Investors in tech stocks unfazed by bleak growth

Despite weak full-year growth in 2023 for major Indian IT firms, investor confidence remains high, driven by hopes of a tech spending recovery and potential US Federal Reserve rate cuts.

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Tech Mahindra saw their full-year revenue fall 4% and 2.5%, respectively. TCS, Infosys, and HCL reported higher growth of 5.4%, 2.8%, and 6%, respectively, in the calendar year 2023. Wipro and Tech Mahindra fared better last year, as revenue fell 0.5% and 2.3%, respectively.

Still, shares of TCS and Infosys were up 9.5% and 24% between 1 January and 27 December, as against a 9% return on Sensex-30. Stocks of HCL and Tech Mahindra were up 30% and 35%, while Wipro's shares fell 35%.