Equity Alert: Sasken up 4% on report of SAT ruling in co's favour
MUMBAI--12:55PM--Sasken Communication Technologies' shares jumped
on
reports Securities Appellate Tribunal has ruled in the company's
favour,
and may not allow SEBI to stipulate a timeframe for Sasken's share
buyback.
Sasken shares were at 141.60 rupees, up 4% but off highs, after
touching
a high of 150.90 rupees shortly after the news.
The company had proposed to buy back shares at a price not
exceeding 260
rupees a share, cumulatively worth less than below 400 mln rupees.
Till Thursday, the company had bought 361,021 shares back as SAT
had
permitted the company to proceed with the buyback before the final
ruling on
the matter.
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Equity Alert: Tech shares continue slide on weak business prospects
MUMBAI--12:50PM--Shares of frontline technology companies were
down despite
rupee weakening against dollar as investors continued to sell shares
on fears
these companies' business prospects might weaken due to turmoil in
U.S.
financial sector, dealers said.
The Indian unit was at 46.43 rupees per $1 today.
Top-tier IT companies derive about one-third of their revenue from
U.S.
banking, financial segments and insurance sector.
HCL Technologies tumbled 4% to 215 rupees, and Tata Consultancy
Services declined nearly 3% to 671 rupees. Infosys Technologies and
Satyam
Computer Services fell over 1% each to 1,483 rupees and 324 rupees.
Wipro shares were flat at 352 rupees.
CNX IT index slipped 1.7% to 3258.10.
"It is better to stay away from the sector until Infosys results,
which
will give a clear picture of the sector's fortune for the rest of this
financial year. At the moment, the outlook looks bleak and there is no
clear
direction," a dealer said.
Infosys is seen finding support at its day's low of 1,468 rupees
and TCS has
intraday support at 662 rupees,.
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