Information Technology Shares Rally Post September Quarter Numbers

Infosys reported a consolidated profit of Rs 5,421 crore in the quarter ended September 2021, an increase of 11.9 per cent, compared to the same quarter last year

Information Technology Shares Rally Post September Quarter Numbers

Wipro and Mindtree touched 52-week highs on BSE, whereas Infosys is inching towards yearly high

The shares of information technology companies that declared their September quarterly numbers post market hours on Wednesday rallied 2-12 per cent on the BSE, propelled by the better-than-estimated numbers posted by IT bellweather Infosys. Wipro and Mindtree touched 52-week highs on the BSE, whereas Infosys is inching towards its yearly high.

Infosys shares soared more than 3 per cent to an intra-day high of Rs 1,784 after the company reported a consolidated profit of Rs 5,421 crore in the quarter ended September 2021, an increase of 11.9 per cent compared to the same quarter last year. Revenues from operations in the September quarter stood at Rs 29,602 crore, compared to Rs 24,570 crore in the same quarter last year, marking a growth of 20.48 per cent on a year-on-year basis. Infosys raised its annual revenue forecast or revenue guidance to 16.5-17.5 per cent for the current financial year, compared to 14 per cent - 16 per cent predicted earlier, while its margin guidance was retained between 22 per cent and 24 per cent.

Wipro shares surged 7 per cent to a 52-week high of Rs 724.70 after the IT major reported a 19 per cent rise in consolidated net profit at Rs 2,931 crore for the second quarter, compared to Rs 2,466 crore in the same period last year. Wipro's revenues grew 30 per cent annually to Rs 19,667 crore in the quarter under consideration on the back of volume-led growth across markets and business lines.

And Mindtree soared 12 per cent to Rs 4,924.90 after the company reported a 57.2 per cent jump in net profit at Rs 398.9 crore in the quarter ended September 2021, compared to a profit of Rs 253.7 crore in the year-ago period.

Among other IT shares, TCS and HCL Technologies are trading weak. TCS has been a laggard ever since its Q3 numbers fell short of market expectations. TCS had kicked off the September quarter results on Friday by reporting a 28.75 per cent rise in its second quarter profit, boosted by a pandemic-led demand for digitisation from businesses. HCL Tech is due to announce its Q2 numbers during the day.