Stocks of five IT bigwigs were off 1.5% to 5% after Cognizant Technology Solutions reportedly said at the time of announcement of its Q4 December 2015 results that the company expects revenue to remain flat on sequential basis in Q1 March 2016.
HCL Technologies (down 5% at Rs 807.55), Infosys (down 3.4% at Rs 1,109), TCS (down 4% at Rs 2,272), Wipro (down 1.5% at Rs 463.25) and Tech Mahindra (down 1.5% at Rs 463.50) edged lower.
IT services provider Cognizant estimates revenue to be between $3.18 billion and $3.24 billion in Q1 March 2016 about the same as in the fourth quarter. Cognizant's revenue increased 17.9% to $3.23 billion in Q4 December 2015 over Q4 March 2014, according to reports. Cognizant expects its revenue growth to slow to between 10% and 14.3% for the calendar year 2016, according to reports.
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