Reuters blog archive

from India Insight:

Analysts remain positive on India’s IT stocks after 2013 rally

India's information technology services businesses will continue to benefit from improving client demand from developed countries in 2014, pushing stocks higher after a stellar performance last year, analysts told India Insight.

India’s No. 1 IT services exporter Tata Consultancy Services (TCS) and its rival Infosys beat analysts’ expectations in their financial results that were released earlier this month. They also raised their sales growth forecasts on signs of improving economies in the United States and Europe.

"In Europe we are gaining market share; in U.S. things are looking up – that will drive discretionary and new technology spends," said Kuldeep Koul, IT-sector analyst at ICICI Securities. “What’s also helping the industry … is the fact that the rupee continues to remain at very benign levels.”

Global IT spending worldwide is expected to rise more than 5 percent this year, according to research firm International Data Corporation, while Gartner expects spending to grow 3.1 percent to $3.8 trillion.

from Money on the markets:

BSE IT index gains


The BSE IT Index soared 2.49 percent in a broader market that closed 0.8 percent higher at 19,502 after U.S. retail sales data boosted optimism over recovery in the world's largest economy.

Stocks which led the index rise were Oracle Finance (up 5.3 percent), Infosys (up 2.49 percent) and TCS (up 2.1 percent).

from Money on the markets:

Bad day for IT stocks


Export-oriented software companies shed the most today, with the BSE IT index declining 1.4 percent after the recent rally in IT stocks.

Leading the index decline were heavyweights Infosys, Oracle Finance and TCS, which dropped 1.4 percent, 1 pct and 1.5 percent respectively. TCS and Infosys were the top Sensex losers too.

from Money on the markets:

BSE IT Index drops, Infosys leads the decline

INDIAThe BSE IT Index ended 2.68 percent lower on Tuesday weighed down by Infosys Technologies’ surprise 2.6 percent drop in April-June profit.

The country’s No. 2 outsourcer said before market hours its sales contribution from Europe fell to about 20 percent from nearly 25 percent a year ago and 23 percent in January-March.

from Money on the markets:

Good day for IT stocks

The BSE IT Index ended 3.09 percent higher on Tuesday, mainly led by IT bellwether Infosys Technologies which rose 3.6 pct.

The main index however closed 0.17 percent lower, weighed down by weakness in global markets.

from Money on the markets:

BSE IT index fall on rupee appreciation

INDIAThe BSE IT Index continued its downtrend from yesterdays trade and ended nearly 1 percent lower on Tuesday.

Outsourcers that get most of their revenue from exports were weighed down by the rupee that strengthened to 19-month-high against the dollar on Monday and looked to climb further, which could squeeze profit margins of the companies.

from Money on the markets:

BSE IT Index rises over 2 pct


Export-focused software stocks did well on Tuesday, helping boost the BSE IT Index 2.5 percent to its second straight day of gains.

The broader market ended 0.6 percent up with financials being among the losers.

Sensex heavyweights Infosys, Tata Consultancy Services and Wipro rose 2.9 percent, 1.4 percent and 2.4 percent respectively.

from Money on the markets:

Tech firms gain


The BSE IT index ended 3.9 percent higher on Tuesday as the overall 30-share sensitive index ended 0.59 percent down.

Infosys Technologies raised its annual sales forecast as big financial services clients boost orders in an improving global economy, pointing to an industry recovery.

from Money on the markets:

Outsourcers slide on rising rupee

Shares in top IT firms plunged on concerns the rising rupee would squeeze margins in the export-driven sector.

IT bellwether Infosys dropped 2.5 percent, while Wipro and TCS fell 4.2 and 3.3 percent respectively.

from Money on the markets:

TCS gains 3.9 percent

Shares in India's top IT services firm by sales gained nearly 4 percent in a broader market that ended 0.96 percent up at 16,853.

The stock which carries over 2 percent weightage in the main index, closed at 610 rupees with volumes of 0.58 million.