industry has benefited from record flow of new contracts. “The outperformance (at the stock markets) was led by the rupee’s depreciation and a recovery in the operating environment following an improvement in the USA and the euro zone,” said Parikh.
As rupee continued to slide during the quarter and the US economy showed good numbers along with an improvement in business sentiment, the companies in the Indian IT sector witnessed a strong surge at the markets.
While TCS rose by 46 per cent between June 30 and October 15, Infosys rose by 34 per cent. HCL Technologies and Wipro too jumped 50 per cent and 46 per cent in the same period. Even mid-sized player Mindtree saw its shares zoom 65 per cent during this period.