IT shares gain post Infosys June quarter results
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Shares of information technology (IT) companies are trading higher in the range of 1-4% on the National Stock Exchange (NSE) after Infosys reported a better-than-expected consolidated net profit for the first quarter ended June 30, 2014 (Q1).
All four large-cap IT stocks - Infosys, Tata Consultancy Services (TCS), HCL Technologies and Wipro are up in the range of 1-2%. Rolta, Tech Mahindra, KPIT Cummins, NIIT Technologies and Hexaware Technologies are up 2-4% on NSE.
CNX IT index, the second largest gainer among sectoral indices after realty index, has rallied 1.6% compared to 0.02% rise in benchmark CNX Nifty at 0945 hours.
IT major Infosys today reported 3.6% quarter-on-quarter (qoq) decline in consolidated net profit at Rs 2,886 crore June quarter compared to Rs 2,992 crore in March quarter.
It, however, beat analyst estimates of Rs 2,698 crore. On a y-o-y basis, the company posted a 21.6% increase in its net profit.
Meanwhile, Infosys retained its financial year 2014-15 (FY15) revenue growth guidance at 7-9% in dollar terms. In rupee terms, the guidance was 5.6-7.6%.
Shares in Infosys are current trading 1.4% higher at Rs 3,337, hits four-month high of Rs 3,432 on NSE, after announcements of Q1 results.
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