Information technology stocks gain on Cognizant Technology's outlook
Shares of TCS jumped 1.73 per cent, while Infosys climbed 0.78 per cent on the BSE. HCL Tech surged 3.92 per cent, Wipro (0.37 per cent) and Tech Mahindra (0.27 per cent).
Following the gains in these stocks, the BSE IT index was trading at 6,066.35, up nearly 1 per cent and was the top gainer among the 13 sectoral indices.
Cognizant posted 16.6 per cent rise in net profit for the January-March quarter and maintained its outlook of 17 per cent revenue growth in 2013.
Driven by strong demand from Europe, IT firm Cognizant on Wednesday posted 16.6 per cent rise in net profit at $284.2 million for the January-March quarter and maintained its outlook of 17 per cent revenue growth in 2013.
Cognizant's net profit stood at USD 243.7 million in the first quarter of 2012. The US-headquartered IT services provider follows January-December fiscal.
The US-based firm's revenues increased 18.1 per cent to $2.02 billion in the quarter from $1.71 billion in first quarter, 2012, in line with its outlook of at least $2 billion.
For the second quarter (April-June) of 2013, Cognizant expects its revenues to be "at least $2.13 billion" and has maintained its outlook for revenues to grow at 17 per cent to "at least $8.6 billion".
Meanwhile, in the stock market, the BSE benchmark Sensex was trading at 19,952.76, down 37.42 points in late morning trade.
With PT inputs
No comments:
Post a Comment