Nifty IT stocks trade higher; HCL Tech, TCS stocks lead

Shares of HCL Tech among top gainer on the IT index, surged over 3.77%, followed by TCS climbed 3%, Coforge also gained over 2.8% and Info Edge zoomed 2%.

Sep 25, 2020 10:09 IST India Infoline News Service

Stock Exchange
The Nifty IT index was trading higher on Friday after a decline on Thursday’s trade. The index is trading higher by 352 points or 1.86% at 19,325.35 levels in the morning trade.

Shares of HCL Tech among top gainer on the IT index, surged over 3.77%, followed by TCS climbed 3%, Coforge also gained over 2.8% and Info Edge zoomed 2%.

Mindtree, Infosys, Tech Mahindra and Wipro were also up on the Nifty IT index. On the other hand, Mphasis and LTI were trading in the red zone.

TCS rose 3% after the IT major said that it will build the technology infrastructure for the US and Canada-based women's fashion retail chain, maurices.

Meanwhile, Accenture on Thursday reported financial results for the fourth quarter and full fiscal year ended Aug. 31, 2020. For the fourth quarter, revenues were $10.8 billion, a decrease of 2% in US dollars and 1% in local currency compared with the fourth quarter of fiscal 2019.

Revenue growth for the quarter was reduced approximately 2 percentage points by a decline in revenues from reimbursable travel costs. Diluted earnings per share were $1.99, a 14% increase from fiscal 2019, including $0.29 from gains on an investment.

Gross margin (gross profit as a percentage of revenues) for the fourth quarter was 31.8%, compared with 31.1% for the fourth quarter of fiscal 2019. Selling, general and administrative (SG&A) expenses for the fourth quarter were $1.90 billion, or 17.5% of revenues, compared with $1.86 billion, or 16.9% of revenues, for the fourth quarter of fiscal 2019.

Related Story