The stock of Hexaware gained 6.1% on Monday, its highest daily gain in a month since its quarterly results on July 19.
If the proposal to tax dividends above Rs 1 crore at 10% is accepted by the legislature, India's large promoter groups will contribute significant sums to the exchequer.
It had fallen to 8.42% on Wednesday from a high of 9.24% a day before in response to the central bank's efforts to reduce the pressure on the money supply in the system.
Moreover, IT stocks are expected to enjoy rich valuations in the near-term amidst a lack of a better investment alternatives.
An ETIG analysis of a sample of over 1,800 companies shows that net profit dropped by 7.3% in the June 2013 quarter from a year ago.
IT services provider Tech Mahindra delivered robust revenue growth for the June 2013 quarter on consolidated basis after accounting for the merger with Satyam Computer Services.
Zee Learn clocked net profit in the June 2013 quarter for the first time in nearly three years helped by improved revenue and rationalisation of operating cost.
The stock of Firstsource gained 3% by the end of Tuesday's trading session after the company reported a year-on-year jump in profits.
Cognizant's impressive performance in the June 2013 quarter shows that it continues to gain more from the available opportunities at the market place compared to its bigger and smaller Indian IT peers.
After staying sluggish over the past few years, it has been showing a renewed momentum on account of a robust growth in the core business.
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