IGate says revenue to grow faster in second half, shares rise
(Reuters) - IT services company iGate Corp (IGTE.O) said revenue would grow faster in the second half of the year, after it reported better-than-expected quarterly results due to customer additions and higher revenue from Europe and financial industry clients.
IGate says revenue to grow faster in second half, shares rise
By Soham Chatterjee
Thu Apr 10, 2014 12:44pm EDT
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A view shows the Indian headquarters of iGate in the southern Indian city of Bangalore February 4, 2013. REUTERS/Stringer
A view shows the Indian headquarters of iGate in the southern Indian city of Bangalore February 4, 2013.
Credit: Reuters/Stringer
(Reuters) - IT services company iGate Corp (IGTE.O) said revenue would grow faster in the second half of the year, after it reported better-than-expected quarterly results due to customer additions and higher revenue from Europe and financial industry clients.
IGate shares rose as much as 13 percent in noon trading, making the stock one of the top percentage gainers on the Nasdaq.
The company, whose bigger rivals include Tata Consultancy Services (TCS.NS), Infosys Ltd (INFY.N) and Cognizant Technology Solutions Corp (CTSH.O), added nine clients in the first quarter.
"Demand appears on track for strong second half - the company added several new contracts in quarter, involving software development, maintenance and testing services, and continues to carry strong pipeline," Noble Financial Group analyst Vincent Colicchio wrote in a note.
Banks and companies are raising their IT spending as the global economy improves.
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