Software stocks reboot after extension of tax holiday

The Software Technology Parks of India (STPI) scheme, which provides for tax exemption to export oriented IT companies under Section 10 A was supposed to end in March 2009. However, members of STPI had appealed to the Finance Ministry to extend its STPI scheme beyond March 2009 by viewing the issue sympathetically. The Government has extended the same until 2010.

The BSE IT index was up 5.48% to 4,247.48. Satyam Computer (up 8.36% to Rs 480), HCL Technologies (up 8.14% to Rs 287), NIIT Technologies (up 6.65% to Rs 137.15), Tech Mahindra (up 6.59% to Rs 870), Infosys Technologies (up 4.81% to Rs 1,745), Wipro (up 4.28% to Rs 477.30), and TCS (up 3.74% to Rs 916.05), surged