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Reliance Money continues to remain negative on the Indian IT sector. Indian IT sector is expected to face rough Industry headwinds and the research firm believes 2009 is going to be tougher for the Indian IT players.
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Source:- moneycontrol.com
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The government-appointed Satyam board met on Wednesday to decide on the company’s CEO, CFO and restructuring plans. The meet, however, was extended till Thursday when it will again take place. No communication was given by the company on what transpired at the meeting today.
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HCL Technologies is the top gainer on the Nifty. It had touched an intraday high of Rs 114.20 and an intraday low of Rs 106.95. At 10:41 am, the share was quoting at Rs 112.50, up Rs 3.35, or 3.07%.
It was trading with volumes of 184,159 shares. Yesterday the share closed down 4.17% or Rs 4.75 at Rs 109.15.
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IL&FS Investsmart has announced its third quarter results. The company's net sales were at Rs 45.8 crore versus Rs 122.9 crore. Its operating loss was of Rs 56.6 crore versus operating profit of Rs 54.7 crore.
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The Satyam board meet was held today at the Satyam Infocity Campus in
Hyderabad. Post the meeting, Satyam board said it has appointed
Goldman Sachs and Avendus as its investment bankers. Meanwhile, Boston
Consulting Group was named as management advisors. The company said
the 3-member BCG team is expected to work on reviving Satyam. However,
no decision has been taken on CEO, CFO appointment yet.
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The benchmark indices are trading lower amid volatility. Sell-off is seeing in technology, power, capital goods, metal, banking and power stocks as well as in Bharti Airtel. Midcap and small cap stocks are also reeling under pressure. On the global front, Asian markets are weak; Nikkei lost nearly 3% and Kospi fell 2%. Straits Times, Shanghai and Hang Seng fell marginally.
The Sensex is trading below 8800 level, down 89 points to 8,724, at 10:30 hours IST. The Nifty slipped 28 points to 2,685. BSE Midcap Index lost over 1.4% and Small cap Index fell nearly 1%.
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Net profit of Wipro declined 8.84% to Rs 733.00 crore in the quarter ended December 2008 as against Rs 804.10 crore during the previous quarter ended December 2007. Sales rose 23.87% to Rs 5397.00 crore in the quarter ended December 2008 as against Rs 4357.00 crore during the previous quarter ended December 2007.
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