UPDATE 4-Cognizant results point to offshoring rebound

* Q3 adj EPS $0.48 vs est $0.41

* Q3 rev beats estimates

* Raises outlook for the year

* Q4 outlook beats estimates

* Shares up as much as 9 pct (Adds analyst comments, updates share movement)

By S. John Tilak

BANGALORE, Nov 3 (Reuters) - Cognizant Technology Solutions Corp's (CTSH.O: Quote, Profile, Research) strong third-quarter results and full-year outlook boost suggest strength at its mainstay financial services business and a recovery in technology offshoring.

Shares of the IT services provider rose as much as 9 percent to $42.40 -- their highest in two years -- after it posted a profit that beat estimates for the third straight quarter and topped heightened revenue expectations from both Wall Street analysts and investors.

The news comes on the heels of an impressive display by its India-based rivals such as Tata Consultancy (TCS.BO: Quote, Profile, Research), Infosys Technologies (INFY.BO: Quote, Profile, Research) and Wipro (WIPR.BO: Quote, Profile, Research).