IT stocks gain on Accenture results
Agencies: -, Mar 23 2012, 15:22 IST
Indian software service exporters gained after Accenture Plc's quarterly profit beat Wall Street expectations and raised its full-year outlook, citing early signs of improvement in the fairly positive US economy and progress to stabilise the euro zone.
The positive view from the global technology outsourcing and consultancy company contrasts with more cautious commentary from Indian rivals such as Infosys Ltd, which gained 0.8 percent.
Tata Consultancy Services (TCS), HCL Technologies, and Wipro Ltd stocks were up about 0.7-0.8 percent each.
Accenture's strong 2Q12 results and raising of its FY12 guidance to 10-12% y/y growth provides the second positive read-through for the India IT services sector after Oracle's results earlier in the week, said Barclays Capital in a note.
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