Infosys, TCS Shares Rally On Superb Results From Cognizant

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Shares in Infosys, TCS and HCL Tech rallied after Cognizant reported Q2 net profits at $420.1 million and raised its revenue guidance to at least $3.14 billion for Q3.

Infosys, TCS Shares Rally On Superb Results From Cognizant
Infosys: Quotes, News
BSE 1122.90BSE Quote42.5 (3.78%)
NSE 1122.85NSE Quote41.7 (3.71%)
HCL Technologies: Quotes, News
BSE 948.75BSE Quote41.85 (4.41%)
NSE 949.25NSE Quote40 (4.21%)
The IT index was trading with gains of near one per cent following the Cognizant results. "Our strong performance has allowed us to raise our full year revenue and EPS guidance for the second time this year, despite the impact to our full year revenues from the announcement that Health Net would be acquired by Centene Corporation," said Karen McLoughlin, Chief Financial Officer.

Foreign brokerages also upgraded Indian IT stocks like Infosys and TCS to a buy. The performance of technology majors in India has been mixed for the quarter ending June 30, 2015.

While Infosys outperformed peers, TCS and HCL Tech disappointed the streets. In fact, HCL Tech has fallen sharply since its results, while Tech Mahindra also had nothing significant to boast in terms of performance.

Read more about: infosys, tcs, hcl tech, cognizant
Story first published: Thursday, August 6, 2015, 9:58 [IST]
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