Nifty IT stocks struggle amid earnings announcements; L&T Infotech, Coforge drag

Tech Mahindra was 0.51% lower ahead of quarterly results.

Jan 29, 2021 12:01 IST India Infoline News Service

Businessman sleeping with bear with down trend graph
Bears took firm hold of the Nifty IT stocks on Friday. The IT Index was 1% down to drag indices after a decent start.

Most IT companies have already announced their Q3FY21 earnings while Coforge announced results on Thursday while Tech Mahindra is set to announce its financial performance for the quarter on Friday.

At around 12.48 pm, Nifty IT was trading at 25,019.95 down 281.30 points or 1.11% after touching a low of 24,985.35 during intraday trade on Friday.

Larsen and Turbo Infotech led the losses by trading 2.56% lower. It was selling at Rs3,869.10 dper piece down Rs101.75.

Coforge also shunned 1.64% as consolidated Profit after tax (PAT) for the Dec-20 quarter was down -3.89% at Rs123.50cr on higher employee benefit expenses as well as a spike in contract costs to the company.

The company however, reported consolidated revenue of Rs1,190.6cr during Q3FY21, representing a growth of 10.9% over the same quarter previous year. Coforge stock was trading at Rs3,144.15 down Rs 52.40. 

Wipro, MindTree and Infosys were also 1% on the downside. 

Tech Mahindra was 0.51% lower ahead of quarterly results. Naukri was down 0.48%.

HCL Tech was also marginally trading in the red. The company, is organizing a virtual Mega Recruitment Drive in Vijayawada on February 12 and 13, 2021.

Mphasis was the lone company to make gains as Nifty IT saw 1 advance and 9 declines so far. Mphasis was trading at Rs1,580.45 per piece up Rs24.95 or 1.60%.

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