IT Stocks Such As Hardening Rupee Weakens

Infosys (up 2.26%), Wipro (up 2.21%), TCS (up 1.74%), HCL Technologies (up 1.67%), Oracle Financial Services Software ( up 1.6%), Mahindra Satyam (up 1.47%), MphasiS (up 1.42%), Tech Mahindra (up 1.23%), Rolta India (up 1.09%) and Patni iGate (up 1.07%) increased.

BSE, the index rose 2.12% to 5159.85. He passed the Sensex, which was up 0.84% ​​to 16,886.74.

BSE, the index had outperformed the market over the past one month, until 19 September 2011 to 6.64% compared to Sensex’s 3.74% gain. The index had underperformed the market in the last quarter, sliding 13.16% as against 6.30% in Sensex fall.

Indian rupee fell by over 0.8% its lowest level in two years on Tuesday as concerns about the debt crisis deepened, while the Standard & Poor’s cut its rating on Italy. 09:04 IST, partially convertible rupee was for $ 48.17, after touching 48.22 – the level of last September 25, 2009. Rupee had closed on Monday, September 19 47.815/825, 2011.

A weak rupee increase in income from IT companies in the sector is based rupees most of export earnings.

IT stocks were under pressure recently on fears that the expected slowdown in the U.S. and Europe will technology spending by foreign customers. The United States and Europe are the two main markets for outsourcing.

Infosys Co-CEO of S. Gopalakrishnan, September 8, 2011 said customers are unlikely to cut their technology budgets in 2011, but the court may end next year. He also warned that customers can keep expenditure budgets for this year. Infosys had previously said it has seen delays in decision making by clients.

TCS, September 13, 2011, said the demand for technology outsourcing is still good, despite the economic uncertainty in Europe remain the biggest concern for most technology. TCS is cautiously optimistic about the demand for outsourcing services as customers remain cautious about spending in an environment of economic uncertainty, S. Ramadorai, vice president, said in an interview with the media.

The National Association of Software and Services Companies, or Nasscom, the body of the software business on August 23, 2011 reiterated its estimate of growth of the industry recorded a 16% -18% of export earnings this year. Nasscom in February had forecast export earnings from the industry 2011-68000000000, $ 70 billion in the fiscal year that began on April 1, 2011. NASSCOM reiterated growth estimate export revenue this fiscal year, despite fears of economic difficulties in major markets, namely outsourcing. United States and Europe.


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