Cognizant profits up a fifth

IT outsourcing firm Cognizant yesterday reported a 22 per cent rise in profits in the third quarter of the year. The US-based company, which provides technology consultancy services to many blue chip companies, said growth was driven by more business from financial services firms. Cognizant, which employs most of its staff in India, saw revenue at $1.89bn (£1.18bn) up from $1.6bn last year.