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
- In his native Alabama, Apple CEO's announcement he is gay prompts discomfort for some
- Judge rejects strict limits on U.S. nurse who treated Ebola patients
- Judge rejects strict limits on U.S. nurse who treated Ebola patients |
- US STOCKS-Dow, S&P 500 end at record highs; BoJ move adds fuel to rally
- UPDATE 6-Test flight of Virgin Galactic spaceship ends in fatal crash in California
Shares Hit Record
The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro. Full Article
China's shadow banking sector growing rapidly, third largest in world - FSB. Full Article