Infosys Rises 2%, Satyam Computer Gains 3 Per Cent

Mumbai, December 24: | Updated: Dec 25 2002, 05:30am hrs
Infosys Technologies and Satyam Computer were propped up by institutional buying on Tuesday.

On The Stock Exchange Mumbai (BSE), the stock of Satyam Computer witnessed a rise of 2.7 per cent as it closed at Rs 285.70 as againt its previous close at Rs 277.95.

A total number of 59,03,444 shares of Satyam Computer changed hands on the counter today. Not far behind was Infosys Technologies, edging up 1.9 per cent as it closed at Rs 4,690.55 as against its previous close at Rs 4,600.10. The stock registered volumes of 2,97,564 today.

Institutions are believed to be conducting genuine buying on the two counters, mainly in anticipation of the forthcoming quarterly results for the period ending 31 December 2002.

Dealers from domestic brokerages said that there have been concerns among Indian techs that a recent New Jersey (US) state legislation prohibiting state enterprises from outsourcing abroad would hurt Indian BPO companies.

However, others said that the amount of work outsourced by the New Jersey government is not much and Indian IT companies would not be volubly affected.

Buying in the market is also attributed to short-covering from operators ahead of the expiry of the December 2002 contracts.