Shares of IT companies surged in trade on Monday amid weak rupee. Nifty IT gained nearly 1.5 percent led by gains in Tech Mahindra, TCS, and Infosys.
The Indian rupee was trading at Rs 69.48 against the dollar, after falling to Rs 69.16 on Friday. Additionally, ebbing concerns over trade tariff disputes between the US and Mexico also improved the sentiment.
At 1:55 PM, Tech Mahindra gained 2 percent followed by Infosys, TCS, NIIT Tech, and HCL Tech, up in the range of 1-1.9 percent. Infibeam Avenues remained the sole loser with the stock down 5.14 percent at Rs 45.25. In comparison, Nifty50 was up 23.15 points at 11,893.80.
Tech Mahindra shares rose to a high of Rs 768.80, trading 2.4 percent higher. The stock has been on a consecutive rise for the last 3 days, up 3.75 percent in the period.
Meanwhile, TCS shares surged by up to 2.14 percent today, reaching an intraday high of Rs Rs 2,228.45. The share opened at Rs 2,196.70 against Friday’s closing of Rs 2181.75. As of 1:06 pm, 13,36,016 shares changed hands, reported by the National Stock Exchange.
Infosys was quoting at Rs 751, recording a rise of 1.61 percent. So far this year, the stock has returned almost 20 percent to its investors.
Other IT shares witnessed this upward trend as well with HCL tech rising 2.06 percent higher and NIIT Tech gaining 2.01 percent.
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First Published: IST