Indian IT stocks dip after EPAM's subdued 2024 rev forecast

EPAM Systems

10/05/2024 08:24

** Indian IT stocks  .NIFTYIT  down ~1%, among two of 13
sectoral indexes declining vs Nifty 50 index  .NSEI  up 0.3% 
    ** Decline after U.S. counterpart EPAM Systems  EPAM.N 
forecasts 2024 revenue below analysts' estimates, signalling
weak client demand  
    ** CLSA says EPAM's Q1 results, rev growth outlook suggests
more headwinds, challenges for discretionary demand revival for
global and Indian IT services sector 
    ** Retains cautious outlook on Indian IT sector with 'sell'
rating on LTIMindtree  LTIM.NS , Wipro  WIPR.NS  
    ** LTIM and WIPR both down about 1% 
    ** Analysts, on avg, rate Infosys  INFY.NS  'buy', L&T
Technology Services  LTEH.NS  'sell', while other 8 stocks on IT
index rated 'hold' - LSEG  
    ** Nifty IT index down 7.4% YTD vs Nifty 50
index's 1.4% rise
    

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))