Nine IT shares rose by 0.55% to 3.81% at 11:02 IST on BSE after top US software consultancy firm Accenture announced positive results that exceeded analysts expectations.
Hexaware Technologies (up 3.81%), Tech Mahindra (up 2.67%), MphasiS (up 2.19%), Wipro (up 1.94%), TCS (up 1.33%), Oracle Financial Services Software (up 1.01%), HCL Technologies (up 0.69%), CMC (up 0.20%) and Infosys (up 0.55%), edged higher.
The S&P BSE IT index was up 1.15% at 9,006.98. It outperformed the S&P BSE Sensex, which was up 0.27% at 20,763.70.
The S&P BSE IT index had risen 1.74% to 8,904.80 on Thursday, 19 December 2013. The index has risen 2.90% in two sessions from 8,752.87 on Wednesday, 18 December 2013.
The S&P BSE IT index had outperformed the market over the past one month till 19 December 2013, rising 3.54% compared with the Sensex's 0.87% fall. The index had also outperformed the market in past one quarter, rising 13.88% as against Sensex's 0.30% rise.
On Thursday, 19 December 2013, Accenture said income from the consulting business fell 1% to $3.94 billion in the first quarter ended 30 November 2013. However, its Q1 revenues rose to $7.36 billion, above analysts' expectations of revenue of $7.25 billion. Outsourcing revenue increased 5% to $3.42 billion.
More From This Section
Net income rose to $811.6 million, or $1.15 per share, in the first quarter from $766 million, or $1.06 per share, a year earlier.
Accenture forecast current-quarter revenue below estimates. The company said it expected second-quarter revenue of $6.95 billion to $7.25 billion, below the average analyst estimate of $7.28 billion.
Accenture raised its profit forecast for 2014 to $4.44 to $4.56 a share, up from the range of $4.42 to $4.54 a share the company gave in September. The forecast was adjusted to reflect foreign-exchange fluctuations.
Powered by Capital Market - Live News