- Last updated September 1, 2022
- In AI News & Update
Besides the ever-changing market dynamics for the two tech giants, all IT stocks this year have witnessed significant drops—especially Wipro, which was widely believed to be an underperformer in this arena.
- Published on September 1, 2022
- by Bhuvana Kamath
Listen to this story
HCL Tech has become the third largest IT company in India by revenue, overtaking Wipro.
The company has overtaken its competitor in terms of revenue, profits and market capitalisation by a margin, with a market cap of ₹2.5 lakh crore, compared to Wipro’s ₹2.2 lakh crore.
However, being the third largest IT company in India by revenue for the last four years, both the companies’ stocks have witnessed a massive drawdown—wherein HCL Tech’s shares fell much lower compared to Wipro.
Besides the ever-changing market dynamics for the two tech giants, all IT stocks this year have witnessed significant drops—especially Wipro, which was widely believed to be an underperformer in this arena.
The share price of HCL Tech has fallen by 20.76 per cent, with Wipro taking a fall of 35.58 per cent. A report further claimed that the major drop in share prices could be one of the reasons behind Wipro’s diminished market cap.
Subscribe to our Newsletter
Join our editors every weekday evening as they steer you through the most significant news of the day, introduce you to fresh perspectives, and provide unexpected moments of joy
Your newsletter subscriptions are subject to AIM Privacy Policy and Terms and Conditions.
The Indian IT sector has been affected by high attrition rates, inflation, and chain issues, along with witnessing unprecedented boom for two years that led JP Morgan to downgrade the Indian IT sector and go “underweight” over revenue concerns.
HCL Technologies was founded in 1991 and is fairly younger in comparison to its competitor, Wipro, that was established in 1945. HCL initially established itself as a maker of vegetable oils and transformed into a full-fledged IT firm only in the 1980s.
Bhuvana Kamath
I am fascinated by technology and AI’s implementation in today’s dynamic world. Being a technophile, I am keen on exploring the ever-evolving trends around applied science and innovation.
3 Ways to Join our Community
Telegram group
Discover special offers, top stories, upcoming events, and more.
Discord Server
Stay Connected with a larger ecosystem of data science and ML Professionals
Recent Stories
Elon Musk’s xAI Unveils Grok-1.5 with Improved Reasoning Capabilities, 128K Context Window
Grok-1.5 beats Mistral Large on various benchmarks including MMLU, GSM8K and HumanEval.
Data Science Hiring Process at Confluent
The company is seeking data scientists and engineers to further bolster its tech team.
Neuralink would Need up to a Million Electrodes to Make Humans Immortal
And we are nowhere close; the current Neuralink has about 1,000 electrodes implanted in the
LatentView Analytics Acquires Decision Point Analytics for Generative AI Solutions
Decision Point’s expertise has garnered recognition from industry giants such as Microsoft and the Promotion
Language is the OS of the Future
AI experts agree more on the topic than they wish to accept.
AWS Teams Up with Minfy for Cloud and AI Boost through Global Expansion
Over the next four years, the strategic partnership will support US$500 million in overall business
MongoDB has Over 3,000 Customers in India and Growing
The king of NoSQL is now looking to attract more customers with its real-time database
Forget OpenAI’s ChatGPT, Hume AI’s Empathetic Voice Interface (EVI) Might Be the Next Big Thing in AI!
Almost feels like you are talking to a human
NVIDIA Hopper Leads in Generative AI Inference at MLPerf Results
NVIDIA has commenced the shipment of H200 GPUs today, which will soon be accessible through