Thursday, August 27, 2009

Infosys, Wipro Hit 52-Week High On BP Deal

. Thursday, August 27, 2009

By stockOzone team

Infosys and Wipro have hit their 52-week high today backed by the $1.5 bn BP deal.

Infosys hit its 52-week high at Rs 2,200 in its opening trades on the BSE today. The stock has pared gains and is now flat at Rs 2,197. The counter clocked a volume of around 101,368 shares as against its two-week average traded quantity of 154,120 shares.

Wipro also opened at its 52-week high today at Rs 572. The stock is now up over 2% at Rs 569. The stock touched a low of Rs 549 so far. Around 167,150 shares have changed hands at the BSE as against its two-week average traded quantity of 186,179 shares.

TCS opened with a 2% gains at Rs 559. The stock is now flat at Rs 549. The counter witnessed trades of around 627,770 shares which is more than its two-week average trades of 616,882 shares.

However, today's stock movement seems subdued as these stocks had gained significantly on hopes of winning this major outsourcing deal worth $1.5-billion from UK. Indian IT majors Tata Consultancy Services (TCS), Infosys Technologies and Wipro, besides global IT giants IBM and Accenture bagged a five-year outsourcing deal from BP (British Petroleum), the world’s third-largest petroleum refining company in the world.

Infosys zoomed nearly 12% to Rs 2,181 yesterday, in five trading days, ahead of the announcemt of the outsourcing deal.

Wipro witnessed a swift appreciation of 13% to Rs 557 from Rs 493 within five trading sessions.

TCS also posted smart gains of 10% to Rs 548 from its August 19 close of Rs 499.

Disclosure: Author does not own any of the stocks discussed here.

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