Technology stocks rally up to 4% on fall in rupee and ahead of Infosys Q4 earnings
by Admin |12/04/2018
Technology stocks outperformed benchmark indices on Thursday, taking advantage of the falling rupee and ahead of Infosys March quarter earnings due tomorrow.
The rupee after flat opening fell as much as 15 paise in morning to hit day's low of 65.45 against the US dollar.
The fall in rupee is always a good for software services providers which receive maximum income through exports to US, Europe etc.
Meanwhile, country's second largest IT services provider Infosys will announce its March quarter earnings on Friday. Analysts largely expect its dollar revenue growth around 2 percent over previous quarter and hope that the company is likely to meet its full year constant currency revenue growth guidance.