Five IT stocks rose by 0.13% to 1% at 11:45 IST on BSE as rupee slumped to its lowest level in nine months against the dollar today, 20 November 2014.
Meanwhile, the S&P BSE Sensex was down 6.10 points or 0.02% at 28,026.75.
Among IT stocks, HCL Technologies (up 0.13%), TCS (up 0.34%), Tech Mahindra (up 1%), and Wipro (up 0.59%) gained.
Infosys rose 0.75% after the company announced after market hours on Wednesday, 19 November 2014, that it will collaborate with Stanford Graduate School of Business (GSB) to create a comprehensive executive education program. As part of this agreement, Stanford GSB will team with senior Infosys executives to design and deliver a customized strategic leadership development program for the company's executives, clients and partners. The executive education program will include a suite of business management skills, as well as courses in corporate innovation processes to help Infosys balance business discipline and entrepreneurial spirit. The office of Executive Education at Stanford GSB and Infosys will deliver the leadership program through in-person and online instruction, as well as live sessions enabled by distance-learning technology. The initiative will include 200 executives who will each participate in a part-time, year-long program in groups of 40 over three years. Executives will be able to test and apply their learning to real business challenges in parallel, the company said in a statement.
Infosys' outsourcing unit Infosys BPO had on 18 November 2014, announced the separation of Abraham Mathews, its Chief Financial Officer from the services of the company for not complying with its code of conduct. This departure was in keeping with the company's goal of setting the highest standards of corporate governance and adhering to the letter and spirit of the company's code of conduct. Gautam Thakkar, the current Chief Executive Officer has submitted his resignation to the company effective 30 November 2014, taking responsibility on moral grounds and will be assisting Uppadhayay in this transition. Meanwhile, the company appointed Anup Uppadhayay as Chief Executive Officer and Managing Director of the company. The board of Infosys BPO also appointed Deepak Bhalla as Chief Financial Officer of the company.
The S&P BSE IT index had underperformed the market over the past one month till 19 November 2014, rising 3.39% compared with the Sensex's 7.37% rise. The scrip had also underperformed the market in past one quarter, gaining 4.17% as against Sensex's 6.1% rise.
In the foreign exchange market, the rupee slumped to its lowest level in nine months today, 20 November 2014, tracking the dollar's strength against major currencies and other Asian peers, while state-owned banks' dollar demand for Iran oil payments also weighed. The partially convertible rupee was hovering at 62.105, compared with its close of 61.96 during the previous trading session. The rupee fell to as low as 62.25 per dollar so far in intraday trade.
A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
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