I am surprised at how soon our expectations have come true. IT took a beating along with the markets, and with US going down everyday, who cares about $-Rs. value anymore? See the table below for yourself, friends.
| STOCK | 31 Mar 08 | 02 Apr 08 | 25 Apr 08 | 08 May 08 | 24 May 08 | 24 Jun 08 |
|---|
| 1$ = | Rs. 39.88 | Rs. 39.955 | Rs. 40.17 | Rs. 41.76 | Rs. 42.70 | Rs. 42.94 |
| Nifty | 4734.50 | 4820.00 | 4999.85 | 5081.70 | 4946.55 | 4191.10 |
| 3IINFOTECH (70 - 162) | 98.90 | 100.35 | 118.40 | 127.05 | 123.65 | 104.45 (SS) |
| APTECHT (133 - 450) | 222.10 | 210.40 | 252.25 | 246.35 | 238.30 | 200.10 (SS) |
| INFOSYSTCH (1255 - 2142) | 1439.90 | 1482.80 | 1684.30 | 1784.65 | 1828.75 | 1794.45 (H) |
| MINDTREE (290 - 804) | 335.10 | 345.00 | 450.65 | 471.90 | 470.75 | 423.85 (SS) |
| MOSERBAER (119 - 345) | 152.15 | 159.30 | 179.15 | 191.35 | 182.20 | 140.15 (H) |
| MPHASIS (150 - 336) | 201.75 | 197.20 | 228.25 | 219.70 | 232.65 | 230.15 (H) |
| NIITTECH (85 - 409) | 101.90 | 105.35 | 131.05 | 144.90 | 155.60 | 128.05 (S) |
| PATNI (170 - 550) | 222.30 | 235.90 | 250.30 | 271.35 | 275.90 | 237.50 (H) |
| POLARIS (62 - 158) | 78.60 | 79.95 | 100.80 | 107.00 | 104.90 | 81.05 (SS) |
| ROLTA (200 - 396) | 261.35 | 270.35 | 329.00 | 311.60 | 299.25 | 281.65 (SS) |
| SATYAMCOMP (305 - 542) | 396.35 | 408.40 | 444.70 | 471.70 | 482.50 | 453.35 (SS) |
| TCS (720 - 1262) | 810.45 | 851.25 | 889.30 | 947.00 | 932.40 | 844.40 (SS) |
| TECHM (575 - 1550) | 705.25 | 725.45 | 812.55 | 934.25 | 829.30 | 756.50 (SS) |
| TULIP (662 - 1168) | 855.40 | 843.05 | 858.45 | 940.30 | 983.85 | 1048.40 (SS) |
| WIPRO (324 - 552) | 432.10 | 415.25 | 466.35 | 496.70 | 481.10 | 470.15 (SS) |
(52 wk low-high in parentheses)
(numbers and short term calls - buzzingstocks (dot) com)
B=Buy, SB=Strong Buy, H=Hold, S=Sell, SS=Strong Sell
Azim Premji of Wipro has taken a cut in his salary sending a clear picture of what's to come. Euro IT market has been a tough nut to crack. I have double-checked the values above including 52-wk low-highs which in some cases have been revised downwards as the time frame has shifted (something I've always done even before but noting here fyi). The picture, I am afraid, is quite gloomy. If one holds IT shares, they need to be patient to see better valuations. Everything depends now on how the US economy performs in the coming months, and how our IT sector adapts to huge domestic demand for computerization (which in turn depends on how well our govt. is able to protect their Intellectual Property Rights IPRs). Too many IFs & BUTs in my opinion.
