While Infosys and DSQ Software have been encashing on the emerging opportunities in the software industry, the case is somewhat different for HDFC Ltd. As the real estate sector is going through a prolonged slowdown, its 19 per cent rise in net profit during the first quarter is a respectable performance in a trying time. The stock markets have also reacted positively to their good showing and the scrips of these companies have risen with considerable rise in volumes.

Boosted by a phenomenol spurt in income from its overseas software development assignments, Infosys Technologies has reported a total income of Rs 98.43 crore (up 115 per cent from Rs 45.81 crore during the corresponding period of fiscal1998). During the period under consideration, it earned a net profit of Rs 23.67 crore, a jump of 157 per cent over the previous fiscal's Rs 9.22 crore.

The rupee depreciation during the last few months has gone in its favour. Of its Rs 98.43-crore income, Rs 96.38 crore originated abroad and the domestic earnings took a plunge to only Rs 2.05 crore.

The stock markets have also responded positively to the results. On the Bombay Stock Exchange (BSE), between July 3-10, Infosys Technologies has gone up from Rs 2178 to Rs 2506, accompanied by rising volumes going as high as 2.33 lakh shares. However, the scrip fell to Rs 2469 on July 13 mainly due to a fall in the Sensex.

Even after rewarding its shareholders recently with a liberal 1:1 bonus, the company has a low equity base of Rs 16 crore. On an annualised basis, this gives an EPS of Rs 59.18. At the current price of Rs 2506, this gives a P/E of 42.39.

Despite a downtrend in the real estate sector, HDFC Ltd's loan disbursals during the first quarterincreased by a phenomenol 43 per cent to Rs 485.28 crore (Rs 338.32 crore) while sanctions increased by 33 per cent to Rs 691.68 crore (Rs 519.14 crore). From a 19 per cent rise in total income to Rs 395.37 crore from Rs 331.66 crore, HDFC earned a net profit of Rs 65.55 crore -- a rise of 19 per cent over Rs 54.90 crore during the corresponding period of the last fiscal.

Between July 3-10, the HDFC scrip on BSE rose from Rs 2762 to Rs 2888. HDFC scrip also fell on July 13 to Rs 2874. On a Rs 119.11-crore equity, the annualised earning per share works out to Rs 220.34. At the current price, this gives a P/E of 13.11.

DSQ Software's 86 per cent jump in net profit to Rs 8.84 crore (Rs 4.76 crore) came from a 104 per cent rise in total income to Rs 42.28 crore. On a Rs 20.25-crore equity, this gives an annualised EPS of Rs 17.46. The current market price of the scrip is Rs 271, up from its July 6-level of Rs 231. This gives a P/E of 15.52.

Dr Reddy's scrip had witnessed a steady rise from a level of Rs373 on July 3 to Rs 497 on July 10 in anticipation of good results for the first quarter. The scrip is currently hovering around Rs 475. The company saw a 35 per cent spurt in sales turnover for the first quarter of the current fiscal -- sales improved from Rs 85 crore to Rs 114 crore for the first-quarter of 1998-99. The company has performed exceedingly well on the exports front with a 84 per cent jump from Rs 12.5 crore to Rs 23 crore while domestic sales grew 18 per cent to Rs 45 crore. The company's board is scheduled to meet on July 18 to approve the first quarter results.

On the back of a 40 per cent rise in turnover to Rs 9.49 crore, Archies earned a 59 per cent rise in net profit to Rs 1.08 crore. On a Rs 3.25-crore equity, EPS works out to Rs 13.29. Between July 3-10, the company's scrip on the Delhi Stock Exchange has gone up from Rs 181 to Rs 227. At the current price, this gives a P/E of 17.08.

During first quarter of fiscal 1999, Clariant saw a 26 per cent jump in sales to Rs 51 crore fromRs 40 crore reported during Q1 of 1997-98. The company reported a 57 per cent jump in net profit to Rs 3.14 crore for the first quarter of 1999. On BSE, the Clariant scrip went up to Rs 188 on July 10 from Rs 173 on July 7. On an annualised EPS of Rs 15.79, the P/E works out to 11.91. On July 13, too, the scrip gained Rs 3.