Equity Alert: Polaris Software dn on worry over clients AIG, Lehman
MUMBAI--2PM--Shares of Polaris Software Lab were down over 7% at
78.45
rupees on concerns over the financial health of clients Lehman
Brothers Holdings
and American International Group, who each account for around 0.5-1%
of
Polaris' revenues.
Polaris Chairman Arun Jain said there may be some impact on the
company if AIG "suddenly comes down". Around 90% of Polaris' revenues
come
from the banking, financial services, and insurance segment.
"This will affect Polaris' revenues if the company is evaluating
its
investments," an analyst at a domestic brokerage said.
Also, investors are reducing exposure to information technology
shares in
view of the turmoil in global financial markets.
However, the Indian currency is now around its two-year low of 46
rupees a
dollar and Polaris shares may rise if sentiment for the IT sector
improves,
another analyst said.
The stock is seen finding support at 75 rupees today, while in
case of a
bounceback, it may face resistance at 90 rupees.
So far, 482,187 shares of Polaris Software have been traded on NSE
and
BSE combined. The company's September futures contract was nearly at
par to
the spot.
------------------------------------------------------------------------------
--~--~---------~--~----~------------~-------~--~----~
You received this message because you are subscribed to the Google Groups
"Kences1" group.
To post to this group, send email to [email protected]
To unsubscribe from this group, send email to [EMAIL PROTECTED]
For more options, visit this group at
http://groups.google.com/group/kences1?hl=en
-~----------~----~----~----~------~----~------~--~---
