IT stocks in demand

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TOTAL REVENUES AT $26.05 BN VS $898 MN (YOY)
NET PROFIT AT $455 MN VS LOSS OF $24.6 BN (YOY)
MUTUAL FUNDS NET BUY RS.34.3 CR IN EQUITIES ON NOVEMBER 5
FOREIGN FUNDS NET BUY RS.267.6 CR ($56.8 MN) IN EQUITIES ON NOVEMBER 5
INDEX GAINERS: BHARTI UP 9.4%, JP ASSOCIATES UP 8.6%, IDFC UP 7%
BSE PSU INDEX UP 4.77%, REALTY UP 4.4%, METAL INDEX UP 4%
CNX MIDCAP INDEX UP 3.9%, BSE SMALLCAP INDEX UP 1.6%
SENSEX UP 1.65%, NIFTY UP 1.8% FOR THE WEEK
GETS U.S. FDA NOD FOR GENERIC ACULAR
TO RAISE UPTO $300 MN VIA FCCBS
EXTENDING 8% HOME LOAN SCHEME TILL 31ST MARCH , 2010
TO INTRODUCE NEW WPI SERIES; OCTOBER WPI TO BE BASED ON 1993-94 SERIES
TO RAILWAYS: STOP CROSS SUBSIDISING FARES AND FREIGHTS
INDIAN RAILWAYS SHOULD RATIONALISE PASSENGER FARES UPWARD
MATTER MAY BE DECIDED BY TELECOM APPELLATE TRIBUNAL TDSAT SOON: SRCS
ADDITIONAL AMOUNT TO BE PAID AS RESULT OF RE-ASSESSMENT DONE BY DOT: SRCS
BHARTI CONTESTED THIS CLAIM & HAS APPROACHED TELECOM TRIBUNAL, TDSAT
DOT THREATENS TO INVOKE BHARTI'S BANK GUARANTEES IN CASE OF NON-PAYMENT
DOT GIVES 7 DAYS TO BHARTI TO REMIT AMOUNT: SOURCES
ADDITIONAL LICENCE FEE IS FOR FINANCIAL YEAR 2005-06: SOURCES
DOT WRITES TO BHARTI TO PAY ADDITIONAL RS.17.67CR AS LICENCE FEE: SOURCES
IMPOSES 20% SAFEGUARD DUTY ON IMPORT OF SODA ASH
CURRENTLY OFFERING ONE OF THE BEST RATES IN THE COUNTRY
WILL REQUIRE 2-3 MONTHS TO COME OUT WITH A FPO
EXPECT TO END THE CURRENT YEAR WITH 20% CREDIT GROWTH
MOST CUSTOMERS BASED ON WIRELESS NETWORK ON LOW BANDWIDTH
HAVE IDENTIFIED SOME ACQUISITION TARGETS IN THE EUROPEAN MARKET
FUNDS FROM QIP TO BE USED FOR SETTING UP A NEW DATA CENTER
GARWARE OFFSHORE BAGS 2 YR CONTACT FOR SUPPLY VESSEL AT RS.22.5 CR PER YR
EXPECT BORROWING COSTS TO COME DOWN BY 200 BPS IN Q3

Updated: 24/03/2008 | 12:00 AM IST

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IT stocks in demand

Capital Market

Monday, March 24, 2008 (New Delhi)

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Infosys Technologies (up 1.52% to Rs 1362.25), Satyam Computer Services (up 0.60% to Rs 392.30), Wipro (up 4.43% to Rs 393.30), and TCS (up 1.85% to Rs 824.45), edged higher. The BSE IT index was up 1.29% to 3,413.03.

Infosys Technologies saw volumes of 1.59 lakh shares, Satyam Computer Services clocked volumes of 1.89 lakh shares), Wipro notched volumes of 1.06 lakh shares while 90,068 shares were traded on the TCS counter on BSE.

The BSE Sensex was up 96.04 points or 0.64% to 15,090.87 on positive cues from the global markets. On Thursday, 20 March 2008, US stocks closed their best week in nearly two months and are seen extending the solid rally this week, bolstered by the Federal Reserve's aggressive liquidity action.

The BSE IT index outperformed the market over the past one month to 19 March 2008, declining 12.47% as against the Sensex's 17.04% decline. It underperformed the market in the past three months, sliding 22.01% against the Sensex's fall of 21.75%.

Meanwhile, the Indian rupee was trading at 40.35/36 per dollar, stronger than Wednesday's close of 40.43/44. The currency market was shut on Thursday and Friday for religious holidays.

IT firms derive over 50% of their revenues from exports to US markets.