Investors log out of IT stocks as rupee hits 15-month high
Shares of seven software firms declined 0.26% to 2.11% at 09:42 IST on BSE after the rupee today, 7 January 2010, surged to its highest level in more than 15 months against the US dollar. A stronger rupee negatively impacts operating profit margin of IT firms as the sector earns a lion’s share of revenue from exports. India’s second largest software exporter by sales Infosys Technologies will announce its third quarter results on 12 January 2010.
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