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IT layoffs don’t matter anymore—Here’s why fund managers are shrugging off TCS cuts

Anishaa Kumar   •

According to a recent Elara Capital report, 9 out of 15 leading asset management companies or 60 percent remain underweight on the IT sector. Players like Quant MF, PPFAS MF, and ICICI Prudential MF are notably underweight.

The valuation picture offers some comfort, though fund managers remain cautious. The Nifty IT index is now trading at a 1-year forward price-to-earnings (PE) ratio of 24.1x. Most large-cap names like TCS (21.64x), Infosys (21.52x), and HCL Technologies (22.29x) are around the 20–22x range.

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