Analysts expect Accenture Plc’s rise in growth guidance and deal winning to boost demand prospects for India’s tech peers. They prefer Infosys Ltd. of the major Indian IT companies.
The New York-listed company — which follows its September-August fiscal year — reported revenue of $15 billion, up 28% year over year in constant currency, in the quarter ended February. That corresponds to the estimate of 14.66 billion dollars.
The company reported booking a record deal at $19.5 billion, up 22% from the previous year.
It raised the outlook for full-year revenue growth from 19-22% previously forecast to 24-26%.
It revised EPS estimate to $10.61-10.81 from the earlier forecast of $10.32-10.60. Bloomberg’s consensus forecast stood at $10.58.
That helped investor sentiment at home. The Nifty IT Index, led by Wipro Ltd., gained in an otherwise volatile market.
However, analysts see churn and margin pressure as ongoing challenges for the Indian IT sector.
This post Indian IT stocks rise as Accenture’s growth guidance boosts sentiment
was original published at “https://www.bloombergquint.com/business/indian-it-stocks-gain-as-accentures-growth-guidance-hike-boosts-sentiment”