Shares of IT majors fell across the board today on funds selling, triggered by poor performance of software major Satyam Computer Services in the third quarter as well as reacting to a fall in the tech-heavy NASDAQ Composite Index.
The BSE IT sector index fell by 98.63 points or nearly 2 per cent at 5,408.47, after dipping to 5,278.23 due to a dip in stocks like Satyam Computers, Infosys Technologies and Tata Consultancy Services.
Stock brokers said funds increased selling across the board after Satyam Computer Services, country's fourth largest software services exporter posted a 30.37 per cent decline in profit after tax at Rs 343.30 crore for the quarter ended December 31.
They said overnight weakness in Indian software companies' ADRs on the NASDAQ, also affected trading sentiments here.
Satyam Computer stocks plunged by Rs 27.30 or nearly 5.3 per cent, a big decline since July 19 last year, at Rs 487.90.
Infosys Technologies, country's second largest software exporter, despite strong earnings in the third quarter, fell by Rs 16.35 at Rs 2203.40 while third largest software exporter, Wipro, lost Rs 19.65 at Rs 621.30.
Tata Consultancy Services was down by Rs 17.25 at Rs 1297.55, I-flex by Rs 14.25 at Rs 2089.60, Tech Mahindra by Rs 129.55 at Rs 1770.7n0, Patni Computer by Rs 3.90 at Rs 415, and HCL Technologies by Rs 5.40 at Rs 660.50.
IT counters help Nifty to recover 66 pts
Publish Date : 3/2/2007 7:03:00 AM
Showing semblance of steadiness on the back of smart rally in IT counters, the S&P CNX Nifty today recouped by 66 points despite weak Asian advices, cutting short two days of steep decline.
Govt proposes to set up three new IITs
Publish Date : 2/28/2007 8:32:00 AM
Government proposes to set up three new Indian Institutes of Technology (IITs) in Andhra Pradesh, Bihar and Rajasthan.
India's semiconductor sector may upstage IT sector: ISA
Publish Date : 2/24/2007 8:29:00 AM
Semiconductor industry is heading the same way the IT sector took 15 years ago, with the domestic demand for chips slated to reach 36 billion dollars by 2015.
India's IT market to grow at 21.5 pc to touch Rs 750.891bn
Publish Date : 1/29/2007 8:29:00 AM
Driven by huge investments across various sectors, India's domestic IT market is expected to grow at 21.5 per cent this year at Rs 75.891 bn, making it the fastest-growing segment in the Asia-Pacific region.
Bangalore - the gleaming IT hub hides a volatile core
Publish Date : 1/22/2007 11:32:00 AM
Days after leading IT powers here flashed spectacular third-quarter results, pockets of the city housing the forgotten masses broke into violence with several injured in the mindless arson that left parts of India's .....
IT stocks plunge on Satyam earnings, global cues
Publish Date : 1/20/2007 7:42:00 AM
Shares of IT majors fell across the board today on funds selling, triggered by poor performance of software major Satyam Computer Services in the third quarter as well as reacting to a fall in the tech-heavy NASDAQ Composite Index.
Maran hardsells India at Silicon Valley
Publish Date : 6/15/2005 8:10:00 AM
IT Minister Dayanidhi Maran Tuesday returned from a five-day visit to San Francisco where he projected India as a strategic hub...
Dominican Republic to open embassy in Delhi
Publish Date : 6/11/2005 8:50:00 AM
The Dominican Republic will soon open an embassy in New Delhi, the Caribbean country's IT Minister Eddy M. Martinez...
Amid Sanskrit prayers, MIT students receive degrees
Publish Date : 6/11/2005 7:29:00 AM
Amid chants of Sanskrit prayers on a bright and sunny morning, some 2,300 students of the Massachusetts Institute of Technology (MIT)...
Indian American animator's works get unusual tribute
Publish Date : 6/10/2005 6:57:00 AM
The award-winning animation films of Indian American Manick Sorcar have become the subject of a research paper in the US...
Total Results : 46
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