting continuous decline in headcount since March 2023 quarter. In the year-ago period, the company clocked a profit of Rs 5,945 crore, according to a BSE filing. "Infosys' Q1 numbers on all parameters have beaten market expectations," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. The consolidated revenue of Infosys increased by 3.6 per cent to Rs 39,315 crore during the reported quarter, from Rs 37,933 crore a year ago. For the current fiscal year, the company raised its revenue growth guidance to 3-4 per cent in constant currency terms from 1-3 per cent predicted earlier.

Infosys market valuation jumps by Rs 20,843 crore after earnings announcement; Shares climb nearly 5%

<ul><li>IT services major <keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword>’ shares tanked over 9% on Monday after the company’s disappointing performance in the March quarter.</li><li>Infosys’ CEO and MD Salil Parekh painted a sombre outlook for FY24, projecting a lower-than-expected earnings guidance of 4-7% growth.</li><li>This spooked the street and analysts alike, with several brokerages trimming their target prices for Infosys while underlining a weak outlook for the company.</li></ul>IT services major Infosys’ shares tanked over 9% on Monday after the company’s disappointing March quarter performance and sharply lower growth outlook for FY24 had investors and analysts worried. Infosys was the top loser in the Nifty50 and the Nifty IT indices, and was also the most active stock today. After hitting the lower circuit in pre-opening trades on Monday, Infosys’ shares recovered slightly to close the day lower by 9% at ₹1,259. The IT flock as a whole closed lower by 4.7%, with all the stocks in the index in the red, reflecting the caution amongst investors as far as the future outlook of the IT sector is concerned. To recall, Infosys<a href="https://www.businessinsider.in/business/corporates/news/infosys-sees-4-7-revenue-growth-in-fy24-after-it-misses-its-own-fy23-revenue-guidance/articleshow/99467637.cms"> missed its own FY23 guidance</a> of 16-16.5%, registering a constant currency revenue growth of 15.4% for the fiscal year. <cmsannotation type="cmsannotation" annotationid="What has investors spooked: Uncertain environment, unplanned project ramp downs" comment="subhead" text="What has investors spooked: Uncertain environment, unplanned project ramp downs">What has investors spooked: Uncertain environment, unplanned project ramp downs</cmsannotation> However, what has investors and analysts spooked is the sharply lower revenue growth outlook for FY24 – Infosys has guided for a revenue growth of 4-7% in FY24, which is lower than analyst expectations of 6-8% growth. The Bengaluru-based IT services firm’s commentary on demand outlook also has investors on edge. “During the quarter, we saw unplanned project ramp downs in some of our clients, and delays in decision-making, which resulted in lower volumes. In addition, we had some one-time revenue impact,” said Salil Parekh, Infosys’ chief executive officer and managing director. Analysts at Nomura stressed that Infosys’ commentary indicates a significant demand slowdown and rising cost prices as reflected in the trimmed margin guidance for FY24. “Infosys’ guidance of 4-7% year-on-year (YoY) revenue growth (constant currency) for FY24 (vs 13-15% for FY23 at the start of the previous year) and our expectation of 6-8% YoY guidance represent significant moderation in demand,” Nomura said, trimming its projected valuation of the company from 21x to 18x price-to-earnings. Analysts at HDFC Securities underlined that the recent senior-level exits could add to the growth risks for the company. Explaining why the company missed its own revenue guidance, CEO Parekh said that it was due to “ramp downs which were unplanned”. “This was across sectors. We saw some in telecom, some in high-tech, some in retail. Within financial services, [it was] mortgages, asset management and investment banking,” Parekh added. Analysts at Nuvama Institutional Equities cut their earnings per share estimate for Infosys by 4.4-6.3% for FY24 and FY25 due to the “disappointing Q4” performance, but maintained that the longer-term prospects of the company remain intact. <cmsannotation type="cmsannotation" annotationid="Brokerages trim target prices" comment="subhead" text="Brokerages trim target prices">Brokerages trim target prices</cmsannotation> Brokerages have trimmed their target prices for Infosys over the next 12 months, on account of the demand slowdown and headwinds to margin expansion in the form of wage and other cost increases. Despite the cuts in target prices, most brokerages maintained their ‘buy’ recommendations on the stock. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,470 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jefferies </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,570 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,290 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Securities </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,470 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Add </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emkay Global </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,620 </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: Brokerages <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/finance/news/is-the-dollar-dying-its-reserve-currency-status-may-be-at-risk-it-isnt-time-to-die/articleshow/99497760.cms">Is the Dollar dying? Its reserve currency status may be at risk, it isn’t time to die</a> <a href="https://www.businessinsider.in/finance/news/rbis-mpc-decisively-in-a-rate-pause-territory-as-inflation-cools-down/articleshow/99497132.cms">RBI's MPC 'decisively' in a rate-pause mode as inflation cools down</a> <a href="https://www.businessinsider.in/entertainment/news/what-can-1-get-you-30-minutes-of-trailers-at-pvr-inox/articleshow/99487702.cms">What can ₹1 get you? 30 minutes of trailers at PVR Inox</a>

