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This is an archive article published on June 20, 2011

CLSA cuts IT services stock ratings

CLSA downgraded the Indian IT services sector stocks ,saying a downtrend was likely.

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CLSA downgraded the Indian information technology (IT) services sector stocks to underweight from neutral,saying quarterly revenue growth on an annual basis has peaked for technology companies and a downtrend was likely.

It downgraded Tata Consultancy Services (TCS) stock and Infosys to underperform and said it has no positive ratings for the sector.

Indian IT holds little promise of sustainable absolute returns hereon,CLSA said in a note.

The Indian IT index was down 2.1 percent,while the benchmark index was down 1.3 percent Monday afternoon.

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