TCS, Infosys gain after Cognizant earnings

Fri Feb 8, 2013 1:49pm IST

Logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai, June 29, 2012. REUTERS/Vivek Prakash/Files

Logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai, June 29, 2012.

Credit: Reuters/Vivek Prakash/Files

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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)

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