Shares of information technology (IT) companies were trading higher in otherwise subdued market after the rupee weakened by another 34 paise to 63.88 against the dollar in early trade.
On Wednesday, the rupee had dipped by 10 paise to close at one-week low of 63.54 against the US dollar. CLICK HERE TO READ FULL REPORT.
A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Tata Consultancy Services (TCS), Infosys, HCL Technologies, CMC, MindTree and Polaris Consulting & Services were up 1%-3% on the National Stock Exchange (NSE).
At 1117 hours, CNX IT index was up 1.6% or 173 points at 11,112 against 0.15% decline in CNX Nifty at 8,085 points.
On Wednesday, the rupee had dipped by 10 paise to close at one-week low of 63.54 against the US dollar. CLICK HERE TO READ FULL REPORT.
A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Tata Consultancy Services (TCS), Infosys, HCL Technologies, CMC, MindTree and Polaris Consulting & Services were up 1%-3% on the National Stock Exchange (NSE).
At 1117 hours, CNX IT index was up 1.6% or 173 points at 11,112 against 0.15% decline in CNX Nifty at 8,085 points.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%