The Nifty IT index gained 2% on Friday amid heavy buying in TCS, Wipro, Tata Elxsi, NIIT Tech, and HCL Tech.
Shares of TCS, which gained 3%, were leading the index’s gain. Shares of Wipro, Tata Elxsi, NIIT Tech, HCL Tech, Tech Mahindra, and Infosys also contributed to the gain, rising 2% each.
Shares of Tech Mahindra were up after the company’s board granted approval for the acquisition of K-Vision Co Ltd. through its wholly owned subsidiary Mahindra Engineering Services (Europe) Limited.
"The enterprise value of the deal is $19 1.5mn and it is expected to close by March 31, 2019. K-Vision is primarily engaged in providing network services for mobile communication carriers in Japan," the company said in a press note after markets hours to the exchanges on Thursday.
Notably, the Nifty IT index reported rally despite the sharp appreciation in the Indian rupee. Generally, appreciation in the rupee kept export-oriented sectors such as IT, oil under presuure.
The Indian rupee appreciated 24 paise to trade at day’s high level of 69.10 against the dollar. The domestic unit opened 6 paise higher at 69.28/$ compared to its previous close of 69.34/$. The sharp rally in the Indian rupee could be attributed to robust foreign inflows ahead of general elections.
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