IT Stocks on Record High: For the past few days, the big stocks of IT sector have seen a sharp rise. This week, stocks of leading companies such as TCS, Infosys, HCL Tech and Wipro have reached their record highs. In today’s business, HCL Tech, Infosys and TCS hit a 52-week high. At the same time, Wipro made a 1-year high on October 12. Currently, IT shares have made investors rich during this era. Talking about the low of March, those who made bets have got 140 percent returns in just 7 weeks.
HCL Tech
Return in 7 months: 140%
Share price on October 13: Rs 903.65
52 Week High: Rs 903.65
Share price on March 19: Rs 375.50 (1 year low)
Returns from March Low: 140%
This year’s return: 57%
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Infosys
Return in 7 months: 125%
Share price on October 13: Rs 1150.45
52 Week High: Rs 1150.45
Share price on March 19: Rs 511.10 (Take 1 year)
Returns from March Low: 125%
This year’s return: 56%
Wipro
Return in 7 months: 137%
Share price on October 13: Rs 378.45
52 Week High: Rs 379.70 (October 12)
Share price on March 19: Rs 159.60 (1 year low)
Returns from March Low: 137%
This year’s return: 53%
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TCS
Return in 7 months: 92%
Share price on October 13: Rs 2855
52 Week High: 2885 (October 8)
Share price on March 13: Rs 1,504.40 (1 year low)
Returns from March Low: 92%
This year’s return: 31%
The reason behind the rise in IT shares
Normal is getting demand
Recently, there are signs of recovery in IT sector due to the results and commentary from Ascenter and TCS. According to brokerage house Motilal Oswal, the outlook for IT companies has improved. Demand for IT services is becoming normal in the second quarter. Many big deals have been received or are in the pipeline. Slowly, things are coming to the pre covid level. IT companies are getting good demand from Healthcare, Hitech, BFSI and Telecom sectors. The brokerage house may see 4% / 3% / 6% / 7% growth on a quarterly basis in 2QFY21 in US dollar revenue, rupee revenue, EBIT and adjusted PAT.
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Orderbook of companies strengthened
Jagdish Thakkar, director of Fortune Fiscal, says that there was no issue with IT companies when it comes to the first quarter. The results were affected by the sudden stoppage of demand due to Covid. However, now the demand is slowly improving. Older projects of companies working in international and domestic markets are being completed, due to which they are getting new orders. His order book is showing significant growth. At the same time, companies are also increasing their expenditure on new technology. Companies like TCS, Infosys, HCL Tech, Wipro are expected to recover well in business.
Today is a big earning opportunity, keep a close eye on Wipro, UTI AMC and banking shares
Source: www.financialexpress.com
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