TCS, Infosys, Wipro shares in focus today, here’s why

Shares of IT majors  such as TCS, Infosys  Ltd, Wipro and HCL Tech are in news today after global IT firm Accenture lowered revenue forecast for FY 24 citing economic uncertainty leading clients to reduce spending on consulting services.

Accenture projected full-year revenue growth to be within the range of 1 percent to 3 percent against its earlier forecast of 2 percent to 5 percent.

Accenture’s business outlook and earnings performance is regarded as a benchmark also for the Indian IT industry, signaling demand and supply for the global players.

Shares of IT firms such as TCS, Infosys Ltd, Wipro and HCL Technologies are expected to be impacted in today’s trade. American Depository Receipts (ADR) shares of Infosys and Wipro fell up to 4% and 2% lower, respectively, on Wall Street on Thursday after Accenture slashed its FY 24 revenue growth guidance.

“The company gave weak 3Q revenue growth guidance of (1%)-3% YoY CC and lowered corresponding FY24 guidance to 1.0%-3.0% (vs. 2.0%-5.0% last quarter), both of which missed Bloomberg consensus expectations,” said Motilal Oswal in a report.

On Thursday, shares of  Wipro closed 1.44% higher at Rs 500.70 on BSE.

Infosys stock closed 0.04% higher at Rs 1555.20 and TCS shares ended flat at Rs 3974.05 in the previous session.