Cognizant defies Indian tech gloom

Tech consultancy firm Cognizant stood by its full-year revenue forecast yesterday at a time when its Indian peers have been painting a gloomy picture due to slowing global outsourcing spending. Cognizant, which is based in New Jersey but conducts most of its operations in India, said it had become the second biggest tech consultancy in the country as it reported higher revenue than rival Infosys for the first time. Shares in the company rose 13 per cent in trading yesterday as revenue for the second quarter rose 20.9 per cent to $1.8bn (£1.15bn).