Big three in IT space surge as Satyam crumbles
The top three information technology firms -- TCS, Infosys and Wipro surged over five per cent on the Bombay Stock Exchange, while Satyam shares took a severe beating and plunged over 70 per cent.business Updated: Jan 09, 2009 13:03 IST
The top three information technology firms -- TCS, Infosys and Wipro on Friday surged over five per cent on the Bombay Stock Exchange, while Satyam shares took a severe beating and plunged over 70 per cent.
The BSE IT index soared to an intra-day high of 2,205.60 points, up 3.63 per cent and was trading up nearly two per cent at 2,166.86 points in the pre-noon trade.
Analysts said that the surge in the IT index was witnessed as Satyam rivals and heavyweights Infosys, Wipro and TCS shares gained on the bourses amid speculation that several clients of the beleaguered IT firm may shift to other IT majors.
Infosys shares advanced over six per cent to an intra-day high of Rs 1,265, TCS gained 7.8 per cent, while Wipro surged 3.16 per cent.
In the noon trade, Infosys was trading up 4.20 per cent at Rs 1,237, TCS was up 5.62 per cent at Rs 532 and Wipro was in the green 1.27 per cent at Rs 246.40 on the BSE.
Out of the 14-share IT index just three shares were trading in the green territory, which include -- Infosys, TCS, Wipro.
In contrast, Satyam shares plunged as much as 72 per cent to a low of Rs 11.50 and was later trading at Rs 21.25 down 47 per cent on the BSE in the noon trade.
Other IT firms including HCL Technologies, Financial Technologies, Moser Baer, Mphasis, NIIT Ltd, Patni Computer and Tech Mahindra were trading between two and eight per cent in the negative territory on the BSE.