IT stocks lead D-Street rally; Infosys, Persistent Systems among top gainers

Boosted by quarterly numbers of software exporters, IT stocks led the rebound on Dalal Street on Friday. Among all major sectoral indices Nifty IT was the top gainer.

Shares of information technology companies, Infosys,

, L&T Infotech, and rose as much as 5% in Friday’s trade. was among the top gainers as the stock rallied 5.23% to Rs 1,494.

All Nifty IT stocks were in the green zone today. While on the year-to-date basis, Nifty IT index remained the worst performer among the major Nifty sectoral indices, as it has fallen over 27%.

Infosys on Thursday reported a 23.4% YoY jump in consolidated revenue for the quarter ended September to Rs 36,538 crore. The net profit of the company rose 11% to Rs 6,021 crore.

Both the topline and the bottom line of Infosys were above the ET Now poll of Rs 36,520 crore and Rs. 5,860 crore, respectively.

on Wednesday reported a 5.2% sequential rise in consolidated revenue for the September quarter to Rs 24,686 crores. The consolidated net profit was up 6.3% at Rs 3,489 crore.

Both the revenue and profit of HCL Tech were above analysts’ average estimate of 24,382 crore and 3,418 crore, respectively. Further, the board of directors have approved a dividend of Rs 10 per share.

At 12.57 pm, Infosys was trading 4.69% higher to Rs 1,486.35 while HCL Tech was trading 2.18% higher to Rs 1,003.50.

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