Polaris Software surged 12.4% to Rs 120.05 and it topped gainers in BSE's A group shares. Shares of the mid-sized IT firm rallied as rupee weakened against the dollar after the government on Tuesday, 7 August 2007, tightened overseas borrowing norms. The rupee was hovering at 40.52 versus dollar today, 8 August 2007, weaker than Tuesday's close of 40.41/42.
Investor sentiment on the tech stocks has been sluggish in the last few months mainly because of the strong rupee. Rupee has been one of the best performers among Asian currencies in this calendar year so far. At the time of announcing Q1 June 2007 results, IT bellwether Infosys had last month cut its FY 2008 earnings and revenue guidance in rupee terms due to a surge in rupee against the US dollar. A rise and rupee directly impacts the operating margins of IT firms which derive a lion's share of revenue in dollars.
HTMT Global Solutions, which is into BPO business, surged 10% to Rs 395.30, also due to rupee's fall. It was second biggest gainer in BSE's A group shares.
ING Vysya Bank surged 8.8% to Rs 262. It was third biggest gainer in BSE's A group shares. The stock had lost ground since late last month even as it had posted a surge in net profit in Q1 June 2007.
Neyveli Lignite Corporation advanced 8.5% to Rs 80. It was fourth biggest gainer in BSE's A group shares The stock had corrected sharply after a solid post-result surge. From a recent peak of Rs 85.15 on 23 July 2007, it had tumbled 15.5% to Rs 71.95 on 2 August 2007. The stock moved between Rs 71 to Rs 76 from 3 August 2007 to 7 August 2007.
Ingersoll-Rand jumped 7.7% to Rs 364.90. It was fifth biggest gainer in BSE's A group shares. The stock has been on a roll with the company reporting robust Q1 June 2007 results last month. From a recent low of Rs 301.20 on 30 July 2007, the stock has risen 21%.
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