BackBig three in IT space surge as Satyam crumbles
Big three in IT space surge as Satyam crumbles
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Mumbai: The top three information technology firms — TCS, Infosys and Wipro surged over 5% on the Bombay Stock Exchange (BSE), while Satyam shares took a severe beating and plunged over 70%.
The BSE IT index soared to an intra-day high of 2,205.60 points, up 3.63% and was trading up nearly 2% at 2,166.86 points in the pre-noon trade.
Analysts said that the surge in the IT index was witnessed as Satyam rivals and heavyweights Infosys, Wipro and TCS shares gained on the bourses amid speculation that several clients of the beleaguered IT firm may shift to other IT majors.
Infosys shares advanced over six per cent to an intra-day high of Rs1,265, TCS gained 7.8%, while Wipro surged 3.16%.
In the noon trade, Infosys was trading up 4.2% at Rs1,237, TCS was up 5.62% at Rs532 and Wipro was in the green 1.27% at Rs246.4 on the BSE.
Out of the 14-share IT index just three shares were trading in the green territory, which include Infosys, TCS and Wipro.
In contrast, Satyam shares plunged as much as 72% to a low of Rs11.50 and was later trading at Rs21.25 down 47% on the BSE in the noon trade.
Other IT firms including HCL Technologies, Financial Technologies, Moser Baer, Mphasis, NIIT Ltd, Patni Computer and Tech Mahindra were trading between 2-8% in the negative territory on the BSE.
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