Infosys shares tank over 9% post a disappointing Q4, analysts caution demand moderation ahead

Not time for bottom fishing yet say experts even as many blue chips hit their 52 week lows

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> logged declines on Friday to end the week in red.</li><li> Dragging the indices down were IT, PSU banks and energy stocks.</li><li> Overall, the list of top five losers on the Nifty50 index were all IT stocks, led by HCL Tech which declined over 6.5% on weak growth outlook.</li></ul>India’s benchmark indices Sensex and <keyword id="6354813" type="General" weightage="50" keywordseo="nifty" source="Orion">Nifty</keyword>50 logged a decline to end the week in red after selling pressure in IT, energy and PSU bank stocks. The 30-share BSE Sensex opened strong but came under severe selling pressure to close 389.01 points or 0.62% lower at 62,181.67. Similarly, the broader NSE Nifty declined 112.75 points or 0.61% to 18,496.60. On a weekly basis, the Sensex lost 687 points or 1.09%, while the Nifty shed 200 points or 1.06%. Sector-wise, BSE IT, metal and teck lost as much as 2.98% on Friday, while healthcare and bankex logged gains. "Markets seems to be consolidating for last few sessions as participants are lightning their position ahead of crucial US Fed meeting next week. US PPI data to be released later on Friday as well as US CPI data on 13th December would be keenly watched as they would influence the Fed's interest rate decision. HCL Tech was the top loser in the Sensex pack, skidding 6.72%, followed by Tech Mahindra, Infosys, Wipro, <keyword id="6357150" type="General" weightage="50" keywordseo="tcs" source="Orion">TCS</keyword> and Reliance Industries. On the other hand, Nestle India, Titan, Sun Pharma, Dr Reddy's, IndusInd Bank and ITC were among the gainers, advancing up to 2.24%. "Today's downfall in the domestic market was sparked by IT stocks extending their losses after warning of a potential slowdown in business on global recession fears. This was further aggravated by banks losing their grip as PSBs suffered heavy sell-offs,” said Vinod Nair, Head of Research at Geojit Financial Services. <cmsannotation type="cmsannotation" annotationid="Weakness in tech stocks could continue, say analysts" comment="subhead" text="Weakness in tech stocks could continue, say analysts">Weakness in tech stocks could continue, say analysts</cmsannotation> This year has been bad for India’s IT companies, with their shares losing between 13.8-45.2% of their value till date. Yet, the future outlook remains bleak, according to analysts. "Further, FIIs have remained net sellers (₹5,500 crore) in December so far (baring one positive day) and added to the overall pressure in the market. We expect weakness in tech stocks to continue on account of weak growth outlook. FMCG stocks are expected to do well on the back of fall in commodity prices and improving demand," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services. Following a rally in the US market, bourses in Tokyo, Hong Kong, Shanghai and Seoul settled in the green. Equities in Europe were also trading with mild gains in mid-session deals. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth ₹1,132 crore, according to exchange data. Meanwhile, international oil benchmark Brent crude rose 0.05% to $76.19 per barrel. The rupee appreciated by 10 paise to close at 82.28 (provisional) against the US dollar on Friday, tracking the weakening of the American currency in the overseas market. Flows in the mutual fund industry through systematic investment plans or SIPs route rose to an all-time high of ₹13,306 crore in November, reflecting the growing maturity and confidence of investors. However, inflow in equity mutual fund schemes plunged 76% to ₹2,258 crore in November from ₹9,390 crore in the preceding month, data released by Association of Mutual Funds in India (AMFI) showed on Friday. (With inputs from PTI) SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/two-adani-group-companies-rule-as-the-top-all-round-wealth-creators/articleshow/96109684.cms">Two Adani Group companies rule as the top all-round wealth creators – here are a few other unexpected entries</a> <a href="https://www.businessinsider.in/business/auto/news/november-2022-registers-best-ever-auto-sales-except-march-2020-fada/articleshow/96103887.cms">Festive baton shifts to Great Indian Wedding Season, November registers best-ever auto sales, except March 2020: FADA</a> <a href="https://www.businessinsider.in/business/corporates/news/bharatpe-files-arbitration-to-claw-back-co-founder-ashneer-grovers-unvested-1-4-shares/articleshow/96110037.cms">BharatPe files arbitration to claw back co-founder Ashneer Grover's unvested 1.4% shares</a>

