Mumbai: Led by TCS, IT stocks were in demand Tuesday, a day after Cognizant reported a 9.7 percent growth in net profit for the March quarter and also upped its revenue guidance for the year.
Shares of TCS gained 2.25 percent to Rs 2,535 on the BSE.
Others like, Wipro climbed 1.23 percent, while HCL Technologies was up 1 percent and Infosys rose by 0.53 percent.
Led by strong growth in healthcare business, IT services firm Cognizant yesterday notched up a 9.7 percent increase in net profit at USD 382.9 million for the March quarter and also marginally upped its revenue guidance for the 2015 fiscal.
Cognizant's net profit stood at USD 348.9 million in the first quarter of 2014.
The US-based firm saw its revenue grow 20.2 percent to USD 2.91 billion in the reported quarter from USD 2.42 billion in the year-ago period, higher than its own guidance of USD 2.88 billion.
The better-than-expected numbers are in contrast to those from its Indian counterparts like TCS and Infosys that posted muted quarterly earnings impacted by currency fluctuations.
Cognizant has marginally increased its revenue forecast for the fiscal 2015 to be up at least 19.3 percent (to USD 12.24 billion) from its earlier forecast of at least 19 percent growth (USD 12.21 billion) compared with 2014.
For the April-June quarter, it expects its revenue to be at least USD 3.01 billion.
