Infosys shrs soar 8 pct as ADRs up-dealers
Monday March 6, 1:01 am Eastern Time
BOMBAY, March 6 (Reuters) - Shares of Indian software heavyweight, Infosys Technologies Ltd , soared eight percent in early deals on Monday, buoyed by the strong overnight gains of its American Depositary Receipts (ADRs) (NasdaqNM:INFY - news) on the Nasdaq, dealers said.
At 10:42 a.m. (0512 GMT), Infosys had hit the upper end of the eight percent daily circuit filter to a new high of 11,842.40 rupees on the Bombay exchange, surpassing the earlier high of 10,965 rupees.
Dealers said sentiment was also boosted by the firm's $44.41 million deal with British retail firm Sainsbury Supermarkets Ltd (quote from Yahoo! UK & Ireland: SBRY.L) last Thursday.
``These kind of deals will help them achieve a topline growth of 55-60 percent per annum,' said an analyst with a foreign brokerage.
Infosys had hit the eight percent circuit filter on Friday as well, closing at 10,965.20 rupees.
The stock has now surged 35.55 percent since the February 25 close of 8,735.95 rupees.
Its weightage in the benchmark Bombay index now stands at 24.09 percent.
(Bombay equities, + 91 22 265-9000, fax, + 91 22 264-1699, bombay.newsroom@reuters.com) |
