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Indian technology stocks zooms as USD strengthens

The Indian Information Technology stocks have zoomed ahead today with the US Dollar tounching INR 42.6 levels during intraday today. If there is any other sector that will cheer it he US Dollar strengthens, it is the Indian IT Industry. Needless to say, Indian investors who have put in huge monies into Indian IT Stocks that were having a rather dull period for over a year or two now have reasons to smile.

The CNX IT Index is up at 4513.95 (at 2:55 PM IST), up by about 3.90%. Major gainers on the CNX IT today include TCS, Polaris, HCL Tech, Infosys and IFlex.

Intraday highs of some major IT Stocks (NSE; 2:54 PM IST)

Infosys Technologies - Rs. 1824.00
Satyam Computer Services Limited - Rs. 515.00
Tata Consultancy Services - Rs. 969.80
Wipro - Rs. 507.00
MPhasis - Rs. 254.85
HCL Tech - Rs. 306.10
Polaris - Rs. 110.00
Tech Mahindra - Rs. 944.00
Patni - Rs. 280.00

Add commentMay 14th, 2008

Satyam Computer Services Limited

Satyam announced its Q4 results today. The company said its US GAAP revenues grew 46 percent. The company crossed the $2 billion milestone mark for the year. The company added 32 new clients with 4 of them being Fortune 500 companies.

The company expects a revenue growth rate of 24 to 26 percent in FY09 (in both Indian and US GAAP). While EPS is expected to grow in the range of 17 to 19 percent in Indian GAAP, the EPADS* is expected to grow in the range of 15.2 to 17.6 percent,as per US GAAP.

Stock Prices Intraday – about 2:13 PM IST
Satyam (NSE): Rs. 458.55 Down 2.21%
NSE Nifty: 5008.95 Up 1.02%
BSE Sensex: 16,625.26 Up 0.87%

Add commentApril 21st, 2008

Security listed and admitted to dealings – GSSAMERICA

The equity shares of the following company shall be listed and admitted to dealings on the Exchange w.e.f. March 7, 2008. Trading shall be in the Normal Market segment – Compulsory Demat (Rolling Settlement) for all investors.

 

Sr. No.	Symbol	Name of the Company	ISIN Code
1	GSSAMERICA	GSS America Infotech Limited	INE871H01011

Add commentMarch 3rd, 2008

Indian markets open in red, IT worst hit

Indian stock markets opened in the red after the US and Asian markets ticket red. Nifty is marginally down by 0.47%, CNX 500 down by 0.20% and CNX IT down by 1.32%. Even the Bank Nifty is down by 1.16%. Sensex is down 63.86 points or 0.34%. TCS news has hit the IT stocks

Sensex Mid cap and Small cap are marginally red. Consumer Goods, Health care and Realty are up while other BSE sectoral indices are in the red.

IT sector stocks are having a bad start this morning. The news of TCS to sack about 400 employees with less than 2 years experience has hit the market by surprise. Almost all top tier IT companies were racing each other till few months back to get fresh talent and retain existing talent.

TCS opened the day at Rs. 960.00 on the NSE, hit an intraday high of 975.00 and intraday low of Rs. 935.65 and is trading at Rs. 953.10 levels. The script is down 2.22%. Infosys is down 1.54%, Satyam is down 2.69% while Wipro is down 2.25%

On the Banking front, almost all the scripts on the Bank Nifty except the Bank of India are in the red. SBI is trading at Rs. 2246.15 levels.

Add commentFebruary 5th, 2008

Indian stock markets volatile despite lack of volumes

The Indian stock markets plunged at the opening bell, went on gaining points but reversed the course in the last two hours of trade finally closing in the positive region.

The Sensex closed up 18,660.32 up by 417.74 points or 2.29%. The BSE Midcap Index is up 3.14% while the BSE Small Index is up 2.87%. NSE Nifty last ticked 5463.50 points and is up 2.75%. Nifty Junior is up 3.09%. CNX IT is up 4.50% while Nifty Midcap 50 is up 4.15%. On the BSE Sectoral Indices, Realty, IT, PSU and Metal are up 3%.

IT stocks had a good day today. While the large cap stocks maintained their gains, few select midcap IT stocks took a plunge. Rolta is up 23.37%, Mphasis is up 10.99% while Tech Mahindra is up 6.22%. Few analysts gave a buy rating for Mphasis with a target of Rs. 357. Mphasis opened that day at Rs. 255.00, touched an intraday high of Rs. 285.00 and intraday low of Rs. 250.15 and closed at 274.65 on the NSE

Sans the HDFC Bank, almost all Banks on the Bank Nifty had a good day. ICICI Bank closed up 1.18%, SBI and Bank of India are up over 4%, Union Bank is up 8.55% and Oriental Bank of Commerce is up 9.14%.

Yes Bank is up 1.62% today. The script last traded at Rs. 257.70 and is now carrying an Accumulate rating by analysts.

Add commentFebruary 4th, 2008