The India’s American Depository Receipts (ADR’s) ended at a profitable note on Thursday, resulting in gaining of profits by telecommunication companies, information technology and banking sector.
As per data, the MTNL shares were up by 1.08% at $ 2.04 and Tata Communications had increased by 3.59% at $ 9.82. In the IT sector, Patni Computers was down 0.65% at $15.26, while Infosys ended up 2.69% at $ 68.25 and Wipro ended up 2.92% at $13.73.
In the banking sector, ICICI Bank was up 2.3% at $ 49.31 and HDFC Bank was up 1.41% at $ 182.56. In other sectors, Tata Motors was up 2.95% at $ 24.05, Sterlite Industries was up 0.86% at $ 15.21 and Dr Reddys Labs was up 1.39% at $ 35.
As per the prediction of Gartner, the investments made by three leading IT companies Tata Consultancy Services, Infosys and Wipro were going to be quiet high than the previous years. Gartner forecasts that the global IT market will expand 7.1% this year, up from its previous projection of 5.6% growth. The centre of attention for the companies will also be on outsourcing demand and pricing outlook as Indian firm’s battle with global rivals such as IBM, Accenture and Hewlett-Packard for large contracts.