Technology spending in the banking, financial services and insurance sector is expected to bounce back as monetary policy begins to loosen globally, but unless client budgets increase significantly, the risk of revenue-growth disappointments remains.
Indian IT sector has shown signs of recovery with robust Q3 numbers despite challenges from US macroeconomic conditions. Deal momentum and enthusiasm surrounding Generative AI suggest potential for future advancements. Nifty IT Sector historically outperforms with stronger performance in the latter half of each year. Correlation between Nifty IT index and Nasdaq 100 index reveals convergence.
Accenture, TCS, and Infosys continue to boost their brand value according to the Brand Finance 2024 report. Accenture remains the most valuable IT services brand, while TCS shows outstanding growth and strategic excellence. However, Wipro faces an erosion in brand value.
HCLTech, India s third-largest software exporter, outperformed expectations with a 6.2% rise in net profit and a 6.5% increase in revenues in Q3. Meanwhile, Wipro reported a steep 12% fall in profits and a 4.4% dip in revenue. HCLTech s success can be attributed to the $2.1-billion Verizon deal and an increase in headcount.