LTIMindtree shares surged over 3%, reaching a new 52-week high of ₹6,624.00, following HSBC’s upgrade of the stock to a “Buy” rating. HSBC’s positive outlook is driven by the expected recovery in the Indian IT services sector, forecasting sector growth to accelerate to 6% by FY26, up from the current 3-4% growth in FY24-25.
The key growth driver is a rebound in the US market, particularly in banking and retail, supported by a low base from the past two years. However, Europe continues to experience weak demand, tempering overall growth. HSBC also noted the rapid adoption of Generative AI (GenAI) technology, though large-scale business projects are expected to gain momentum next year.
The firm also highlighted that Global Capability Centres (GCCs) are seeing slower growth, which could present opportunities for Indian IT players.
LTIMindtree shares surged to a 52-week high of ₹6,624.00 today, opening at ₹6,400.35. The stock reached a low of ₹6,400.30 during the trading session.
As of 12:12 pm, LTIMindtree shares were trading 3.43% higher at Rs 6,608.00 on the NSE.
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