Sensex is now up more than 800 points during afternoon trade on Friday led by IT, banks and real estate stocks.Sensex is up 814 points at 72,535 points.IT stocks are the top gainer on BSE after Infosys and TCS announced their quarterly results.
Among the Sensex stocks, Infosys is up 8 per cent, Tech Mahindra up 5 per cent, TCS up 4 per cent, HCL Tech up 3 per cent and SBI up 2 per cent.Elara Securities said in a report that Infosys Q3 results reflect persistent revenue leakage; weak discretionary demand and disparity between deal wins and revenue growth.
“We find no green-shoots in management commentary regarding revenue growth outlook and assess limited room to utilise traditional margin levers (utilisation at 82.7%). With two quarters of revenue decline in H2FY24 (revised guidance implies a 0.7 per cent QoQ revenue dip in Q4E at mid-point), Infosys has had a very weak start to FY25," the report said.
Elara Securities said Tata Consultancy Services (TCS) delivered a revenue beat after two misses. Q3FY24 revenue was up 1 per cent QoQ beating both median consensus estimates of 0.2 per cent growth and our estimate of 1 per cent contraction.