Nine IT shares rose by 0.34% to 2.18% at 9:43 IST on BSE after US-based Cognizant Technology Solutions Corporation reported a higher quarterly profit on increased demand for its outsourcing services.
Tech Mahindra (up 2.18%), Mahindra Satyam (up 2.11%), Infosys (up 1.43%), Oracle Financial Services Software (up 1.21%), Financial Technologies (India) (up 0.88%), TCS (up 0.82%), Wipro (up 0.39%), MphasiS (up 0.36%) and HCL Technologies (up 0.34%), edged higher.
The BSE IT index was up 1.04% at 5,401.48. It outperformed the Sensex, which was up 0.23% at 17,453.40.
The BSE IT index had underperformed the market over the past one month until 6 August 2012, falling 5.47% compared with the Sensex's 0.62% fall. The index had also underperformed the market in past one quarter, falling 6.76% as against 3.46% rise in the Sensex.
US-based Cognizant Technology Solutions Corporation on Monday, 6 August 2012, stood by its full-year revenue forecast at a time when its Indian peers have been painting a gloomy picture for the rest of the year on slowing global outsourcing spending.
The company said net income rose to $251.9 million, or 82 cents per share, for the second quarter from $208 million, or 67 cents per share, a year earlier.
Cognizant expects earnings for the year to be at least $3.38 per share, up from its previous forecast of at least $3.36 per share. It reaffirmed its revenue forecast of at least $7.34 billion.
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