Selective Rally

Strong June-quarter results sparked a rally in Patni Computer (up 29%) and Glodyne Technoserve (up 21%)

Gainers:  A positive currency movement and cost-cutting helped Patni Computer post a growth of 18% and 75% in sales and operating profit in the June quarter. However, Patni has given a muted guidance for the September quarter; the company expects net income to be in the range of Rs109...

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Marching Ahead

 

Financial Technologies rose 31%, Jaiprakash rose 30%, Nava Bharat 24% and Wipro 20%

Gainers: Financial Technologies has sold 5% stake in MCX Stock Exchange (MCX-SX) at Rs35 per share to IFCI for Rs250 crore in line with its strategy to bring down its holding below 51%. The stock shot up 31%. Jaipraksh Associates and Nava Bharat Ventures gained 30% and 24%, respectively. Wipro posted a 12%...

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Solid Gains

 

Gainers: The biggest gainer among bank stocks was ICICI Bank; it was up 22%. Axis Bank posted a 34% and 47% increase in income and operating profit, respectively, in the June quarter but the stock had already run up. It rose 21%.  Tata Consultancy Services posted a growth of 8% and 12%, respectively, in sales and operating profit for the June quarter. This was a surprise and all analysts...

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