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Infosys shares gave up initial gains on Wednesday ahead of the quarterly earnings announcement by the IT major due later in the day.

At 11:15 am, the Infosys stock was flat at Rs 1,742.2 on BSE, having risen to as high as Rs 1,759.5 earlier in the day.

Analysts in a CNBC-TV18 poll expect the IT major to report a profit of Rs 5,980 crore for the March quarter, an increase of 2.9 percent on a quarter-on-quarter basis.

They expect the company's revenue to come in at Rs 32,8667 crore in the January-March period, as against Rs 31,867 crore in the previous quarter.

Most other IT stocks were up. Wipro was up 0.6 percent, HCL Tech one percent and Tech Mahindra 0.4 percent. TCS was down 0.3 percent.

Deven Choksey of KRChoksey is positive on Infosys and TCS. He is of the view that seasoned IT players such as Infosys and TCS can address attrition-related challenges. He sees any correction in Infosys shares as a buying opportunity.

On Monday, TCS reported a net profit of Rs 9,926 crore for the fourth quarter of FY22, up 1.6 percent sequentially. The IT company’s revenue increased 3.5 percent on quarter to Rs 50,591 crore, according to a regulatory filing.

Analysts had estimated the company's quarterly net profit at Rs 10,050 crore and revenue at Rs 50,390 crore.

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