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Business News/ Markets / Stock Markets/  TCS vs Infosys vs Wipro vs HCL Tech: Which stock to buy after Q3 results 2024?
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TCS vs Infosys vs Wipro vs HCL Tech: Which stock to buy after Q3 results 2024?

HCL Techh shares today touched a new life-time high of ₹1,619.60 apiece on NSE during early morning deals

TCS vs HCL Tech vs Infosys vs Wipro: All four Indian IT majors today touched a new 52-week high as the market is expecting a rise in the US IT budget ahead of presidential elections, say experts.Premium
TCS vs HCL Tech vs Infosys vs Wipro: All four Indian IT majors today touched a new 52-week high as the market is expecting a rise in the US IT budget ahead of presidential elections, say experts.

TCS vs Infosys vs Wipro vs HCL Tech: After the announcement of Q3 results 2024 by Indian IT majors — HCL Technologies, Tata Consultancy Services (TCS), Infosys, and Wipro, in the week gone by, all four IT majors of the Indian stock market have been in a bull trend. In early morning deals on Monday, all four IT stocks touched new 52-week highs respectively. 

HCL Tech shares hit a new lifetime high after climbing to its new 52-week high on Monday. TCS share price today touched a new 52-week high of 3,964.80 apiece on NSE, Infosys shares climbed to a new 52-week high of 1,661.70 per share while Wipro share price today hit a new 52-week high of 529 per equity share.

According to stock market experts, Indian IT majors are rising these days as the market is expecting a rise in IT budget in the US ahead of the US presidential elections. Due to this speculation, Indian IT stocks are rising as they are expected to benefit from this. As these companies declared their Q3 results 2024 last week, the market has a clear picture of their fundamentals. They advised investors to buy IT stocks based on their fundamentals as stocks with strong fundamentals may outperform others in this bull run.

Which IT stocks to buy today?

Comparing Q3 results 2024 of these four Indian IT majors, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Comparing Q3 results 2024 of all four IT majors, it is obvious that all of them are sitting on strong cash reserves. But, in terms of improvement in margins and business volume, HCL Tech shares are sitting ahead of all other three IT shares. TCS has shown improvement in its Q3 results and hence this comes immediately after the HCL Technologies. However, Q3 results of Infosys and Wipro were not very impressive and hence they come after HCL Tech and TCS."

Also Read: Wipro share price jumps 13% to 52-week high post Q3 results; Nifty IT up 2.5%

On why Wipro and Infosys shares are rising despite weak Q3 results in 2024, Avinash Gorakshkar said, "Market is expecting a rise in the IT budget ahead of US presidential elections. Hence, the market is expecting benefits for the Indian IT companies from the expected rise in the US IT budget. As Wipro and Infosys are available at discounted levels, some value buying is taking place in Wipro and Infosys shares. But, HCL Tech and TCS are expected to outperform other IT stocks as their fundamentals are very strong in comparison to its peers."

HCL Tech share price target

Expecting further upside in HCL Tech shares, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, "HCL Tech shares are looking positive on chart pattern and one can hold the scrip with a stop loss at 1,420 per share levels for an immediate target of 1,700 apiece. Any dip in the stock should be seen as a buying opportunity by stock market investors."

Also Read: Nifty 50 advances for 5th straight session, crosses 22,000 mark for first time

TCS share price target

Advising investors to maintain a buy-on-a-dip strategy regarding TCS shares, Ganesh Dongre of Anand Rathi said, "TCS share price is expected to remain positive for at least two weeks and any dip in TCS share price in this period would be a good buying opportunity for investors. TCS share price can go up to 4,100 in the short term. So, TCS shareholders are advised to hold the scrip for this short-term target." However, Dongre advised a strict stop loss of 3,750 for TCS shareholders."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decision.

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Asit Manohar
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Published: 15 Jan 2024, 10:21 AM IST
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