IT stocks rise on positive read-through from Accenture results

Indian software companies gain as a better-than-expected rise in quarterly revenue by Accenture Plc sparks hopes of a robust demand environment, dealers say.

Tata Consultancy Services Ltd up 2.7 percent, Infosys gains 1.4 percent, Wipro up 1.9 percent, HCL Technologies rises 3.3 percent and Tech Mahindra surges 2.3 percent.

Accenture`s net income rose to $881.8 million, or $1.26 per share, in the third quarter ended May 31 from $874.1 million, or $1.21 per share, a year earlier. Analysts had expected earnings of $1.21 per share.

Accenture reported a better-than-expected 7.5 percent rise in quarterly net revenue, led by a rebound in demand for its consulting services, where it competes with Indian IT companies.