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
- Iran hangs woman convicted of killing alleged rapist
- Google's Pichai to oversee major products and services
- Modi takes tea, but no questions, in first press event as PM
- UPDATE 2-Motor racing-Caterham and Marussia to miss next races - Ecclestone
- UPDATE 1-UK's Labour suffers setback as leader in Scotland quits
The latest Reuters poll of 20 economists taken over the past week shows Asia's third-largest economy will likely grow 5.5 percent this fiscal year and 6.4 percent the next, slightly better than 5.3 percent and 6.3 percent expected in the July poll. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article