I.T Stocks Outlook for the week – 21 to 24.08.2017
I.T Stocks Outlook for the week – 21 to 24.08.2017
( www.rupeedesk.in )
Stocks of information technology companies are seen trading in a narrow range next week, as developments related to Infosys Ltd this week have left the markets uncertain and investors cautious, if not risk-averse. On Thursday, Infosys announced that it would consider a buyback of shares on Saturday. In April, it had said that it would pay back investors $2 bln in dividend and share buyback
over the course of the ongoing financial year started April. Following news of the buyback,
the stock rose in both the spot and derivatives segments. Yesterday, however, market sentiment turned against the company following news of the resignation of Vishal Sikka as managing director and chief executive officer of Infosys. The unexpected move weighed on indices across the board, with the NIFTY IT index hitting a one-month low of 10474.7 points and the NIFTY 50 slipping to its lowest in nearly three years, well below 9800 points. The company's shares fell 12% following the
news, hitting a 52 week low.
Source : Cogencis Information Services Ltd.
Free Intraday Tips : Join Our Whatsapp No : 9841986753
Free Commodity Tips : Join our Whatsapp No : 9094047040
I.T Stocks Outlook for the week – 21 to 24.08.2017
( www.rupeedesk.in )
Stocks of information technology companies are seen trading in a narrow range next week, as developments related to Infosys Ltd this week have left the markets uncertain and investors cautious, if not risk-averse. On Thursday, Infosys announced that it would consider a buyback of shares on Saturday. In April, it had said that it would pay back investors $2 bln in dividend and share buyback
over the course of the ongoing financial year started April. Following news of the buyback,
the stock rose in both the spot and derivatives segments. Yesterday, however, market sentiment turned against the company following news of the resignation of Vishal Sikka as managing director and chief executive officer of Infosys. The unexpected move weighed on indices across the board, with the NIFTY IT index hitting a one-month low of 10474.7 points and the NIFTY 50 slipping to its lowest in nearly three years, well below 9800 points. The company's shares fell 12% following the
news, hitting a 52 week low.
Source : Cogencis Information Services Ltd.
