|
Infosys soars yet again; acquisition rumours abound
Nandita Datta
New Delhi, March 7: Infosys Technologies' market capitalisation seems to be inching towards the Rs 100,000-crore mark. In just five sessions on the Mumbai Stock Exchange, the IT major's market cap has zooomed by over Rs 28,000 crore to Rs 84,586 crore. However, Infosys is still way behind Wipro, which at the nemero uno position is around Rs 159,910 crore. On Tuesday, the Infosys stock hit the circuit filter on BSE for the fifth day in a row - gaining more than Rs 900 to an all-time high of Rs 12,789 (for a Rs 5 face value share).The spurt in the stock on the Indian bourse followed the sharp gain in Infy - Infosys's ADS listed on Nasdaq. On Monday, Infy spurted to a new high of $ 365 before closing at $ 345, a rise of $ 16.5, or 5 per cent over its previous close. Infy's rise on Monday was despite an overall profit-booking in technology stocks on Nasdaq. Infy has spurted by $ 62 in the last three sessions on Nasdaq on the back of rumours that it was on verge of making an acquisition. In the last few days, Infosys has been in keen demand. The first good news was that raising of the FII limit in Indian companies to 40 per cent. With Infosys being an FII favourite, institutional interest is picking up. Besides, announcements like the incubation initiative with the launch of Onscan - a comprehensive notification service for web users has also fueled the rally. In addition, the deal with British retailing chain Sainsbury's Supermarkets and partnership with SAP AG added to the buying frenzy. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
|