IT Stocks Outlook for the week – 20 to 24.02.2017
IT Stocks Outlook for the week – 20 to 24.02.2017
( www.rupeedesk.in )
Stocks
of information technology companies are likely to sustain the momentum
gained over the past week, with a few stocks correcting and a select few
range-bound as a number of companies consider buyback of shares. The
market sentiment is expected to reflect a shift in the narrative from
the uncertainty arising out of US President Donald Trump's protectionist
rhetoric to the buyback trend that started when the board of Mphasis
Ltd approved the repurchase of shares worth over 11 bln rupees on Jan
31. Last week, American multinational IT solutions company Cognizant,
which has operations in India, announced buyback of shares worth $3.4
bln, creating pressure on its Indian peers to do the same. Expectations
of a share buyback in Infosys have risen amid comments by former
officials at Infosys. Two former Infosys chief financial officers,
Mohandas Pai and V. Balakrishnan, have asked the company for better
deployment of capital including a share buyback. On Friday, Tata
Consultancy Services announced that it will consider a buyback of shares
at its board meeting to be held on Monday. Infosys, which dispelled all
doubts regarding its corporate governance integrity this week.
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IT Stocks Outlook for the week – 20 to 24.02.2017
( www.rupeedesk.in )