Software stocks are in heavy demand today. Here are the numbers
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Software stocks were in heavy demand after a global brokerage said the recent depreciation in the value of the Rupee versus the Dollar would be beneficial for the export-oriented sector.The Rupee has slipped 3 percent so far in August compared with the Dollar as a wave of currency weakness swept through most Asian nations after China devalued its Yuan to boost its sagging economy.
As a consequence, Credit Suisse said in a note to its clients that the recent fall in the value of the Rupee would help software major record higher rupee-denominated sales to the tune of 230 basis points. Similarly, margins would rise by 70-90 bps falling the devaluation of the Rupee.
As a consequence, HCL Tech surged 2 percent to 974.15 rupees.
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Wipro added 0.5 percent to 568.50 rupees.
and MindTree was up 0.5 percent to `1,411.50 rupees.
TCS and
Image credit: Indiatimes
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