Sensex, Nifty50 log declines to close the week in red – IT, PSU banks and energy stocks drag

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> opened on a flat note on Thursday amid mixed global cues due to cautions about recession and US Fed’s monetary tightening. </li><li>Sensex opened 93 points higher at 62,504 while the 50-stock index Nifty50 was up 10 points at 18,571. </li><li>Investors might also keep an eye on the outcome of the Gujarat and Himachal Pradesh assembly elections – the vote counting started earlier this morning. </li><li>Brent crude oil prices remained below $80 levels at $77 per barrel on Thursday amid concerns of economic slowdown. </li></ul>Sensex and Nifty50 opened on a flat note on Thursday amid mixed global cues and worries in the US about the Fed’s monetary policy tightening. <keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of how the markets may perform, was up 0.07% early morning today. Earlier on Wednesday, the Reserve Bank of India <a href="https://www.businessinsider.in/finance/news/rbi-hikes-repo-rate-by-35-bps-taking-rates-to-a-high-of-6-25/articleshow/96045841.cms">announced</a> a 35 basis points rate hike in line with expectations, but analysts suggest that RBI governor Shaktikanta Das’ commentary indicates another rate hike is on the cards. This could come in some time in February 2023, with the quantum <a href="https://www.businessinsider.in/finance/news/rbis-rate-hike-as-expected-but-shaktikanta-das-commentary-still-hawkish-say-analysts/articleshow/96057544.cms">expected to be 25 basis points</a>. Sensex opened 93 points higher at 62,504 while the 50-stock index Nifty50 was up 10 points at 18,571. “Indian markets are likely to open on a flat to negative note today tracking weak global cues. Investors will now look ahead to the Fed meeting next week after RBI hiked the repo rate by 35 bps in the fight against inflation amid recession concerns,” said ICICI Direct. On Wednesday, benchmark indices <a href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-close-lower-after-rbi-says-inflation-battle-not-over-realty-it-auto-stocks-drag/articleshow/96058618.cms">closed</a> on a negative note after the RBI’s commentary was seen as <a href="https://www.businessinsider.in/finance/news/rbis-rate-hike-as-expected-but-shaktikanta-das-commentary-still-hawkish-say-analysts/articleshow/96057544.cms">slightly hawkish</a>, indicating another rate hike was in the cards. Meanwhile Brent crude oil prices remained below $80 levels at $77 per barrel on Thursday amid concerns of economic slowdown. At the same time rupee was up 0.12% at 82 against the US dollar. Investors might also keep an eye on the outcome of the Gujarat and Himachal Pradesh assembly elections – the vote counting started earlier this morning. <cmsannotation type="cmsannotation" annotationid="Global markets mixed" comment="subhead" text="Global markets mixed">Global markets mixed</cmsannotation> Markets around the world had a mixed day on Wednesday. The US markets treaded with caution on concerns of a recession and the impact of the US Fed’s monetary tightening on corporate earnings. While S&amp;P 500 ended the day with a 0.19% decline, the tech-heavy Nasdaq closed 0.51% lower. The Dow Jones Industrial Average ended the day flat. Asian markets opened on a mixed note on Thursday, with the Hang Seng index rising 2.74%, but Shanghai Composite declining 0.07%. Nikkei 225 posted a 0.74% decline, while KOSPI was 0.55% in the red. <cmsannotation type="cmsannotation" annotationid="RBI cuts India’s FY23 GDP growth forecast to 6.8%" comment="subhead" text="RBI cuts India’s FY23 GDP growth forecast to 6.8%">RBI cuts India’s FY23 GDP growth forecast to 6.8%</cmsannotation> During the credit policy announcement on Wednesday, RBI also <a href="https://www.businessinsider.in/finance/news/rbi-downgrades-fy23-gdp-growth-projections-to-6-8-percent/articleshow/96047963.cms">announced</a> a downgrade in India’s FY23 GDP growth forecast to 6.8% from 7%. Notably, this is the second GDP downgrade from the RBI, which had predicted the Indian economy to expand by 7.2% at the beginning of the year. RBI’s forecast is also slightly lower than agencies like S&amp;P, CRISIL, and Moody’s, which pegged the Indian economy to expand by 7% in FY23. <cmsannotation type="cmsannotation" annotationid="Stocks to watch on Thursday" comment="subhead" text="Stocks to watch on Thursday"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword> on Thursday</cmsannotation> Axis Bank: The private lender has announced to raise funds through tier II bonds aggregating to a total of ₹12,000 crore. Infosys: The IT major share buyback opens today amounting to ₹9,300 crore at a price not more than ₹1,850 per share. L&amp;T: The construction giant has received mega orders for its minerals and metals business, which will carry out expansion plans in Gujarat and Odisha. Dharmaj Crop Guard: Shares of the agrochemical company are expected to list on exchanges on December 8. <cmsannotation type="cmsannotation" annotationid="Stocks under F&amp;O ban on NSE" comment="subhead" text="Stocks under F&amp;O ban on NSE">Stocks under F&amp;O ban on NSE</cmsannotation> Punjab National Bank, Indiabulls Housing Finance and Gujarat Narmada Valley Fertilizers are in the F&amp;O ban list on NSE on Thursday. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbis-rate-hike-as-expected-but-shaktikanta-das-commentary-still-hawkish-say-analysts/articleshow/96057544.cms">RBI’s lower rate hike as expected, but Das’ commentary still hawkish, say analysts</a> <a href="https://www.businessinsider.in/stock-market/news/sula-vineyards-to-open-ipo-next-week-from-dec-12-14-gmp-already-at-70-per-share/articleshow/96061238.cms">Sula Vineyards to open IPO next week from Dec 12-14; GMP already at ₹70 per share</a> <a href="https://www.businessinsider.in/business/news/cement-makers-plan-to-hike-price-by-rupee-10-15-per-bag/articleshow/96050081.cms">Cement makers plan to hike price by ₹10-15 per bag</a>

