HCL Infosystems gets a leg-up from excise waiver

DALAL STREET SPIKES

Shares of the software company HCL Infosystems gained further in subdued market where day-traders stayed away marking their protest against the proposed transaction tax.

The stock in today's trading hit a high of Rs 635 before closing at Rs 624.20, up 1.81 per cent from its previous close.

The counter has been in the limelight since the Budget announcement on Thursday with finance minister doing away with the 8 per cent excise duty on personal computers.

The counter today witnessed volumes of more than 11 thousand shares at the BSE and over 36 thousand shares at the NSE.

The abolition of excise duty will help organised sector players such as HCL as the excise reduction would further lead to a fall in prices of branded PCs, analysts reckon.

In fact, only in January 2004, the NDA government slashed excise duty on PCs to 8 per cent from 16 per cent.