Stock Market update: IT stocks TCS, Wipro trade in red before Q3 results announcement

India’s top three IT services companies, Tata Consultancy Services, Infosys and Wipro are set to announce their Q3 results today.

IT Services companies Tata Consultancy Services and Wipro trade in red before the announcement of their Q3 results. For the first time, the three major IT Services companies, Wipro, TCS, and Infosys, will release their financial report for the quarter ending December 2021 on the same day, that is 12 January.

In today’s trade, the shares of TCS opened at Rs. 3925 per equity share and representing an increase of 0.23% and hitting a high of Rs. 3929 per equity share. However, the share price declined this afternoon. The current share price of TCS is Rs. 3873.95 per share and decline by 1,12% and over 42 points (12:35 PM IST)

Whereas, in today’s trade, the shares of Wipro opened at Rs. 700 per unit, representing an increase of 0.84% and hit a high of Rs. 701.75 per share. However, the shares fell down to Rs. 687.50 per equity share and representing a fall of 1.08% this afternoon.

However, as per a report by Economic Times, in today’s Q3 results TCS is expected to report revenue growth of 13-14% and a profit expansion of 14-17% from a year earlier, backed by strong deal wins during the December quarter and Wipro is projected to post nearly flat YoY profit growth, but revenue growth is expected to be 28-29% for the quarter.

 

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