Goldman Sachs bets on IT; expects double-digit growth for IT companies

IT stocks have doubled from their March lows and on year-to-date (YTD) basis there have been gains across the board with Infosys moving up close to 60 percent so far this year.

Goldman Sachs in its note, on the sector, believes that India is entering the third phase of outsourcing, which could led to double-digit growth for the Indian IT companies. Across the board, on average they are expecting 13.1 percent dollar revenue growth in FY22 and about 9.7 percent growth in FY23.