Introduction
India’s information technology (IT) sector is essential to the economy. It is a crucial source of export revenue and a significant contributor to the country’s Gross Domestic Product (GDP). The sector’s future looks promising, with a strong growth trajectory expected. The factors supporting this growth include rising demand for cloud computing services, increasing digital adoption across industries, and a growing focus on machine learning and artificial intelligence.
Investors seeking to diversify their portfolio and gain from the sector’s growth should consider investing in the top IT sector stocks.
What are IT sector stocks?
IT stocks refer to shares or ownership in companies publicly listed in the information technology (IT) sector. These companies provide technology-related services and solutions. They assist businesses and organisations in different work areas using computers, software, and other technological products or tools.
List of IT stocks to invest in 2024
1. Tata Consultancy Services (TCS) Ltd.
Tata Consultancy Services (TCS) is a multinational information technology services and consulting firm with its headquarters in Mumbai. It was founded in 1968 by J.R.D Tata and belongs to the Tata Group. Its services include artificial intelligence, cloud computing, data and analytics, enterprise solutions, cybersecurity, etc.
As of April 19, 2024, Tata Consultancy Services had a market capitalisation worth Rs. 13,85,084 crore. Its share price closed at Rs. 3,826.20, down by 0.93%. The 52-week high has been Rs. 4,254.75, and the 52-week low has been Rs. 3,005.
2. HCL Technologies Ltd.
HCL Technologies was founded in 1991 by Shiv Nadar as a software services business. Today, it is a leading multinational IT services company with headquarters in Noida. Its service portfolio includes remote infrastructure management, software-led IT solutions, R&D and engineering services, and business process outsourcing (BPO) services.
HCL Technologies had a market capitalisation worth Rs. 3,92,803 crore as of April 19, 2024. Its closing share price was Rs. 1,447.50, down by 1.32%. Its 52-week high share price was Rs. 1,697.35, and its 52-week low price was Rs. 1,016.25.
3. Tech Mahindra Ltd.
Tech Mahindra is another multinational IT services and consulting firm. It offers IT services and solutions to the telecommunications sector globally. It is a subsidiary of the Mahindra Group and has its headquarters in Pune. The service portfolio includes network services, infrastructure and cloud services, SAP, cyber security, data analytics, and integrated engineering solutions, among others.
As of April 19, 2024, Tech Mahindra Ltd. had a market capitalisation worth Rs. 1,16,590 crore. Its share price closed at Rs. 1,193.65, up by 1.19%. The 52-week high share price was Rs. 1,416.30, while the 52-week low share price was Rs. 981.05.
4. Infosys Ltd.
Infosys was founded by seven engineers in 1981 as Infosys Consultants Pvt. Ltd. In June 1982, it changed its name to Infosys Technologies Ltd. when it was listed publicly. It launched an initial public offering (IPO) in February 1993, which was bailed out by Morgan Stanley, a US investment bank.
The company had a market capitalisation of Rs. 5,85,791 crore as of April 19, 2024. Its share’s trading price was Rs. 1,411.25, down by 0.56%. The 52-week high price was Rs. 1,733, and the 52-week low price was Rs. 1,185.30.
5. Wipro Ltd.
Wipro is an Indian multinational corporation and one of the leading Big Tech companies. It provides information technology, consulting, and business process services, including computer security, cloud computing, robotics, artificial intelligence, data analytics, etc.
Wipro had a market capitalisation of Rs. 2,36,569 crore as of April 19, 2024. Its closing share price was Rs. 452.75, up by 1.89%. The share’s 52-week high price was Rs. 545.90, and the 52-week low price was Rs. 352.
Conclusion
IT stocks are a suitable option for investors interested in growth. They carry high growth potential to help with long-term capital appreciation. They also offer portfolio diversification, lowering overall risk. IT stock investments give you exposure to the latest technology trends that shape the future, increasing your possibility of earning a balanced return. Investors also opt for IT stocks because of regular dividends. These dividends serve as a passive income stream. So, study the various trends of the IT sector and invest your funds in any of the 5 top IT stocks.
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