NEW YORK ( TheStreet) -- Four Indian IT companies reported remarkable quarterly results, beating analysts' estimates. In response, these stocks have been upgraded by analysts.Integrated technology and operations solutions provider, iGate ( IGTE) announced its second-quarter earnings on July 14. Net income soared 45.5%, to $11.5 million, or 20 cents per share, topping analysts' estimates of 17 cents per share. Revenue increased 42.7%, to $66.8 million, primarily driven by higher demand from financial services sector. During the quarter, the company added four new customers and expanded its global delivery facility in Mexico. Looking ahead, the company expects to see a 5% to 8% sequential growth for the remainder of the year, with a marginal impact from weakening eurozone. On July 15, 2010, Roth Capital Partners assigned a buy rating to the stock with a price target of $18. Syntel ( SYNT), an information technology provider and a Knowledge Process Outsourcer, KPO, reported its second-quarter results on July 22. The company's revenue increased 31% year-over-year to $130.6 million, while net income was up 12.7%, to $28.3 million, or 68 cents per share. During the quarter, the company finalized its negotiations regarding its KPO joint venture. Looking ahead, Syntel said that based on current visibility levels and an exchange rate assumption of INR 46.5 to $1, full-year revenue is expected to range between $510 million and $522 million, while earnings per share is estimated at $2.50 to $2.60. On July 23, 2010 JPMorgan assigned a neutral rating to the stock with a price target of $44. In Thursday's trading session, the stock ended 12.1% higher, at $41.64. On July 23, Wipro ( WIT), an information technology solutions and services provider, reported its results for the quarter ended June 30, 2010. Total revenue increased 16% year-on-year to $1.56 billion, while net income was up 31% to $284 million, or 12 cents per share. During the quarter, the company signed an agreement with Citibank ( C) to take over the ownership and management of Citibank's data center in Meerbusch Germany for at least 30 months. Besides adding 22 new clients, Wipro also announced the opening of the company's new office at Seoul.
Looking ahead, the company expects IT services business revenue to be in the range of $1.25 billion to $1.28 billion, reflecting a sequential increase of 4.1% to 6.1%. Subsequent to the company's results announcement, Cowen Group assigned an outperform rating to the stock. Infosys Technologies ( INFY), a global technology services company providing end-to-end business solutions, released its second-quarter results last week. The company revealed that it plans to invest almost $500 million to establish its seventh special economic zone close to the city of Bangalore. The work on the SEZ is expected to begin in August or September 2010 and the facility will be operational at the end of March 2011. On July 22, 2010, Goldman Sachs assigned a neutral rating to the stock with a target price of $65.30, implying a 10% upside over current levels.