With nearly 20% upside, Religare reiterates ‘buy’ on these IT majors post Q1FY24 results; do you own?

livemint.com:

Tata Consultancy Services (TCS) and HCL Technologies rose nearly three per cent each during the trading session today, after reporting their April-June quarter results, which broadly came in line with mixed-to-muted estimates by analysts. Wipro earned a consolidated net profit of ₹2,870.1 crore in the April-June quarter, rising by 11.95 per cent compared to the year-ago period, while TCS also reported a 16.84 per cent rise in its consolidated net profit to ₹11,074 crore, compared to ₹9,478 crore in the corresponding period last year.

According to Religare Broking, TCS posted in-line numbers for Q1FY24 with strong deals momentum and easing attrition, while a challenging macro environment and delay in spending will continue to impact sentiments for HCL Tech in the near-term.                                                   This copy is being updated.