Sensex, Nifty50 open on a flat note amid mixed global cues – Axis Bank, Dharmaj Crop Guard, Infosys among stocks to watch out for

<ul><li><keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> opened 950 points higher at 58,188 while <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> was up 270 points at 17,285.</li><li><keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">Crude oil prices</keyword> slipped to $94 per barrel as US crude and gasoline inventories rose.</li><li>Index Nifty IT was the top gainer among sectoral indices as HCL Technologies, Infosys and Tech Mahindra rallied in the early trade.</li></ul>Indian markets surged in early trade mirroring cues from global markets; and a fall in crude oil prices. Sensex opened 950 points higher at 58,188 while Nifty50 was up 270 points at 17,285. <a href="https://www.businessinsider.in/stock-market/news/us-stocks-soar-over-2-after-septembers-higher-than-expected-inflation-report-sparks-wild-turnaround/articleshow/94846065.cms">The US market closed over 2% higher </a>as it recovered after a sharp fall due to higher-than-expected September inflation data. All the three major US indices closed over 2% higher. <keyword id="35189" type="General" weightage="20" keywordseo="asian-markets" source="Orion">Asian markets</keyword> also picked up the rally after witnessing gains in the US market. Crude oil prices slipped as US crude and gasoline inventories rose even as Saudi Arabia and Washington continued to clash over plans by <a href="https://www.businessinsider.in/stock-market/news/the-huge-opec-oil-output-cuts-could-push-the-global-economy-into-recession-iea-warns/articleshow/94840729.cms">OPEC+ to slash production</a>. Brent crude is trading at $94 per barrel. Index Nifty IT was the top gainer among sectoral indices as HCL Technologies, Infosys and Tech Mahindra rallied in the early trade. They were also the top gainers on the 50-stock index. India’s <a href="https://www.businessinsider.in/business/corporates/news/infosys-reports-4-revenue-growth-in-constant-currency-announces-9300-crore-worth-buyback-of-shares/articleshow/94838572.cms">second largest IT services company</a> Infosys reported a 4% growth sequentially in its revenue in constant currency terms, in line with analyst expectations. Infosys also announced a ₹9,3000 crore share buyback programme and declared an interim dividend of ₹16.5 per share. Shares of <a href="https://www.businessinsider.in/business/corporates/news/hcl-techs-net-profit-rises-6-3-sequentially-increases-fy23-revenue-guidance/articleshow/94813269.cms">HCL Technologies rose</a> over 7% in the last five days - both ahead and after reporting a strong earnings. HCL Tech beat analyst estimates with $3.1 billion in revenue, growing 3.8% sequentially in constant currency terms. Its margins and profit were also ahead of analyst estimates. On the domestic front, stocks of Bajaj Auto and Shree Cement will be in focus as the companies are to report their September quarter earnings today. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.90% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.88% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.92% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.53% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.35% </td></tr></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/infosys-reports-4-revenue-growth-in-constant-currency-announces-9300-crore-worth-buyback-of-shares/articleshow/94838572.cms">Infosys reports 4% revenue growth in constant currency, announces ₹9,300 crore worth buyback of shares</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/mindtrees-q2-net-profit-rises-7-9-sequentially-to-509-crore/articleshow/94838575.cms">Mindtree’s Q2 net profit rises 7.9% sequentially to ₹509 crore</a>

HCL, Infy, TechM among top gainers as markets open sharply higher

