IT stocks up on signs of stability in global financial system

MUMBAI: Information technology stocks witnessed a sharp bounce back on Tuesday, on renewed signs of stability in the global financial system following the announcement of bail out packages by European and US governments.

The top 5 Indian IT companies derive nearly 25-43 per cent of their total revenues from the banking, financial and insurance segments (BFSI). Nearly 43 per cent of FY 08 revenues of TCS came from the BFSI segment.

At 10:10 am, Wipro gained 11.3 per cent to Rs 315.4, while Infosys Technologies rose 5.8 per cent to Rs 1,396 and TCS rose 5.7 per cent to Rs 608.5.