IT stocks rally post Infosys results

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Shares in software companies rallied post a splendid set of results by technology major Infosys.

The shares of HCL Tech TCS and Wipro were all up more then 1 per cent in trade today. Infosys on the other hand rallied more then 3 per cent, after a splendid set of results. Also read 5 takeaways from the Infosys results

Software and IT major Infosys, reported profit after tax that beat analysts and street estimates, thanks to an expansion in margins.

The company reported a net profit of Rs 2875 crores for FY Q3 2014, beating street estimates which were expecting net profits at around Rs 2700 crores. Revenues came in at Rs 13,026 crores, as against Rs 10,424 crores in the corresponding period of last year.

"The year ahead looks exciting for the IT services industry. We believe the global economic environment has improved and our clients are gaining confidence to invest in their strategic initiatives," said S. D. Shibulal, CEO and Managing Director. -We continue to differentiate ourselves to seize growth opportunities. The recent changes in organizational structure will enable us to strengthen client relationships and increase market share.

Read more about: infosys, hcl tech, tcs, wipro
Story first published: Friday, January 10, 2014, 10:44 [IST]
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