IT Stocks To Buy: Brokerage firm Emkay Global Financial Services is bullish on IT stocks. The firm in a report said that the Nifty IT index has gained 6 per cent in the last 3 months, largely in line with the broader market indices. Risks of recession and potential cut in FY24 revenue remain, however, margin resilience and weak rupee would limit earnings cut of the companies.

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Emkay’s report said that Accenture’s results and management commentary has indicated demand moderation in the near term due to deterioration in macros, but medium term growth drivers are intact, which should alleviate any structural growth concerns. . 

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The brokerage firm has given a ‘Buy’ call on Wipro, Infosys, Tech Mahindra and HCL Tech and other stocks. 

 

Stock Rating Price Target (Rs.)
Infosys Buy 1,700
Wipro Buy 470
HCL Tech Buy 1,100
TECH Mahindra Buy 1,220
Mphasis Ltd Buy 2,500
Persistent Systems Buy 4,125
Birlasoft Ltd Buy 380
First Solutions Buy 125
Zomato Buy 90
TCS Hold 3,200
LTIMindtree Hold 4,700
Coforge Hold 3,740
Route Mobile Hold 1,500

 

The Nifty IT index has tanked over 26 per cent in 2022 due to downtrend of the US and European markets, rising interest rates, recession, high attrition rate and higher wages.

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