Tech shares rally; TCS hits record high
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)
- Tweet this
- Share this
- Digg this
- NTT DoCoMo to exit India, unload entire stake in Tata Teleservices - sources
- UPDATE 3-Apple, Google agree to settle lawsuit alleging hiring conspiracy
- Apple, Google agree to pay over $300 million to settle conspiracy lawsuit
- UPDATE 2-FCC pushes back against criticism over Internet traffic plan
- New Microsoft CEO Nadella impresses Wall Street, stresses challenges
Japan's NTT DoCoMo will unload its 26.5 percent stake in loss-making Indian mobile phone joint venture Tata Teleservices and exit the country as it struggles with tough price competition, sources familiar with the matter said. Full Article | Quote