Shares of information technology (IT) are in limelight on the bourses trading higher by up to 5% after Tata Consultancy Services (TCS) and Infosys, two sector giants has reported a better-than-expected net profit for the quarter ended June 30, 2013.
TCS, Infosys, HCL Technologies, MindTree, Tech Mahindra and Wirpo are up in the range of 1-5% on the Bombay Stock Exchange (BSE). TCS and HCL Technologies are trading at their lifetime highs.
The BSE IT index, the largest gainer among sectoral indices, is up 3.1% as compared to 0.41% rise in benchmark Sensex at 1105 hours.
TCS has rallied over 5% at Rs 1,745 after reporting a consolidated net profit at Rs 3,831 crore against an average analyst estimates of Rs 3,739 crore for the quarter ended June 30, 2013. The stock hit a new high of Rs 1,754 on BSE.
TCS management indicated that they expect CY2013 to be better than CY2012 in terms of IT spending and the company has maintained hiring target of 45,000 gross employees for FY2014 which is encouraging.
Among the other IT stocks, HCL Technologies too, surged 5% at Rs 898 on BSE. The company is schedule to announce its June quarter earnings on July 31.
Tech Mahindra and Infosys are up 2% each at Rs 1,117 and Rs 2,860 respectively, while Wipro is up 1% at Rs 389 on BSE.
TCS, Infosys, HCL Technologies, MindTree, Tech Mahindra and Wirpo are up in the range of 1-5% on the Bombay Stock Exchange (BSE). TCS and HCL Technologies are trading at their lifetime highs.
The BSE IT index, the largest gainer among sectoral indices, is up 3.1% as compared to 0.41% rise in benchmark Sensex at 1105 hours.
TCS has rallied over 5% at Rs 1,745 after reporting a consolidated net profit at Rs 3,831 crore against an average analyst estimates of Rs 3,739 crore for the quarter ended June 30, 2013. The stock hit a new high of Rs 1,754 on BSE.
TCS management indicated that they expect CY2013 to be better than CY2012 in terms of IT spending and the company has maintained hiring target of 45,000 gross employees for FY2014 which is encouraging.
Among the other IT stocks, HCL Technologies too, surged 5% at Rs 898 on BSE. The company is schedule to announce its June quarter earnings on July 31.
Tech Mahindra and Infosys are up 2% each at Rs 1,117 and Rs 2,860 respectively, while Wipro is up 1% at Rs 389 on BSE.
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