<ul><li><keyword id="620690" type="General" weightage="20" keywordseo="Infosys-share-price" source="Orion">Infosys share price</keyword> surged over 4% in early trade, after the company’s Q2 show and revised FY23 guidance.</li><li><keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> also announced ₹9,300 crore worth share buyback programme, offering a 30% premium over October 13’s closing price.</li><li>Infy’s commentary has also resulted in brokerages increasing the stock’s target price with an upside of up to 33%.</li></ul>IT major Infosys’ shares surged by over 4% in early trade today after the company<a href="https://www.businessinsider.in/business/corporates/news/infosys-reports-4-revenue-growth-in-constant-currency-announces-9300-crore-worth-buyback-of-shares/articleshow/94838572.cms"> reported better-than-expected earnings in Q2</a> and announced a share buyback programme worth ₹9,300 crore. The sharp surge in Infosys shares comes a day after the IT major reported revenue growth on the back of $2.7 billion worth large deal wins. The company also raised revenue growth guidance for FY23 to 15-16%, from the 13-15% that it had announced at the end of FY22. “Infosys' Q2 results were above estimates driven by margin expansion. Deal wins at a seven-quarter high and healthy hiring trends offer comfort on growth,” said a report by Jefferies, maintaining its ‘buy’ rating on the stock, adding that even though its current valuation is at a premium to its 10-year average, the company’s growth outlook justifies it. Infosys’ revenue growth in constant currency terms came in at 4% sequentially, and 18.8% on a year-on-year basis, in line with analyst expectations. Digital revenues, which account for 61.8% of its total revenues, grew 31.2% year-on-year in constant currency. Global brokerage Credit Suisse said in a note that the large share of digital services in Infosys’ revenue mix could reduce the impact of the slowdown in IT services growth in FY24 when compared to its peers. Overall, Infosys’ revenue grew 6% sequentially to ₹36,358 crore, while net profit surged 12.3% to ₹6,021 crore. Infosys also announced ₹9,300 crore worth share buyback programme at ₹1,850 per share – this was at a premium of 30% over yesterday’s closing price. <div type="image" title="Infosys 01_01_22 to 14_10_22." msid="94851143" hostid="261" caption="&amp;lt;p&amp;gt;Infosys share price in 2022 so far&amp;lt;/p&amp;gt;"></div> Here’s what brokerages recommend: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rating </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Upside </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss Research </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,891 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,800 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jefferies </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,700 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit Suisse </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Outperform </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,710 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Citi </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,685 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,640 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JP Morgan </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,600 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BofA Securities </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,535 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UBS </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,490 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Note: Upside compared to the closing price of ₹1,419.90 on October 13, 2022 SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/infosys-reports-4-revenue-growth-in-constant-currency-announces-9300-crore-worth-buyback-of-shares/articleshow/94838572.cms">Infosys reports 4% revenue growth in constant currency, announces ₹9,300 crore worth buyback of shares</a> <a href="https://www.businessinsider.in/business/corporates/news/it-cos-go-slow-on-hiring-despite-high-attrition-rates-hiring-down-57-in-q2/articleshow/94832706.cms">IT cos go slow on hiring despite high attrition rates, hiring down 57% in Q2</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-is-the-top-loser-on-the-exchanges-while-hcl-tech-is-the-top-gainer/articleshow/94827205.cms">HCL Tech surges on better than expected earnings, Wipro hits 52-week low on disappointing Q3 guidance</a>

