Cognizant results fuel IT stocks

Aug 04, 2010 |

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Chennai, Aug. 4: The strong financial numbers of Cognizant Technology (CTS) for the quarter ended on June 30 pushed up the stocks of Indian tech majors on Wednesday. Analysts are projecting a robust outlook for infotech majors Infosys, Wipro and TCS.

Some brokerage houses have revised the earnings estimates for the group as well. “We have revised Infosys’ financial year 2010 outlook for revenue growth to at least 36 per cent compared to 30 per cent growth outlook for consensus,” says Mr Shashi Bhusan of Prabhudas Lilladhar.

Cognizant’s third quarter outlook, which talks of ‘a robust pipeline of growth opportunities’, has also been received positively by the analysts.

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