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Wipro, SSI gain in bullish market

Krishnan Thiagarajan

BL Research Bureau

THE strong undercurrent of bullish sentiment associated with key information technology stocks such as Wipro, Infosys and Digital Equipment and NIIT helped the Computer Technology Index vault by 9.7 per cent during the week. This was significant ly higher than the returns on the broadbased BL-250 Composite Index for the week. Among the industry sub-indices, the Computer Hardware and Office Equipment Index appreciated by 16.2 per cent while the Computer Software Index notched a gain of 5 .5 per cent during the week.

Among the major gainers during the week were Wipro which appreciated by 18.26 per cent, SSI (17.38 per cent), Digital Equipment (13.76 per cent), NIIT (9.68 per cent), RS Software (7.47 per cent), DSQ Software (7.39 per cent), Infosys Technologies (7.24 per cent) and Aptech (7.22 per cent). The significant losers during the week were Infotech Enterprises, Leading Edge Systems and Fujitsu ICIM.

The week that was

Videsh Sanchar Nigam is considering the issue of bonus shares at its Board meeting on June 27, 2000.

Ram Informatics has obtained FIPB approval for allotment of shares to NRIs in consideration of the acquisition of Aravali Technologies Inc, a Silicon Valley company. The company had signed an MoU for the acquisition of the California-based Web te chnology company in a cash-cum-stock deal. Aravali is being acquired for a consideration of $7.25 millions, out of which $1.52 millions will be paid in cash and the balance in the form of allotment of one million shares of Ram Informatics at Rs. 250 pe r share, including a premium of Rs. 240 per share.

NIIT has announced a strategic partnership with Sun Microsystems to further the iForce initiative. NIIT is the sixth Indian company to join Sun's iForce. The initiative envisages Sun making significant investments in transf erring technology, developing skills and services to help organisations deploy the Internet for business advantage.

Infosys Technologies announced the launch of ``BankAway,'' its e-commerce platform for banks. It is WAP-enabled and offers end-to-end mobile banking services.

I Infosys Technologies has entered into a strategic alliance in the business-to-business (B2B) domain with Preis24.com to develop solutions to lower procurement costs and drive revenue opportunities for customers.

The Reserve Bank of India has cleared the higher ceiling limit for FIIs in Infosys Technologies to 40 per cent.

SAS Institute, a wholly-owned subsidiary of the US-based SAS Institute Inc engaged in data warehousing and data mining solutions, has announced a tie-up with Satyam Computer Services. Using this tie-up, Satyam aims to provide data warehousin g solutions to various industry verticals to focus on banking and telecommunications.

Wipro has launched solutions for convergent networks called Wipro OSS Smart and Wipro WAP Smart targeted at Internet and telecom solution providers.

Soffia Software, a software development company specialising in financial services software is close to acquiring a US-based company specialising in a similar domain.