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IT stocks rally up to 5% as Nvidia lifts AI optimism, Coforge surges 3.4%
Indian IT stocks extended gains, with the Nifty IT index rising 3% and individual stocks like LTM, Coforge, TCS, and TechM climbing up to 5%, driven by Nvidia's upbeat AI outlook and anticipation of Fed chair's speech. Coforge added 3.4% on a deepened partnership with Pega, while Wipro rose after expanding its AI collaboration with Google Cloud. The sector's momentum is tied to AI-driven demand and global tech sentiment.
Kotak downgrades Infosys, TCS, LTM on cautious IT outlook
3 Min Read Brokerage firm Kotak Institutional Equities has downgraded shares of Indian IT Services providers Infosys Ltd., TCS Ltd., and LTM Ltd. in its note on Friday, August 21. Kotak Institutional Equities has downgraded both Infosys and TCS to "Add" from its earlier rating of "buy", while LTM has been downgraded to "sell" from the earlier rating of "reduce".
LTM Limited shares rise over 9% as growth signals improve
Shares of LTM Limited were trading at ₹4,083.80 on the NSE at 11.09 am on Monday, up ₹46.60 or 1.15 per cent from the previous close of ₹4,037.20. The stock opened at ₹4,057.50, touched an intraday high of ₹4,105.70 and a low of ₹3,971.20, with over 7.73 lakh shares changing hands worth ₹312.52 crore. The company’s total market capitalisation stood at ₹1,21,154.98 crore.
LTM Shares Surge, Confirms Inverted Head & Shoulders Pattern
The short-term outlook is bullish LTM. The 3 per cent rise on Tuesday has taken the share price well above the key resistance level of ₹4,200. It also confirms an inverted head and shoulder pattern.
LTM forecasts AI growth outpacing business
LTM (erstwhile LTIMindtree) expects business momentum to improve over the coming quarters, supported by demand in its financial services and technology verticals, while artificial intelligence (AI) revenue is set to grow faster than the company's overall business, Managing Director and CEO Venu Lambu said. Lambu expects projects delayed by hardware supply constraints and the West Asia conflict to contribute to growth in the second quarter.
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