Some good news for IT company Cognizant, whose quarterly profits handily topped expectations. First quarter net income rose 34% to $151 million. Revenues climbed 29% to reach $960 million. Cognizant’s numbers were boosted by demand from financial services, the company’s most important market.
Media company NDTV says it has ended its agreement with Scripps Network Interactive. In November, NDTV got into a so-called definitive agreement with Scripps to bring new lifestyle channels into the country. Scripps was also supposed to get a 69% stake in its subsidiary, NDTV Lifestyle. NDTV has not disclosed its reasons for ending the deal.
Greece’s troubles and worries about a decline in Chinese demand for metals sent European stocks down Tuesday. And Indian markets also took the hint. The Sensex plunged a full 249 points to end at 17,137.And the Nifty joined it, losing 74 to close at 5,148.