IT stocks jump up to 5% ahead of Infosys, Wipro, LTIM Q2 results today
Mphasis and Tech Mahindra on Thursday surged up to 5.5% on the NSE ahead of the second quarter results of major IT firms Infosys, Wipro and LTIMindtree, which are due later in the day.
Mphasis shares gained the highest, rising 5.5% to the day’s high of Rs 3,072.10, followed by Infosys shares gaining 2% to an intraday high of Rs 1,958.35.
Meanwhile, the shares of other IT companies like Tech Mahindra, Wipro, TCS, and L&T Technology Services (LTTS) surged between 0.5%-1% during today’s trading session.
IT sector was the only one to outperform the market today, with gains of 0.7% around 12 noon, opposed to all other sectors, which were trading in the red.
Mphasis shares also gained on the backing of its Q2 results posted on Wednesday where the company reported a 4.6% sequential increase in net profit for the quarter ending September. The net profit stood at Rs 423 crore, up from Rs 404 crore in the first quarter.
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