IT shares in demand

Nine IT shares rose by 0.04% to 3.13% at 9:46 IST on BSE after sector bellwether Infosys announced its Q4 results before trading hours today, 15 April 2014.

Infosys (up 3.13%), CMC (up 1.99%), HCL Technologies (up 1.11%), Wipro (up 0.96%), TCS (up 0.73%), Tech Mahindra (up 0.38%), Hexaware Technologies (up 0.35%), MphasiS (up 0.10%) and Oracle Financial Services Software (up 0.04%), edged higher.

The S&P BSE IT index was up 1.92% at 9,004.47. It outperformed the Sensex, which was down 0.58% at 22,497.80.

The S&P BSE IT index had underperformed the market over the past one month till 11 April 2014, falling 5.03% compared with the Sensex's 3.68% rise. The index had also underperformed the market in past one quarter, falling 5.14% as against Sensex's 9.01% rise.

Infosys' consolidated net profit rose 4.1% to Rs 2992 crore on 1.2% decline in revenues to Rs 12875 crore in Q4 March 2014 over Q3 December 2013. Non-operational income jumped 16.4% to Rs 851 crore in Q4 March 2014 over Q3 December 2013. The results are as per International Financial Reporting Standards.

Infosys' net profit rose 13% to Rs 10,648 crore on 24.2% increase in revenues to Rs 50,133 crore in the year ended March 2014 over the year ended March 2013.

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