TCS, Infosys gain after Cognizant earnings
Reuters Market Eye - India's software services exporters gain, with Infosys Ltd (INFY.NS) up 0.4 percent, Tata Consultancy Services Ltd (TCS.NS) up 3 percent, and Wipro Ltd (WIPR.NS) up 1.2 percent.
Gains come a day after Cognizant Technology Solutions Corp's (CTSH.O) quarterly profit modestly beat estimates, helped by a rise in demand from Europe.
The results confirm that revenues of Indian software services exporters continue to outperform Cognizant's, making the U.S.-listed IT company still not too much of a competitive threat, analysts say.
Barclays says Cognizant's annual guidance "poses no risk" to its forecasts for Indian IT companies and indicates company's revenue growth would continue to lag Infosys for another quarter.
(Reporting by Manoj Dharra)
- Tweet this
- Share this
- Digg this
- UPDATE 6-Islamic State issues video of beheading of U.S. hostage
- Apple says its systems not to blame for celebrity photo breach
- UPDATE 3-Apple says its systems not to blame for celebrity photo breach
- Ukraine steelmen hold their ground as frontline marches towards port
- UPDATE 1-Girl who fatally shot Arizona gun instructor said weapon was too powerful
The BSE Sensex on Tuesday breached the psychologically key level of 27,000 points for the first time to hit its third consecutive record high as blue-chips such as HDFC Bank gained after recent data raises hopes about the economy. Full Article
100 days of Modi: Good for business, not so good for marginalised groups. Full Article