Thus far in the calendar year 2018, Nifty IT index rallied 35% against 12% rise in the Nifty 50 index.
Tata Consultancy Services (TCS), Infosys, HCL Technologies, Mindtree, Wipro, Tech Mahindra, Tata Elxsi and KPIT Technologies from the Nifty IT index were trading higher by up to 3% on the NSE. NIIT, Intellect Design Area, Aptech, NIIT Technologies and Zensar Technologies were up in the range of 1% to 2%.
A cheaper rupee bodes well for Indian IT companies, as they derive a huge share of their revenues from exports.
Among the individual stocks, Infosys hit a new high of Rs 1,453, up 2.5% on the BSE in intra-day trade. The stock was up 5% in past five trading sessions after the company has fixed September 5, 2018, as the record date for the purpose of allotment of bonus shares/stock dividend. The stock will turn ex-date for bonus shares on September 4, 2018. The record date announcement was made during market hours on Friday.
Besides Infosys, TCS, Tech Mahindra & Zensar Technologies too hit new highs on the BSE in intra-day trade today.
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