Shares of Indian software giants started the new year on a roaring note after higher-than-expected sales last quarter surprised investors and helped burnish the outlook for the sector.
Led by industry bellwether Tata Consultancy Services Ltd. and Infosys Ltd., the four key software companies, have added about $22 billion in market value in just two trading sessions since Thursday, when the earnings season kicked off. A potential revenue rebound and easing global macroeconomic worries have boosted sentiment.
Shares of Wipro Ltd. rallied as much as 14% on Monday, their biggest intraday gain since July 2020 before paring gains, as the surprise revenue beat triggered rating upgrades from some brokerages. HCL Technologies Ltd. surged to a new all-time high, boosted by its forecast for improved revenue growth.
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Curated by Arun