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Technology scrips track Sensex

Krishnan Thiagarajan

THE markets continued to be in the cautious ``wait and watch'' mode as the broadbased BL-250 Index and the BSE Sensex appreciated by 0.62 per cent and 0.98 per cent respectively. In line with overall market trends, the BL Technology Index crawl ed up by 0.02 per cent, underperforming the BL-250 Index by a small margin. However, the two industry sub-indices moved in divergent directions, with the BL-Computer Hardware and Office Equipment Index appreciating by 0.95 per cent and the BL-Sof tware Index dipping by 0.91 per cent during the week.

In an otherwise lacklustre week, the major gainers were Digital Equipment (India), Aptech, Tata Infotech and DSQ Software. Riding on strong earnings performance, Digital Equipment (India), DSQ Software and Aptech have marched ahead. Digital Equipment (In dia) has recorded a strong performance for the quarter ended September 30, with an 86 per cent growth in revenues and a 78 per cent rise in post-tax earnings. The stock has appreciated by 26 per cent during the week to close at Rs 477.

Similarly, DSQ Software has recorded a robust growth in revenues for the quarter ended September 30, of Rs 103.65 crore, up from Rs 38.25 crore in the same period of the previous year. The post-tax earnings during this period grew to Rs 26.80 crore (Rs 1 .36 crore). Despite the strong growth, the stock appreciated by only 8.53 per cent to close at Rs 386.50. Software business continued to be the driver of growth of Aptech for the quarter ended September 30, with the stock appreciating by 20 per cent to c lose at Rs 430.90.

Among the significant losers during the week were Mastek which has been on a relentless decline, following its poor earnings performance for the first quarter and anticipation of a future slowdown. The stock declined by 52 per cent to close for the week at Rs 664.55. The other losers were NIIT, Satyam Computers and Trigyn Technologies.