At 11:01 am; Nifty IT index, the largest gainer among sectoral indices, was up 1.5% as compared to 0.37% rise in the Nifty 50 index.
On Wednesday, the rupee dropped 0.6% to a 17-month low of 68.42 against the dollar. The rupee is inching towards its record low of 68.85, touched on August 28, 2013. The rupee is down 8% from its 2018 high of 63.37, making it the worst-performing currency in the region.
Currency consultants have started to give a call that rupee could touch 70 to a dollar in the coming months. Abishek Goenka, managing director of IFA Global, said the rupee could extend fall till the 73-mark before March 2019, if the 10-year US Treasury yield crosses 3.5%, the Business Standard report suggested. CLICK HERE TO READ FULL REPORT
A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Infosys has rallied nearly 3% to Rs 1,217 on the NSE in intra-day deal, trading close to its 52-week high of Rs 1,221 touched on January 24, 2018 in intra-day trade.
KPIT Technologies touched a new high of Rs 271, up 5% on the NSE in early morning trade after the company said it expect to register a growth of 8% to 10% in USD revenues for FY19 with operational EBITDA (earnings before interest, tax, depreciation and amortisation) margins in the range of 11.5% to 12.5%.”
Pune based IT consulting and product engineering company reported a net profit of Rs 766 million for the quarter ended March 31, 2018, up 23.7% quarter on quarter, and 42.6% year on year. The revenue for the quarter was Rs 9,664 million, up 6% sequentially and 12.6% YoY.