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IT Stocks Gain As Cognizant Ups 2021 Revenue Guidance; Coforge, Mphasis, Mindtree Hit 52-Week High

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IT stocks will be in focus in today's trade (May 6, 2021) after the IT major Cognizant Technology Solutions Corp. has raised its 2021 revenue growth guidance from 4-7% to 5.6-7.6% in constant currency. This is on account of growth in digital space. The revenue for the second quarter is expected to grow 8-9% in constant currency in the range of $4.42 billion-$4.46 billion.

 

IT Stocks Up Over 2%; Coforge, Mphasis, Mindtree Hit 52-Week High

It is to be noted here that Cognizant follows the calendar year. At the time of writing this report, IT index was gaining traction and was up around 0.97% at around 12:00 pm.
Some of the stocks that contributed to the gains of the index included Infosys, Wipro, Mindtree and TCS, while there are stocks that also pulling the index down, namely, L&T Infotech, Infotech and HCL.

Individually IT stocks went higher by anyway between 0.5-18 percent. And Mindtree scrip was close to its 52-week high price of Rs. 2275.95 at one point slowly scaled to its fresh 52-week high of Rs. 2301. Similar was the momentum in stock of Coforge and Mphasis , which also hit their new 52-week high. Notably the stock of Coforge ahead of its earnings for Q4FY21 which are expected today have surged by close to 18%.

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