Infosys shares surge after Q2 results, ₹9,300 crore buyback announcement

<ul><li>Ravi Kumar S was appointed as the President in 2016 and he led the insurance, healthcare and cards and payments business before that.</li><li>He also oversaw <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword> Business Process Management (BPM) and is chairman of the Board of Infosys BPM.</li><li>Infosys, which will announce its Q2FY23 results on October 13 also said the board is considering a share buyback.</li><li>The IT major is expected to report a 4% quarter-on-quarter revenue growth in constant currency for the second quarter of FY23, according to a <a href="https://www.businessinsider.in/business/corporates/news/infosys-to-lead-it-sectors-q2-show-with-4-revenue-growth-says-jefferies/articleshow/94606976.cms">Jefferies report</a>.</li></ul>Bengaluru based IT major Infosys informed the stock exchanges that Ravi Kumar S, president of the company has resigned, effective today. “The Board of Directors placed on record their deep sense of appreciation for the services rendered by Ravi Kumar S for his contributions to the Company,” Infosys said in a statement. No information was proffered in the filing on the reason for the resignation. He was appointed as the president in 2016 and before that, he was group head of the $1 billion insurance, healthcare and cards and payments unit. Kumar, who is based in New York, has led the Infosys global services organization across all global industry segments, driving digital transformation services, consulting services, traditional technology services, engineering services among other responsibilities. In addition, he oversaw Infosys Business Process Management (BPM) and is chairman of the Board of Infosys BPM. Kumar also wears many hats. As per his profile on Infosys website which was taken down on October 11, he was on the board of the US Chamber of Commerce as also on the Board of Governors of the New York Academy of Sciences in addition to being a member of the Young Presidents Organization (YPO) Manhattan Chapter, and more. “He regularly attends the annual meeting of the World Economic Forum Davos, actively writes about digital transformation, future of work, reskilling, talent transformation in the Harvard Business Review, Knowledge@Wharton, Forbes and other top tier publications,” the profile said. Infosys, which will announce its quarterly earnings on October 13 on Thursday, also announced yesterday that the board will discuss a proposal for a share buyback. Shares of the company today closed 2.57% lower at ₹1,425 in line with other IT sector stocks fearing recession. “The Board of the Company will consider a proposal for buyback of fully paid-up equity shares of the Company at its meeting to be held on October 13,” it said in an exchange filing on October 10. Infosys is expected to report a 4% quarter-on-quarter revenue growth in constant currency for the second quarter of FY23, according to a <a href="https://www.businessinsider.in/business/corporates/news/infosys-to-lead-it-sectors-q2-show-with-4-revenue-growth-says-jefferies/articleshow/94606976.cms">Jefferies report</a>. This growth will be driven by deal ramp ups and seasonal strength, the research report added. TCS, which has already declared its results, reported a 10% growth in July-September net profit to ₹10,431 crore and 4.8% growth in revenue to ₹55,309 crore, beating street expectations. However, this has not cheered the <a href="https://www.businessinsider.in/stock-market/news/tcss-commentary-on-demand-dynamics-pull-it-sector-stocks-into-the-red/articleshow/94781792.cms">stock exchanges as all IT sector stocks</a> slipped into the red amid worries of demand for IT services, globally. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-is-facing-the-worst-shortage-of-nurses-in-recent-years-says-kpmg-report/articleshow/94789539.cms">India is facing the worst shortage of nurses in recent years, says KPMG report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tcss-commentary-on-demand-dynamics-pull-it-sector-stocks-into-the-red/articleshow/94781792.cms">TCS’s commentary on demand dynamics pull IT sector stocks into the red</a>

