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Stocks of major information technology companies are likely to mostly remain bearish next week with stocks of companies Tata Consultancy Services, Infosys, and Wipro Technologies seen weak. With companies scheduled to report their Oct-Dec results next month, the Street is waiting to see if they meet their revenue guidance. Indian IT companies are reeling under pressure from the weak rupee, volatile global environment, and looming US 'fiscal cliff' which is likely to effect client budgets.
Satyam Computer Services said it has paid $68 mln to Aberdeen Global Income Fund, and 22 other funds managed by Aberdeen Asset Management Plc to settle claims against "certain allegations of fraudulent misrepresentations" by the company's former management in London. The move is seen as a positive for the stock as it clears the way for the merger of Satyam Computer Services with Tech Mahindra. HCL Technologies may trade positive over the next week as the company has consistently been reporting strong earnings and is expected to do so going forward.
