The Nifty IT index is currently down 4% for the week, and if chart patterns are anything to go by, the index may see further downside from current levels. CLSA’s Laurence Balanco believes that the IT index can see another 7% to 8% downside based on current chart patterns. “At the sector level, it is …
American Depository Receipt (ADR) shares of India’s top information technology (IT) majors Infosys and Wipro traded lower on Wall Street on Thursday, March 21 after Accenture slashed revenue growth guidance for FY24 amid uncertain economic environment that prompts clients to reduce spending on consulting services. At 11:59 am Eastern Time (ET), Wipro ADR was trading …
IT services provider Accenture cut its fiscal-year 2024 revenue forecast on Thursday, as an uncertain economy prompts clients to curtail spending on its consulting services, sending its shares down around 5.6% in premarket trading. Accenture now expects full-year revenue growth in the range of 1% to 3%, from its prior forecast of 2% to 5%. …