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IT stocks today rose up to 4 per cent in morning trade after the US-based Cognizant posted a 16.6 per cent rise in net profit during January-March quarter and maintained its outlook of 17 per cent revenue growth for 2013.
Shares of TCS jumped 1.73 per cent, while Infosys climbed 0.78 per cent on the BSE. HCL Tech surged 3.92 per cent, Wipro (0.37 per cent) and Tech Mahindra (0.27 per cent).
Following the gains in these stocks, the BSE IT index was trading at 6,066.35, up nearly one per cent and was the top gainer among the 13 sectoral indices.
Driven by strong demand from Europe, IT firm Cognizant had yesterday posted 16.6 per cent rise in net profit at $284.2 million during the first quarter and maintained its outlook of 17 per cent revenue growth.
The net profit stood at $243.7 million in the first quarter of 2012. The US-headquartered IT services provider follows January-December fiscal.
Revenues increased 18.1 per cent to $2.02 billion during the quarter from $1.71 billion in the first quarter of 2012, in line with its outlook of at least $2 billion.
For the second quarter (April-June) of 2013, Cognizant expects its revenues to be “at least $2.13 billion” and has maintained its revenue outlook growth at 17 per cent to “at least $8.6 billion’’.
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