Goldman cuts ratings on TCS, Infosys and Tech Mahindra

Mumbai: Goldman Sachs has downgraded its ratings on TCS, Infosys and Tech Mahindra to ‘sell’ citing a sharp cut in dollar revenue growth forecast for the IT sector.

The brokerage said the high share valuation of Information Technology (IT) companies do not factor in a ‘material’ revenue growth slowdown in FY24. It however upgraded Wipro NSE -0.46 % from ‘sell’ to ‘buy’.