Infosys, TCS lead Indian IT rebound ahead of Q1 earnings
Indian IT stocks had a solid rebound on Tuesday, with Infosys and TCS leading the pack as investors gear up for first-quarter earnings.
Even with all the buzz (and some nerves) about AI shaking up traditional tech jobs and revenue streams, Infosys shares jumped nearly 4%, while Tech Mahindra and TCS weren't far behind.
Indian IT down ₹17L/cr since highs
Wipro didn't join the rally, slipping 0.4%.
Meanwhile, South Korea's chip stocks took a hit over similar AI worries, with their KOSPI index dropping almost 5%.
Overall, Indian IT companies have lost over ₹17 lakh crore in market value since their highs: TCS alone is down ₹9.12 lakh crore since August 2024.
Now everyone's watching for first-quarter results to see how big of an impact AI will really have on growth and profits going forward.