Tech Mahindra, Wipro, Infosys scale 52-week highs

Business

oi-Sunil

By Sunil Fernandes

Updated: Wednesday, August 14, 2013, 11:34 [IST]

Close on the heels of Tata Consultancy Services touching their 52-week highs, Wipro, Tech Mahindra and Infosys today touched 52-week highs on the National Stock exchange.

Tech Mahindra touched a 52-week high of Rs 1346, while Wipro hit a 52-week high of Rs 472.90 and Infosys hit Rs 3094.

Earliert this month Tata Consulatncy hit a lifetime high of Rs 1890.

Software stocks have been in the limelight in the last couple one month after most of the companies in the sector reported oustanding results for Q1 2014.

Analysts opine that a lot of things are working in favour of the IT sector. The first is that the rupee keeps scaling new lows, which tends to imporve margins for the software companies. The second is that the US economy, which is a major market for Indian IT companies is seeing a robust recovery.

Though in the past few quarters margins seemed to be under pressure and revenues for some of the IT majors were almost flat, things are expected to imporve dramtically in the next few quarters.

Analysts feel that TCS and HCL tech would lead growth rates for the industry going forward.

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