IT scrips advance on weakening rupee

Mumbai, June 8 (UNI) Shares from the information technology (IT) sector surged on the Bombay Stock Exchange (BSE), as rupee weakened today.

Satyam Computers rose by 3.09 per cent to Rs 496, Tata Consultancy Services (TCS) shot up by 1.30 per cent to Rs 1222, and Wipro was up by 0.20 per cent to Rs 546.50.

The Indian rupee extended its losses past 41.11/12 per US dollar today, its lowest in nearly four weeks. In early afternoon trade, the partially convertible rupee was at 41.01/02, its lowest level since May 14. It had closed at 40.7350/7450 yesterday.

IT stocks have not performed in the market's recent surge due to a strong rupee. A rise in the rupee directly impacts revenue and profit of IT firms, which derive a lion's share of revenue from exports to the US, market analysts explained.

UNI