Battered second-line IT stocks strike back

Six second-line software shares advanced between 3.51% to 22.87% primarily due to bargain hunting after recent correction

MphasiS (up 6.55% to Rs 194.50), Hexaware Technologies (up 5.92% to Rs 60.85), Patni Computers (up 4.74% to Rs 218.70), KPIT Cummins Infosystems (up 22.87% to Rs 76.30), Mastek (up 18.38% to Rs 337.80), and Polaris Software Labs (up 3.51% to Rs 79.70), advanced.

MphasiS saw volumes of 57376 shares, Hexaware Technologies notched volumes of 1.29 lakh shares, Patni Computers clocked volumes of 92319 shares, KPIT Cummins Infosystems saw volumes of 4.84 lakh shares, Mastek saw volumes of 59890 shares, and 3.70 lakh shares were traded on the Polaris Software Labs counter on BSE

Shares of second line software companies were hammered in the recent market meltdown on concerns a recession in US may hamper their future revenues. From 52-week high of Rs 419 hit on 12 October 2007, Mastek corrected 31.80% to Rs 285.35 on 25 March 2008. Hexaware Technologies lost 69.11% to Rs 57.45 on 25 March 2008 from its 52-week high of Rs 186 hit on 17 April 2007. Similarly, KPIT Cummins Infosystems shed 59.70% to Rs 62.10 on 25 March 2008 from its 52-week high of Rs 153.90 hit on 12 June 2007.