IT shares extend gain, Infosys, Wipro at 52-week high

Shares of information technology (IT) companies are continuous in focus in past couple of trading sessions with most of the frontline stocks trading at their 52-week highs on the Bombay Stock Exchange (BSE).

Infosys and Wipro are trading at their 52-week highs, while HCL Technologies and TCS are quoting at their historic highs on BSE.

The BSE IT index, the largest gainer among the sectoral indices, is up 1.1% at 6,945 compared to a marginal 0.04% fall in Sensex at 0955 hours. IT index currently trading at its highest level since 2000, outperformed the market by gaining 6% in past two weeks against 0.44% drop in benchmark index.

Among the individual stocks, Infosys is up 1.2% at Rs 3,000, its highest level since April 2011 on BSE. 

The stock gained 3.3% in past three trading sessions after the company announced that it plans to add approximately 200 new jobs in the next fiscal year at its Cumberland location in Cobb County, and expects additional expansion in the metro Atlanta area over the next couple of years.

Wipro too, trading at its highest level since April 2011, is up nearly 3% at Rs 453, extended its 5.3% rally in past two trading sessions.

The company’s IT business unit Wipro Infotech and Infoblox Inc., the automated network control company, announced a global reseller arrangement to give businesses and public organizations greater control over their corporate IT networks.

“Through the reseller agreement, Wipro will offer global customers Infoblox solutions for discovery, real-time configuration and change management, and compliance for the control plane – the layer in between infrastructure like switches and routers, and applications and endpoints like IP phones or virtual machines,” Wipro said in a statement.