Equity Alert: Technology cos' shares rise led by weak rupee
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K.Karthik Raja
May 22, 2008, 6:11:00 AM5/22/08
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Equity Alert: Technology cos' shares rise led by weak rupee
BANGALORE--10:15AM--CNX IT index was up 0.41% at 4528.65 in an
otherwise
falling market buoyed by continued depreciation of the rupee against
the dollar,
dealers said.
A weak rupee is seen boosting margins of Indian IT companies.
Rupee has depreciated almost 8% against the dollar since it's
closing on
Mar 31 and is currently at 43.15 rupees per $1.
"For 12 months we have an accumulate rating on most information
technology
stocks," Harit Shah, an analyst with Angel Broking, said.
Infosys Technologies, Tata Consultancy Services, and Satyam
Computer
Services were up 0.87%, 0.43% and 0.91%, respectively, while shares of
Wipro
were down 0.02%.
Equity Alert: Technology cos' shares rise led by weak rupee
BANGALORE--10:15AM--CNX IT index was up 0.41% at 4528.65 in an
otherwise
falling market buoyed by continued depreciation of the rupee against
the dollar,
dealers said.
A weak rupee is seen boosting margins of Indian IT companies.
Rupee has depreciated almost 8% against the dollar since it's
closing on
Mar 31 and is currently at 43.15 rupees per $1.
"For 12 months we have an accumulate rating on most information
technology
stocks," Harit Shah, an analyst with Angel Broking, said.
Infosys Technologies, Tata Consultancy Services, and Satyam
Computer
Services were up 0.87%, 0.43% and 0.91%, respectively, while shares of
Wipro
were down 0.02%.
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