Infosys, Satyam fall on Indian bourses

Infosys, Satyam fall on Indian bourses
ENS ECONOMIC BUREAU

MUMBAI, MAR 8: Software blue chips Infosys Technologies and Satyam Computer fell on sustained unloading by speculators and funds on Indian markets on Wednesday. Infosys Technologies which zoomed to Rs 13,812 in the opening session later met with huge selling fell by Rs 401.35 to Rs 12,388.40, showing a loss of Rs 401 compared to the previous day. The intra-day fall in Infosys works out to a whopping Rs 1,424.

Satyam Computer also slumped by Rs 570.75 to Rs 6564.25. In fact, both Infosys and Satyam had risen by 8 per cent hit the upper circuit in the last two days. Silverline by Rs 91.25 to Rs 1197.75. Mastek, BFL Software, Rolta and Wipro also remained under pressure.

Infotech shares looked strong but fell in later trade as the market gave way after surging 3.47 per cent at one stage. "There was fund selling at higher levels in software and in cyclicals no one is sure about growth prospects in the next one year after the budget," said the chief dealer at a foreign brokerage.

Infosys has been asking for raising the $100 million limit over which Indian firms that have made overseas equity issues cannot make overseas acquisitions without prior government approval. The firm has said the limit is too low. Finance Minister Yashwant Sinha said on Wednesday his government was working on liberal norms for overseas acquisitions by Indian firms.

"Both for import of technology and for acquisitions, we willcome out with a liberal set of norms. We are working on it," Sinha told a business seminar.

Infosys was India's first company to list on a US exchange when its American Depositary Receipts were listed on the Nasdaq in March 1999.