Tech shares rally; TCS hits record high

Wed Feb 13, 2013 2:08pm 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

Related Topics

Stocks

   

Reuters Market Eye - Shares of software services exporters rally with Tata Consultancy Services Ltd (TCS.NS) hitting a record high, on hopes earnings will look up in fiscal 2014 on the back of an improving global economy.

Gains come a day after industry body, the National Association of Software and Services Companies (Nasscom), forecasts exports from the software services sector will grow 12-14 percent in 2013/14 to as much as $87 billion.

Infosys Ltd (INFY.NS) shares gain 1.21 percent, while HCL Technologies Ltd (HCLT.NS) rises 3.53 percent.

TCS shares gain 2 percent, earlier hitting an all-time high of 1,441.65 rupees, after Nielsen Holdings NV (NLSN.N), best known for its TV ratings, increased the size of its contract with India's largest software service exporter to $2.5 billion from $1 billion.

"This reinforces TCS's positioning further in the large deal market and improves confidence in FY14 growth," HSBC said in a note dated on Tuesday.

(Reporting by Manoj Dharra)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Economic Pulse

REUTERS SHOWCASE

Deregulation Impact

Deregulation Impact

Private fuel retailers to dip toe, not dive back, into India  Full Article 

Gold Import

Gold Import

RBI will not change gold import rules - sources  Full Article 

Idea Results

Idea Results

Idea Cellular Q2 profit up 69 percent  Full Article 

An RBI First

An RBI First

RBI releases minutes of financial stability council's Aug meet  Full Article 

Global Shares

Global Shares

Japanese stocks lead shares worldwide, IBM weighs on Dow  Full Article 

IBM Chip Unit

IBM Chip Unit

IBM to pay Globalfoundries to take chip unit  Full Article 

IBM Earnings

IBM Earnings

IBM ditches 2015 operating EPS target, shares slump 7 pct  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage