 "IT stocks dip as Cognizant lowers revenue growth estimate")
Shares of information technology (IT) companies were trading lower by up to 8%, after global IT giant Cognizant scaled down its annual revenue growth estimate citing weakness at certain clients and long sales cycles for certain large deals.
The US-headquartered company said it expected its annual revenue growth for FY14 (Cognizant follows a January-December financial year) to be at least 14%, against the earlier estimate of 16.5%.
Tata Consultancy Services (TCS) and Infosys are down 2% each at Rs 2,469 and Rs 3,520 respectively. HCL Technologies, Wipro, Oracle Financial Services and KPIT Cummins are down 1% each at 1020 hours on the Bombay Stock Exchange (BSE).
S&P BSE IT index, the largest loser among sectoral indices, was down 1.4% or 136 points at 9,758 compared to 0.12% or 31 points rise in benchmark S&P BSE Sensex at 25,697.
Accelya Kale Solutions down 8% to Rs 673 after the company reported a sharp 40% quarter-on-quarter decline in its consolidated net profit at Rs 18.47 crore for the quarter ended June 30, 2014.
However, Polaris Financial and Mindtree were unscathed with gains of 0.8% and 0.3% respectively
The US-headquartered company said it expected its annual revenue growth for FY14 (Cognizant follows a January-December financial year) to be at least 14%, against the earlier estimate of 16.5%.
Tata Consultancy Services (TCS) and Infosys are down 2% each at Rs 2,469 and Rs 3,520 respectively. HCL Technologies, Wipro, Oracle Financial Services and KPIT Cummins are down 1% each at 1020 hours on the Bombay Stock Exchange (BSE).
S&P BSE IT index, the largest loser among sectoral indices, was down 1.4% or 136 points at 9,758 compared to 0.12% or 31 points rise in benchmark S&P BSE Sensex at 25,697.
Accelya Kale Solutions down 8% to Rs 673 after the company reported a sharp 40% quarter-on-quarter decline in its consolidated net profit at Rs 18.47 crore for the quarter ended June 30, 2014.
However, Polaris Financial and Mindtree were unscathed with gains of 0.8% and 0.3% respectively