1. IT stocks fail to cash in on record rupee fall

IT stocks fail to cash in on record rupee fall

Although the rupee hit a new low on Thursday against the dollar, IT stocks barely reacted gaining just between 0.8% and 2%. Mindtree’s shares were up around 2% during Thursday’s trading session followed by Tech Mahindra whose stock was up around 1.7%.

By: | Mumbai | Published: November 25, 2016 6:10 AM

it-stocks

Although the rupee hit a new low on Thursday against the dollar, IT stocks barely reacted gaining just between 0.8% and 2%. Mindtree’s shares were up around 2% during Thursday’s trading session followed by Tech Mahindra whose stock was up around 1.7%. Stocks of other IT firms like Tata Consultancy Services (TCS), Infosys, Hexaware and Wipro barely budged. The Indian rupee on Thursday hit a lifetime low of 68.86 in intra-day trades against the US dollar due to a strengthening of the dollar against virtually all currencies.

The BSE IT index ended the session at 9,434.05, up 114.78 points or 1.23%, while the Sensex closed at 25,860.17, down 191.64 points or 0.74%. Shares of Mindtree have gained around 4.5% in the week so far, followed by TCS and Tech Mahindra whose shares have gained 2.65 and 2.4% in this week so far. Analysts at Kotak recently said, “Indian IT is better-prepared to manage potential changes courtesy increase in local hiring, local acquisitions and continued increase in US wages. On a relative basis, HCLT and Wipro have lower risks than Infosys and TCS.”

Calculate your income tax post budget 2018 through this Income Tax Calculator, get latest news on Budget 2018 and Auto Expo 2018. Like us on Facebook and follow us on Twitter.

  1. No Comments.

Go to Top