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Stocks of information technology companies are seen trading mostly with a positive bias next week on strong Jul-Sep numbers of most of the companies and on a weak rupee. The rupee has started weakening against the dollar once again and this is seen as positive for the IT companies. The rupee, which had stabilised since its all-time low in August, fell 1.07% against the dollar in the last seven days. On Tuesday, Cognizant Technology Solutions Corp, the second-largest exporter of IT services from India, reported industry-leading revenue growth of 6.7% for Jul-Sep, and raised its outlook for the year for the second time. The US-based company raised its revenue growth forecast for 2013 to 20.3%, encouraged by better than expected demand. Further, on Thursday, Tech Mahindra reported a 4.7% sequential rise in its Jul-Sep consolidated net profit to 7.18 bln rupees. Tech Mahindra's Jul-Sep revenue growth of 4.7% on quarter was more than its peers Infosys, Wipro and HCL Technologies.
Stocks of information technology companies are seen trading mostly with a positive bias next week on strong Jul-Sep numbers of most of the companies and on a weak rupee. The rupee has started weakening against the dollar once again and this is seen as positive for the IT companies. The rupee, which had stabilised since its all-time low in August, fell 1.07% against the dollar in the last seven days. On Tuesday, Cognizant Technology Solutions Corp, the second-largest exporter of IT services from India, reported industry-leading revenue growth of 6.7% for Jul-Sep, and raised its outlook for the year for the second time. The US-based company raised its revenue growth forecast for 2013 to 20.3%, encouraged by better than expected demand. Further, on Thursday, Tech Mahindra reported a 4.7% sequential rise in its Jul-Sep consolidated net profit to 7.18 bln rupees. Tech Mahindra's Jul-Sep revenue growth of 4.7% on quarter was more than its peers Infosys, Wipro and HCL Technologies.
