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Tech shares rally; TCS hits record high
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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
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)
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