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Last Updated : Aug 24, 2020 11:43 AM IST | Source: Moneycontrol.com

D-Street Buzz: IT stocks trade mixed; Tech Mahindra, L&T Infotech top losers, NIIT gains

The IT index shed half a percent dragged by Tech Mahindra and L&T Infotech which shed 1 percent each followed by HCL Tech, Infosys, Mindtree and Wipro.

The Indian stock market continues trading in the green with Sensex up 175.31 points or 0.46 percent at 38610.03, and the Nifty gained 56.10 points or 0.49 percent at 11427.70.

Among the sectors, the IT index shed half a percent dragged by Tech Mahindra and L&T Infotech which shed 1 percent each followed by HCL Tech, Infosys, Mindtree and Wipro.

S&P BSE IT was trading in the red with individual stocks trading mixed. The top gainers included eClerx Services which jumped over 8 percent followed by Expleo Solution, Infibeam Avenue, Kellton Tech, Tanla Solutions, NIIT, Trigyn Tech and 3i Infotech among others.

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On the other hand, Datamatics Global shed over a percent while Mastek, Ramco Systems and Cyient were the other losers.

eClerx Services reported consolidated net profit at Rs 51.77 crore, up 30.05 percent YoY, as compared to Q1 FY20. The net profit margin in Q1 FY21 came in at 15.38 percent gaining 4.16 percent YoY.

Research firm ICICIdirect has maintained hold rating on the stock with a revised target price of Rs 570.

Angel Broking has recommended a buy on L&T Infotech with target at Rs 2,838 per share. It expects the company to post revenue/EBITDA/PAT growth of 6.7/8.4/4.8 percent between FY19-FY22 despite COVID-19 outbreak impacting FY21 numbers.

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First Published on Aug 24, 2020 11:43 am
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