IT Shares Fall as TCS Warns of Weak Quarter

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Shares in IT companies fell after India's largest tech IT company, Tata Consultancy Services (TCS) warned of a weak quarter. Shares in TCS fell three per cent, while shares in HCL Tech fell two per cent and Tech Mahindra dropped three per cent. Infosys dropped by one per cent.

IT Shares Fall as TCS Warns of Weak Quarter
Tata Consultancy Services: Quotes, News
BSE 3527.80BSE Quote19.75 (0.56%)
NSE 3521.30NSE Quote12.4 (0.35%)
Infosys: Quotes, News
BSE 1194.90BSE Quote1.35 (0.11%)
NSE 1190.60NSE Quote3.25 (-0.27%)
TCS late last week warned of weak revenue growth for the December quarter, arising from seasonality and pressure in its banking, financial services and insurance (BFSI) business. The December season is traditionally a weak quarter for IT companies.

Despite predicting a weak quarter many brokerages are still upbeat on TCS. Kotak has maintained an add rating on the stock with a revised target of Rs 2800.

Deutsche Bank on the other hand has set a target of Rs 3170 on the stock. TCS was last trading at Rs 2380, down by three per cent.

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