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Shares of information technology (IT) companies were in focus in an otherwise subdued market on Wednesday with eight stocks from the S&P BSE IT index – Wipro, Birlasoft, Coforge, Firstsource Solutions, Mindtree, Persistent Systems and Sonata Software – hitting their respective record highs on the BSE in the intra-day trade today. Tata Consultancy Services (TCS), Tech Mahindra, Infosys, HCL Technologies and Larsen & Tourbo Infotech from the BSE IT and Nifty IT indices were up in the range of 1 per cent to 3 per cent.
Today, the S&P BSE IT Index (up 1.2 per cent) and Nifty IT index (up 1.5 per cent) outperformed the market as compared to a marginal 0.02 per cent and 0.09 per cent gain in the S&P BSE Sensex and Nifty50 index, respectively.
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Among individual stocks, Birlasoft hit a new high of Rs 341.80 in the intra-day trade today, having rallied 27 per cent in four days, after the company’s dollar revenue increased 3.2 per cent quarter on quarter to $123.3 million in March quarter (Q4FY21) mainly led by healthy growth across verticals. Birlasoft has significantly improved its annuity revenues from 60 per cent in FY20 to 70 per cent in FY21. Going forward, analysts at ICICI Securities expect the company to continue to improve annuity revenues, cross-sell to clients and focus on niche verticals.
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