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.
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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