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.
Harvard students condemn Oxford University
Publish Date : 3/5/2007 7:11:00 AM
Two Harvard students, including an NRI, have condemned Oxford University, where they are Rhodes scholars, as "outdated" and "frustrating" and dismissed its world famous Bodleian library as "less than inspiring".
Indian embassy to outsource jobs to American firm
Publish Date : 3/5/2007 7:10:00 AM
After taking thousands of American jobs through outsourcing, India is planning to give a few back. The Indian embassy in the US capital is planning to outsource processing of visas to a US-based company.
Badal heads 18-member coalition ministry in Punjab(Final lead: Badal)
Publish Date : 3/3/2007 7:29:00 AM
Octogenarian leader of the Shiromani Akali Dal (SAD) Parkash Singh Badal, on Friday took oath as Punjab's new Chief Minister and will lead an 18-member SAD-Bharatiya Janata Party (BJP) coalition ministry.
Bareilly eunuch adopts a girl child
Publish Date : 3/3/2007 7:22:00 AM
It was a day of celebration for Saroj, a eunuch in Bareilly in Uttar Pradesh, as 'she' has become a 'mother' by adopting a baby girl.
Kalam offers prayer at Fatehpuri Masjid
Publish Date : 3/3/2007 7:16:00 AM
Keeping a promise made two years ago, President A P J Abdul Kalam today offered prayers at the historic Fatehpuri Masjid in Chandni Chowk here along with thousands of Muslims.
Union Budget directionless, says Modi
Publish Date : 3/1/2007 8:41:00 AM
Gujarat Chief Minister Narendra Modi today criticised the Union Budget by terming it as "directionless".
Centre allocates over Rs 100 crore for minority zones
Publish Date : 3/1/2007 8:38:00 AM
Unfazed by the BJP's criticism over its welfare schemes for Muslims, the Congress-led Central Government has allocated over Rs 100 crore for development programmes in select districts with a sizeable population of minorities.
Kins of political bigwigs fail to find voters' favour
Publish Date : 3/1/2007 8:27:00 AM
The assembly polls in Punjab turned out to be unkind for several kins of political bigwigs as voters rejected most of them barring some of Shiromani Akali Dal (SAD) supremo Parkash Singh Badal's near and dear ones.
High Court order on age of nursery admission tomorrow
Publish Date : 3/1/2007 8:24:00 AM
The Delhi High Court today observed that the city Government's submission that a child should be four-years-old to get admission in nursery class was contrary to the law.
Parliament session may be stormy tomorrow on Quattrocchi issue
Publish Date : 3/1/2007 8:18:00 AM
After the lull, it is going to be storm again in Parliament tomorrow.
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