 "IT shares gain; Nifty IT index up over 1%")
Shares of information technology (IT) companies were trading higher by up to 8% on back of heavy volumes. Tata Consultancy Services (TCS), Infosys, HCL Technologies, KPIT Technologies, Tech Mahindra and Tata Elxsi from the Nifty IT index were up 1%-3% on the National Stock Exchange (NSE).
Ramco Systems, Sonata Software, R S Software, Mastek, Majesco, L&T Infotech, Rolta India and Quick Heal Technologies were among non-index stocks, up between 2% and 8% on the NSE.
At 10:59 am; the Nifty IT index, the largest gainer among sectoral indices, was up 1.5% as compared to 0.32% rise in the Nifty 50 index.
According to analysts at Antique Stock Broking, Indian IT industry after slowdown in revenue growth in CY16 is witnessing positive tailwinds from the improving US economy. Most noteworthy is the improvement in US financials, which is a leading indicator for Indian IT revenue growth.
"We acknowledge the risk/concerns on Indian IT under Donald Trump presidency and a possible tightening of the Visa regime. We note that Indian IT has taken steps to reduce dependence on Visa's in the past few years and inched up local hiring in US, this will mitigate the impact of any possible changes in Visa regulations", added report.
Among the individual stocks, Mastek has surged 6% to Rs 182, extending its previous day’s 13% rally on the NSE, after foreign investor bought the company’s shares through open market.
On Wednesday, December 14, Maven India Fund had purchased 300,000 equity shares of Mastek at price of Rs 169.32 per share, the NSE bulk deal data shows. The name of sellers not ascertained immediately.
The information technology solution provider on Tuesday said its board approved the acquisition of 100% stake in Trans American Information Systems for Rs 12.5 crore.
“This acquisition will significantly support Mastek in digital drive and will help in achieving and sustaining development of long term internal and core competencies,” Mastek said in a statement.
Ramco Systems, Sonata Software, R S Software, Mastek, Majesco, L&T Infotech, Rolta India and Quick Heal Technologies were among non-index stocks, up between 2% and 8% on the NSE.
At 10:59 am; the Nifty IT index, the largest gainer among sectoral indices, was up 1.5% as compared to 0.32% rise in the Nifty 50 index.
According to analysts at Antique Stock Broking, Indian IT industry after slowdown in revenue growth in CY16 is witnessing positive tailwinds from the improving US economy. Most noteworthy is the improvement in US financials, which is a leading indicator for Indian IT revenue growth.
"We acknowledge the risk/concerns on Indian IT under Donald Trump presidency and a possible tightening of the Visa regime. We note that Indian IT has taken steps to reduce dependence on Visa's in the past few years and inched up local hiring in US, this will mitigate the impact of any possible changes in Visa regulations", added report.
Among the individual stocks, Mastek has surged 6% to Rs 182, extending its previous day’s 13% rally on the NSE, after foreign investor bought the company’s shares through open market.
On Wednesday, December 14, Maven India Fund had purchased 300,000 equity shares of Mastek at price of Rs 169.32 per share, the NSE bulk deal data shows. The name of sellers not ascertained immediately.
The information technology solution provider on Tuesday said its board approved the acquisition of 100% stake in Trans American Information Systems for Rs 12.5 crore.
“This acquisition will significantly support Mastek in digital drive and will help in achieving and sustaining development of long term internal and core competencies,” Mastek said in a statement.
| COMPANY | LATEST | PREV CLOSE | GAIN(%) |
| RAMCO SYSTEMS | 311.70 | 289.15 | 7.80 |
| SONATA SOFTWARE | 180.45 | 170.70 | 5.71 |
| R S SOFTWARE (I) | 116.20 | 112.00 | 3.75 |
| MASTEK | 176.00 | 169.65 | 3.74 |
| SASKEN COMM.TEC. | 418.10 | 403.25 | 3.68 |
| KPIT TECH. | 139.00 | 135.10 | 2.89 |
| SUBEX | 10.04 | 9.76 | 2.87 |
| ZEN TECHNOLOGIES | 64.50 | 62.70 | 2.87 |
| AXISCADES ENGG. | 182.20 | 177.70 | 2.53 |
| TCS | 2263.55 | 2207.90 | 2.52 |
| 3I INFOTECH | 5.74 | 5.61 | 2.32 |
| MAJESCO | 408.50 | 399.90 | 2.15 |
| QUICK HEAL | 278.10 | 272.65 | 2.00 |
| HCL TECHNOLOGIES | 835.80 | 819.90 | 1.94 |
| TAKE SOLUTIONS | 144.00 | 141.50 | 1.77 |
| GEOMETRIC | 254.55 | 250.35 | 1.68 |
| SQS INDIA BFSI | 735.60 | 723.90 | 1.62 |
| INFOSYS | 1013.80 | 999.05 | 1.48 |
| POLARIS CONSULTA | 153.35 | 151.20 | 1.42 |
| TANLA SOLUTIONS | 56.10 | 55.40 | 1.26 |
| TECH MAHINDRA | 481.30 | 475.80 | 1.16 |
| KELLTON TECH | 111.00 | 109.75 | 1.14 |
| HEXAWARE TECH. | 209.30 | 207.10 | 1.06 |
| NIIT TECH. | 429.00 | 424.60 | 1.04 |
| FIRSTSOUR.SOLU. | 39.35 | 38.95 | 1.03 |
| HINDUJA GLOBAL | 533.95 | 528.50 | 1.03 |
| NUCLEUS SOFT. | 278.00 | 275.20 | 1.02 |
| INTRASOFT TECH. | 443.75 | 439.30 | 1.01 |
| TATA ELXSI | 1468.45 | 1454.70 | 0.95 |
| CYIENT | 511.55 | 506.85 | 0.93 |
| ALLSEC TECH. | 386.00 | 382.65 | 0.88 |
| ROLTA INDIA | 68.90 | 68.30 | 0.88 |
| 8K MILES | 687.10 | 682.10 | 0.73 |
| MPHASIS | 537.05 | 533.15 | 0.73 |
| WIPRO | 467.75 | 465.05 | 0.58 |
