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Most technology stocks in losers' list

Krishnan Thiagarajan

BL Research Bureau

IN yet another gloomy week for the information technology, media and telecom triad, both the frontline and second rung stocks from these sectors continued to be spurned at the bourses. While the 30-share Sensitive Index remained flat with a mere 0.39 per cent appreciation, the broadbased BL-250 Index shed 1.17 per cent. The depressed state of the technology sector was reflected in the BL Technology Index which dipped by 11.5 per cent during the week. Both the industry sub-indices were languishing in the negative terrain, with the Computer Hardware and Office Equipment Index declining by 18.4 per cent, while the Computer Software Index shed 13.2 per cent.

Practically all the IT stocks found themselves in the losers list. Among the significant losers during the week were SSI which shed 32.2 per cent, Mastek (29.0 per cent), Aptech (27.3 per cent), Satyam Computers (24.9 per cent), BFL Software (24.3 per ce nt), Rolta India (22.3 per cent), Sierra Optima (21.6 per cent), Infotech Enterprises (21.2 per cent), Wipro (19.9 per cent), CMC (18.8 per cent), Tata Infotech (18.6 per cent) and Digital Equipment (18.2 per cent). The lone gainer during the week was Af tek Infosys which inched up by around 3.4 per cent.

The week that was

The shareholders of Rolta India approved an enhancement in the equity stake of FII's from 30 per cent to 40 per cent. The meeting also approved the issue of 5 million equity shares of up to $150 millions in domestic or international mar kets by way of public or private offering.

Digital Equipment (India) has entered into a global services pact with Nortel Networks, a global major in telephony, data, e-business and wireless solutions. According to a memorandum of understanding signed with Nortel, Digital will set up a dedicated support centre for Nortel Networks Professional Services Organisation and provide worldwide software support.

The Hyderabad-based, Infotech Enterprises has tied up with German based OpenShop Internet Software to act as an exclusive distributor to offer the latter's solutions in the Indian market.

Polaris Software Lab has acquired Data Inc, a New Jersey-based software services company focussing on the banking, finance and insurance industries. The acquisition will be for a consideration of $21 millions payable through a composite stock-cum-c ash offer.

The shareholders of Polaris Software approved the company's plans to raise funds through the issue of ADR / GDR's. The funds raised through this offer are to be used for acquisitions.

PSI Data Systems, a Groupe Bull subsidiary, is planning to pick up equity stakes in two companies based in the UK and the US.DSQ Software has allotted three million shares to a US-based strategic company, New Vision Investment at a premium o f Rs. 970 raising an aggregate amount of Rs. 294 crores.

International Finance Corporation proposes to invest an additional $40 millions in Moser Baer (India). This investment is being made towards the company's plans for capacity expansion of compact disk recordables (CD-Rs) and digi tal versatile disks (DVDs).