A maturing market amid the mayhem
TCS gains 3.9 percent
Shares in India’s top IT services firm by sales gained nearly 4 percent in a broader market that ended 0.96 percent up at 16,853.
The stock which carries over 2 percent weightage in the main index, closed at 610 rupees with volumes of 0.58 million.
The BSE IT Index ended 2.2 percent higher, led by gains in TCS, Infosys and Oracle Finance.
TCS chief executive S. Ramadorai said in an interview on Tuesday the company was seeing signs of recovery in demand for outsourcing, especially from the banking, financial services and insurance sectors, which together account for 43 percent of its business.
TCS has gained over 150 percent in the current year.
The company is also looking at hiring 18,000 workers in the financial year ending March 2010.
According to NASSCOM, signs of recovery in the U.S. are yet to translate into real business for India’s outsourcing firms, but business is likely to pickup from the second half of the year.
Do you think the counter will reach new highs as signs of recovery become stronger in the outsourcing industry?