Wipro shares in focus as ADRs jump 10%, Infosys ADRs see 3% drop; analyst view
Nuvama in fresh note said given the advent and adoption of Gen-AI, obituaries of Indian IT Services industry are being written all around. The concerns have been amplified by the sharp stock reactions, it said.
- Mar 11, 2026,
- Updated Mar 11, 2026 9:02 AM IST
American depositary receipts (ADRs) of Wipro Ltd soared 10 per cent in overnight trade on NYSE, while those of Infosys Ltd fell nearly 3 per cent. Wipro ADRs surged 10.39 per cent to settle at $2.55 but fell 1.57 per cent in after hours trading to $2.51. Infosys ADRs, on the other hand, declined 2.64 per cent to $14.04 in NYSE trading, but recovered 0.36 per cent to $14.09 in after hours. There were no specific announcements on Indian stock markets suggesting the movement in the two IT names.
Infosys, post market hours in India, announced a strategy collaboration with Incora, a provider of innovative supply chain solutions in the aerospace and defense industry, to advance the use of artificial intelligence across Incora’s global supply chain operations.
Nuvama in fresh note said given the advent and adoption of Gen-AI, obituaries of Indian IT Services industry are being written all around. The concerns have been amplified by the sharp stock reactions, first with global SaaS and now with IT Services companies.
"We see this as a déjà vu moment for the industry and believe it shall come out of this disruption—just like earlier ones—with a NET increase in its TAM. We remain positive on the sector from a medium to long-term view; near-term volatility may persist. The sharp correction over the last two months has made valuations highly attractive. We now have a ‘BUY’ on all the Top-ten IT Services stocks," Nuvama said.
It upgraded upgrade HCL Technologies, Wipro, Tech Mahindra Ltd and Hexaware to ‘Buy’. We
"We now have a ‘BUY’ on all the Top-ten IT Services companies. We prefer Coforge Ltd, LTIMindtree Ltd, Persistent Systems Ltd, Mphasis Ltd, Infosys Ltd and TCS," the doemstic brokerage said.
"Post the recent sharp correction, we find the valuations of all stocks highly attractive. Reverse DCF also indicate extremely low terminal growth assumptions. We maintain estimates and lower target multiples slightly to factor in risks from possible higher Gen-AI disruptions," it said.
American depositary receipts (ADRs) of Wipro Ltd soared 10 per cent in overnight trade on NYSE, while those of Infosys Ltd fell nearly 3 per cent. Wipro ADRs surged 10.39 per cent to settle at $2.55 but fell 1.57 per cent in after hours trading to $2.51. Infosys ADRs, on the other hand, declined 2.64 per cent to $14.04 in NYSE trading, but recovered 0.36 per cent to $14.09 in after hours. There were no specific announcements on Indian stock markets suggesting the movement in the two IT names.
Infosys, post market hours in India, announced a strategy collaboration with Incora, a provider of innovative supply chain solutions in the aerospace and defense industry, to advance the use of artificial intelligence across Incora’s global supply chain operations.
Nuvama in fresh note said given the advent and adoption of Gen-AI, obituaries of Indian IT Services industry are being written all around. The concerns have been amplified by the sharp stock reactions, first with global SaaS and now with IT Services companies.
"We see this as a déjà vu moment for the industry and believe it shall come out of this disruption—just like earlier ones—with a NET increase in its TAM. We remain positive on the sector from a medium to long-term view; near-term volatility may persist. The sharp correction over the last two months has made valuations highly attractive. We now have a ‘BUY’ on all the Top-ten IT Services stocks," Nuvama said.
It upgraded upgrade HCL Technologies, Wipro, Tech Mahindra Ltd and Hexaware to ‘Buy’. We
"We now have a ‘BUY’ on all the Top-ten IT Services companies. We prefer Coforge Ltd, LTIMindtree Ltd, Persistent Systems Ltd, Mphasis Ltd, Infosys Ltd and TCS," the doemstic brokerage said.
"Post the recent sharp correction, we find the valuations of all stocks highly attractive. Reverse DCF also indicate extremely low terminal growth assumptions. We maintain estimates and lower target multiples slightly to factor in risks from possible higher Gen-AI disruptions," it said.