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News Summary: Profit up at Indian outsourcer TCS

The Associated Press

PROFIT UP: India's top outsourcer, Tata Consultancy Services, reported a 15 percent rise in quarterly profit to $652 million, while revenue rose 14 percent to $2.9 billion.

EXPECTATIONS: Analysts polled by FactSet had forecast profit of $623 million on revenue of $2.9 billion.

TECH REVIVAL?: Profit rose despite a slump in business from continental Europe for TCS. It joins rival Infosys in reporting better-than-expected earnings, raising hopes of a revival in tech spending.