 "IT stocks dip as Cognizant lowers revenue growth estimate")
Shares of information technology (IT) companies were trading lower by up to 8%, after global IT giant Cognizant scaled down its annual revenue growth estimate citing weakness at certain clients and long sales cycles for certain large deals.
The US-headquartered company said it expected its annual revenue growth for FY14 (Cognizant follows a January-December financial year) to be at least 14%, against the earlier estimate of 16.5%.
Tata Consultancy Services (TCS) and Infosys are down 2% each at Rs 2,469 and Rs 3,520 respectively. HCL Technologies, Wipro, Oracle Financial Services and KPIT Cummins are down 1% each at 1020 hours on the Bombay Stock Exchange (BSE).
S&P BSE IT index, the largest loser among sectoral indices, was down 1.4% or 136 points at 9,758 compared to 0.12% or 31 points rise in benchmark S&P BSE Sensex at 25,697.
Accelya Kale Solutions down 8% to Rs 673 after the company reported a sharp 40% quarter-on-quarter decline in its consolidated net profit at Rs 18.47 crore for the quarter ended June 30, 2014.
However, Polaris Financial and Mindtree were unscathed with gains of 0.8% and 0.3% respectively
The US-headquartered company said it expected its annual revenue growth for FY14 (Cognizant follows a January-December financial year) to be at least 14%, against the earlier estimate of 16.5%.
Tata Consultancy Services (TCS) and Infosys are down 2% each at Rs 2,469 and Rs 3,520 respectively. HCL Technologies, Wipro, Oracle Financial Services and KPIT Cummins are down 1% each at 1020 hours on the Bombay Stock Exchange (BSE).
S&P BSE IT index, the largest loser among sectoral indices, was down 1.4% or 136 points at 9,758 compared to 0.12% or 31 points rise in benchmark S&P BSE Sensex at 25,697.
Accelya Kale Solutions down 8% to Rs 673 after the company reported a sharp 40% quarter-on-quarter decline in its consolidated net profit at Rs 18.47 crore for the quarter ended June 30, 2014.
However, Polaris Financial and Mindtree were unscathed with gains of 0.8% and 0.3% respectively
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%