Infosys president Ravi Kumar S resigns

Mindtree, L&T Infotech, Infosys, IndusInd Bank and other hot stocks on July 14

<ul><li><keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> was the biggest loser on Nifty 50 dragging the indices down with nearly 5% fall followed by other IT peers.</li><li>Investors feared possible recession in the US after the IT giant reported poor earnings in the last three months.</li><li> Further, the market participants will keep an eye for similar trends in results of other IT companies.</li></ul>A lot of stock market hopes were pinned on corporate earnings this year, and <a href="https://www.businessinsider.in/stock-market/news/tcs-to-flag-off-the-earnings-season-heres-what-to-expect/articleshow/92713823.cms">TCS in particular</a>. And, its profits that grew a modest 5% with added cost pressures have dragged down its share price along with that of the entire IT pack. TCS shares were the biggest losers on Nifty 50, as its stock went down by around 4.47% in early morning trade. This only hardens the fears of a possible recession in the US which will lead to a slowdown in the domestic IT majors. The stock of <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> went down by 3%, HCL Tech by 2.62% and Tech Mahidra too went down by 2.28%. However, even Infosys’ stock whic<a href="https://www.businessinsider.in/investment/news/infy-lic-reliance-and-6-more-stocks-that-mutual-funds-are-going-long-on/articleshow/92693363.cms">h is the mutual fund darling too we</a>nt down by 2.49%, even though it has been rated as the best of the worst by many analysts. “We anticipate Infosys to lead on the organic revenue front with growth of 4.3% on quarter in constant currency. Growth in TechM, Wipro and HCL is expected to be soft due to seasonal weakness and moderation in demand,” said a report by ICICI Securities, i<a href="https://www.businessinsider.in/tech/enterprise/news/infosys-to-lead-the-pack-this-earnings-season-while-margin-pressure-will-continue-for-two-quarters/articleshow/92718728.cms">n an earnings preview</a>. While a strong Dollar could have been good news for IT companies, the cross-currency headwinds due to extreme volatility of all currencies is bound to have an impact on their earnings. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share price as of 10:10 a.m. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.47% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coforge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.68% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Larsen &amp; Toubro Infotech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.07% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.55% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.55% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T Technology Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.53% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.47% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.22% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mphasis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.19% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>TCS’ profits rose by around 5% in the year on year comparison and on a quarterly basis, it fell by 5% to o ₹9,478 crore. This is on account of increased costs across streams — like travel expenses in addition to employee benefit costs. The company said that it was a challenging quarter from a cost management perspective as it impacted their operating margin. Moreover, the fact that the firm is cautious of global uncertainties also worried investors. CEO and MD Rajesh Gopinathan said, “Pipeline velocity and deal closures continue to be strong, but we remain vigilant given the macro-level uncertainties." In addition, TCS’s attrition also continued to rise as the issue of number of employees leaving IT firms still persists. Its attrition rate has gone up to 19.7% from 17.4% last quarter. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/after-energy-media-and-consumer-goods-its-adani-vs-ambani-in-telecom/articleshow/92772403.cms">After energy, media and consumer goods, it's Adani vs Ambani in telecom</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/tcs-earning-reports-of-2022-23-first-quarter-in-simple-10-points/slidelist/92751997.cms">TCS June 2022 results – 10 things to know about the IT giant’s latest earnings</a>

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