Infosys Technologies zooms on US bank order

DALAL STREET SPIKES

Infosys Technologies surged 7.92 per cent to close at Rs 1,297.80 on Monday on reports that the company has bagged an order from Union Bank of California (UBC), a US bank, for implementing its core banking solution, Finacle. The value of this deal is expected to be in the range of $10-15 million.

Based on assets, UBC is among the 25 largest banks in the US. The stock hit an intraday high of Rs 1,320 and a low of Rs 1,225, with trading volumes of 298,268 shares. The stock is up nearly 25 per cent from its recent low of Rs 1,040 that it touched on October 10.