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Tuesday, 11 July 2017

IT shares extend gain; Nifty IT index up 5% in two days: 11 Jul 2017

Shares of information technology (IT) companies were trading higher for the second straight day, with the Nifty IT index gaining 5% in past two days on the National Stock Exchange (NSE).

At 10:04 am; the Nifty IT index was trading at 10,592, up 2.2%, extending its Monday’s 2.7% surge on the NSE. On comparison, the Nifty 50 index, which trading at 9,812, was up 1.5% during the period.

So far in 2017, the Nifty IT index had underperformed the market by falling 3% against 18% rise in the benchmark index till Friday, July 7, 2017.

Infosys and Tata Consultancy Services (TCS) were up 3% each, while Tech Mahindra, Wipro and HCL Technologies were gain 2% on the NSE.  All these stocks have rallied between 4% and 8% in past two trading sessions.

IT companies will kickstart their first Quarterly (April-June) earnings seasons for the current season from the current week, with TCS board to consider Q1 results & interim dividend on Thursday, July 13, 2017, while Infosys will declare its Q1 results on Friday, July 14, 2017.

Edelweiss Securities estimate the top-5 IT players, TCS, Infosys, Wipro, HCL Technologies and Tech Mahindra to a clock -1.0- 4.2% QoQ USD revenue growth in Q1FY18 Q1 (April-June) quarter earnings.

“The appreciation of GBP, EUR, and JPY against USD will lead to 40-90 bps revenue tailwinds. However, margins will be under pressure on account of visa expenses, wage hikes and 3.9% INR appreciation against USD,” the brokerage firm said in results preview.

However, analysts expect Indian IT companies to show a pickup in growth on seasonality and strength in BFSI and manufacturing sector. Any turnaround in retail and healthcare verticals, which have been a key revenue growth headwind, would reinforce confidence in revenue growth for the sector.

“We expect Indian IT companies to report healthy growth in digital related services (in excess of 30%), while legacy services will continue to remain soft during this transitional phase,” added a report.

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