After Infosys' research arm estimates APAC AI generative spending to rise by 3X in 2024, here's how IT stocks are faring today

IT Stock: Infosys Knowledge Institute, Infosys' research arm, has said that Asia Pacific (APAC) companies' spending on generative AI is expected to increase 3 times in 2024.

The research arm said that a total expenditure of Rs 28220 crore ($3.4 billion) is possible in Australia, New Zealand, China, Japan, India, and Singapore.

It said that compared to other regions, APAC is expected to see the highest growth of 140 per cent.

The institute estimated the highest growth of 160 per cent for China with a potential expenditure of around Rs 17430 crore ($2.1 billion) in generative AI.

Australia and New Zealand are expected to clock 150 per cent growth.

After this report, let's see how the stocks of India's top IT firms performed on BSE on Monday (January 29, 2024).

Tata Consultancy Services (TCS)

The TCS stock ended lower by 0.18 per cent, or Rs 6.85, at Rs 3801.35.

Infosys

One of India's leading IT companies ended lower by 0.89 per cent, or Rs 14.90, at Rs 1655.90.

Wipro

Its stock ended the session on Monday up by 0.64 per cent, or Rs 3.00, at Rs 472.95.

HCL Technologies

The stock of the IT firm ended up by 1.53 per cent, or Rs 23.70, at Rs 1574.70.

Tech Mahindra 

Tech Mahindra ended the session lower by 0.53 per cent, or Rs 7.00, at Rs 1314.60.

Birlasoft

The company from Birla group ended higher by 1.74 per cent, or Rs 14.25, at Rs 832.00.