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India's largest IT services exporters, earning mostly in US dollars from US and European clients.
IT services firms build and run software, cloud and back-office systems for global banks, retailers, manufacturers and telcos, mostly from Indian delivery centres. The group is roughly a tenth of the index, the second-largest industry.
IT is the index's main dollar earner and a hedge when the rupee weakens. It also sets the tone for white-collar hiring in India.
Large, cash-rich businesses with high returns on capital and steady dividends and buybacks. Growth now depends on winning AI, cloud and cost-cutting deals, as generative AI shrinks the effort (and fees) on traditional work.