Infosys and Wipro’s American Depository Receipts (ADRs) saw an increase of almost 3% today, following a positive earnings report from Accenture, an IT services company. As of 8:10 PM IST, Infosys’s ADR was around $23.25, while Wipro’s was at $3.70.
Accenture reported first-quarter sales of $17.7 billion, which was higher than what Wall Street expected. This boost is thanks to more businesses asking for help to use AI tools and improve their work processes. Accenture’s new contracts reached $18.7 billion—up from $18.4 billion last year.
Accenture’s stock also went up by 6.37%, trading at $369.88, an increase of $22.15. The company predicts its sales will grow between 4% and 7% this year, which is slightly less than what analysts had hoped for.
Earlier today, most Indian IT stocks dropped after the US Federal Reserve made some concerning announcements about interest rates and inflation. The Nifty IT index dropped by 1.3%, with LTIMindtree being the biggest loser at 5.3%.
At the close, Infosys shares were at Rs 1,948.50, down by Rs 30.65 or 1.55%, while Wipro ended the day nearly unchanged at Rs 312.75.
(Disclaimer: The views and opinions expressed by experts do not reflect those of NiftyStat.)
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