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IT Stocks Gain After Cognizant Reports Good Quarterly Numbers
Shares in IT stocks rallied after Cognizant reported a good set of numbers. TCS was up almost 2 per cent, while MindTree rallied 4 per cent in trade. Wipro on the other hand was up one per cent in trade.
What was important that the company raised its revenue guidance to 19 per cent in constant currency trems, even as most Indian big IT firms continued to struggle.
For the first quarter ended March 31, 2015 the company managed to report a 20 per cent growth in revenue.
"We had another great quarter and a solid start to 2015. Our sequential growth was well ahead of our previous guidance and was driven by strong organic growth in our core business coupled with solid inline performance in the TriZetto business," said Cognizant CEO Francisco D'Souza in a post-earnings.
Cognizant is listed on the NASDAQ.
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