The Hindu Business Line : Infosys, Satyam shine in mixed week

The US markets and Indian markets witnessed divergent trend with the former tumbling amid mortgage losses and on weaker-than-expected performance from a few corporates. On the other hand, the Indian stock markets sizzled with foreign institutional investors pumping in more money.

However, it was a mixed trend for the Indian counters listed on the US bourses. While tech majors Infosys Technologies and Satyam Computer surged, Wipro Technologies finished on a weak note even as the other listed IT company Patni Computers closed the week on a flat note. Rumours that Infosys might acquire Cap Gemini seemed to have triggered interest in the firm. However, both sides strongly denied any such move.

Satyam and Wipro came out with their Q1 numbers. Despite Satyam posting a 2.1 per cent fall in net profit for the quarter ended June on sequential basis, it has raised FY-2008 revenue guidance in rupee terms. It now expects 21.1 per cent and 22.5 per cent growth in revenue in rupee terms compared to its earlier guidance of 20-22 per cent.

Satyam also recently announced that it has bagged four major deals in Singapore, Australia and the UAE.

While Satyam ended the week at $28.32 against the previous week close of $26.8, Infosys finished at $53.97 ($51.91). Wipro, however, finished at $15.44 ($15.84). Wipro posted a net profit of Rs 671.40 crore for the quarter ended June 30, 2007 as compared to Rs 619.10 crore for the quarter ended June 30, 2006.

HDFC Bank, which fixed its follow-on issue price at a discount of 0.41 per cent to the then prevailing price, also finished lower at $91.7 ($93.02).

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