IT stocks may extend gains on weak rupee

IT stocks will be in focus on weak rupee. The rupee closed at 60.61/62 after earlier hitting a record low of 61.21, breaching a previous all-time low of 60.76 on 26 June 2013. It had closed at 60.225/235 on Friday, 5 July 2013. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue.

Alstom T&D India said it bagged a contract by Bajaj Infrastructure Development Company to supply electric balance of plant (e-BoP) package for their upcoming 3x660 megawatts (MW) super thermal power project (TPP) in Uttar Pradesh. The contract is worth approximately Rs 200 crore.

Educomp Solutions said it has initiated discussions with its lenders and has approached corporate debt restructuring (CDR) forum to restructure its rupee debt to correct the asset liability mismatch on its balance sheet. The company said it has also approved CDR focus for restructuring debt in its K-12 business. The debt-restructuring exercise will enable the company to comprehensively address the liquidity issues by matching the maturity profile of debt with the relatively long-term nature of its investments. The restructuring will also allow the company to focus on and strengthen its core operations.

Zee News said that Punit Goenka ceased to be managing director of the company from 4 July 2013, upon expiry of his term.

Thangamayil Jewellery said it will open its 31st branch at Villupuram in Tamil Nadu on 10 July 2013.

LIC Housing Finance turns ex-dividend today, 9 July 2013, for dividend of Rs 3.80 per share for the year ended 31 March 2013 (FY 2013).

Federal Bank turns ex-dividend today, 9 July 2013, for dividend of Rs 9 per share for the year ended 31 March 2013 (FY 2013).

Liberty Phosphate turns ex-dividend today, 9 July 2013, for dividend of Rs 3 per share for the year ended 31 March 2013 (FY 2013).

VST Industries turns ex-dividend today, 9 July 2013, for final dividend of Rs 62.50 per share for the year ended 31 March 2013 (FY 2013).

Alstom T&D India, Educomp Solutions, Zee News, Thangamayil Jewellery IT stocks may extend gains on weak rupee

IT stocks will be in focus on weak rupee. The rupee closed at 60.61/62 after earlier hitting a record low of 61.21, breaching a previous all-time low of 60.76 on 26 June 2013. It had closed at 60.225/235 on Friday, 5 July 2013. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue.

Alstom T&D India said it bagged a contract by Bajaj Infrastructure Development Company to supply electric balance of plant (e-BoP) package for their upcoming 3x660 megawatts (MW) super thermal power project (TPP) in Uttar Pradesh. The contract is worth approximately Rs 200 crore.

Educomp Solutions said it has initiated discussions with its lenders and has approached corporate debt restructuring (CDR) forum to restructure its rupee debt to correct the asset liability mismatch on its balance sheet. The company said it has also approved CDR focus for restructuring debt in its K-12 business. The debt-restructuring exercise will enable the company to comprehensively address the liquidity issues by matching the maturity profile of debt with the relatively long-term nature of its investments. The restructuring will also allow the company to focus on and strengthen its core operations.

Zee News said that Punit Goenka ceased to be managing director of the company from 4 July 2013, upon expiry of his term.

Thangamayil Jewellery said it will open its 31st branch at Villupuram in Tamil Nadu on 10 July 2013.

LIC Housing Finance turns ex-dividend today, 9 July 2013, for dividend of Rs 3.80 per share for the year ended 31 March 2013 (FY 2013).

Federal Bank turns ex-dividend today, 9 July 2013, for dividend of Rs 9 per share for the year ended 31 March 2013 (FY 2013).

Liberty Phosphate turns ex-dividend today, 9 July 2013, for dividend of Rs 3 per share for the year ended 31 March 2013 (FY 2013).

VST Industries turns ex-dividend today, 9 July 2013, for final dividend of Rs 62.50 per share for the year ended 31 March 2013 (FY 2013).

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