Information technology shares are trading higher on the bourses today, after Cognizant Technology Solutions Corp raised its adjusted full-year profit forecast at a time when its Indian peers have been painting a gloomy picture for the rest of the year on slowdown in global outsourcing spends.
HCL Technologies, TCS and Infosys are trading higher by 2% each, while Oracle Financial Services, Tech Mahindra, Financial Technologies and Hexaware Technologies are up 1% each on the Bombay Stock Exchange.
The BSE, IT index, the second largest gainer is up 1.6%, as compared to 1% rise in the benchmark Sensex at 1324 hours.
“Cognizant expects earnings for the year to be at least $3.38 per share, up from its previous forecast of at least $3.36 per share. It reaffirmed its revenue forecast of at least $7.34 billion,” the Reuters report suggests.
“Cognizant’s earnings give the impression that things may not be so gloomy after all,” according to the analyst.