TCS, Infosys, Wipro: IT Stocks In Focus After Accenture Beats Q3 Revenue Estimates

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TCS, Infosys, and Wipro shares are in focus after Accenture's revenue beat for Q3, driven by AI services demand.
IT Stocks In Focus: Shares of TCS, Infosys and Wipro will be in focus after Accenture's revenue beat for third-quarter driven by growing demand for the consulting giant's AI-driven services from enterprise customers.
Accenture shares dropped 11% on Friday, reaching a low of $273.19. As a result, the American Depository Receipts (ADRs) of India's leading IT companies, Infosys and Wipro, also declined. Infosys ADRs fell 3% to $17.89, while Wipro ADRs were slightly down by 0.33%.
Accenture reported third-quarter revenue of $17.7 billion, surpassing analysts' average estimate of $17.30 billion, according to LSEG data. This growth was driven by increased spending by clients in the financial services sector.
The profit per share of $3.49 also exceeded estimates of $3.32.
Accenture now anticipates annual revenue growth of 6% to 7%, compared to its previous forecast of 5% to 7%.
To manage the uncertainty, Accenture plans to focus on AI consulting through the establishment of a new business unit called reinvention services. This unit will consolidate its AI offerings and be led by Manish Sharma, the head of its Americas business.

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