Stocks

NSE IT index down; Oracle Financial Service falls 4.17%

BL Internet Desk | Updated on September 23, 2019 Published on September 23, 2019

The Nifty IT index was trading 2.45 per cent down at 15,111.15 points around 11:20 am.

Earlier, BusinessLine had reported in its sectoral update that IT and software companies that build their intellectual property get a weighted deduction under the income-tax laws on the R&D expenses that they have incurred to develop their IP.

Also, many companies have an effective corporate tax rate below 25.17 per cent (including surcharge and cess), and they get the benefit of profit-based deductions for exporting their services from special economic zones in India.

Shares of Oracle Financial (down 4.17 per cent), Infosys (down 3.70 per cent), TCS (down 2.66 per cent), TechMahindra (down 2.33 per cent) and Wipro (down 1.85 per cent) were trading sharply lower.

Mindtree (up 0.85 per cent) and NIIT Tech (0.22 per cent) are the exceptions to trade in positive territory.

Published on September 23, 2019
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