February 13, 2013 / 8:43 AM / in 5 years

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.

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

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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