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Solid earnings for IT companies


INDIAThe infotech index rallied 2.8 percent on Thursday with stocks such as Patni Computer, TCS, Wipro and Infosys posting decent gains.

Patni Computer, the top gainer in the index, rose over 12 percent after the company announced a 14 percent rise in Q1 profits. A company official said it will seek acquisitions in Europe and the Asia-Pacific to help lower its dependence on the United States.

The results season has been good for this sector, with top firms like Infosys and TCS beating forecasts. Earlier in the month, Infosys beat estimates with a 17 percent rise in quarterly profit, whereas TCS posted a 22 percent rise.

Infosys stock has rallied over 25 percent since June and is currently at 2010 rupees. The stock crossed the 2,000 rupee mark a few days ago, a level it had not seen for over 15 months.