Infosys tanks 20 per cent on lower FY14 revenue guidance
Infosys slipped below its 200-DMA and was trading nearly 20 per cent lower at 2390, lowest since January 11.
By ET Online |
NEW DELHI: Infosys Ltd slipped nearly 20 per cent in opening trade on Friday after the IT major gave an annual dollar revenue growth guidance of 6-10 per cent for FY14, which is below market and Nasscom expectations.
Nasscom had forecasted a 12-14 percent growth in the Indian IT industry during 2013-14 against 10.2 percent in dollar terms the previous year.
At 09:20 am, Infosys slipped below its 200-DMA and was trading nearly 20 per cent lower at 2390, lowest since January 11. The stock has hit a low of Rs 2381.10 and a high of Rs 2626.10 in trade today.
The company reported a consolidated net profit of Rs 2,394 crore for quarter ended March 2012, up 1.05 per cent, against a net profit of Rs 2,369 crore in previous quarter.
"Global economic uncertainties remain challenging for the IT industry," said S. D. Shibulal, CEO and Managing Director. "We are progressing well on our strategic direction of building a high-quality company which is relevant to our clients," he noted.
The company's revenue in rupee terms increased to Rs 10,454 crore, up 0.3 per cent, as compared to Rs 10,424 crore, a quarter ago.
Other Income for March quarter stood at Rs 674 cr against Rs 503 crore, quarter-on-quarter (Q-o-Q).
Ahead of results, state-run insurer LIC pared its stake in Infosys to 5.96 per cent, reducing its holding in the IT major in the last quarter with an estimated sale of shares worth over Rs 2,000 crore.
According to a PTI report, Life Insurance Corporation of India (LIC), the biggest institutional investors in the stock market, held 7.24 per cent stake in Infosys during the October-December quarter, which has fallen to 5.96 per cent as of March 31.
Nasscom had forecasted a 12-14 percent growth in the Indian IT industry during 2013-14 against 10.2 percent in dollar terms the previous year.
At 09:20 am, Infosys slipped below its 200-DMA and was trading nearly 20 per cent lower at 2390, lowest since January 11. The stock has hit a low of Rs 2381.10 and a high of Rs 2626.10 in trade today.
The company reported a consolidated net profit of Rs 2,394 crore for quarter ended March 2012, up 1.05 per cent, against a net profit of Rs 2,369 crore in previous quarter.
"Global economic uncertainties remain challenging for the IT industry," said S. D. Shibulal, CEO and Managing Director. "We are progressing well on our strategic direction of building a high-quality company which is relevant to our clients," he noted.
The company's revenue in rupee terms increased to Rs 10,454 crore, up 0.3 per cent, as compared to Rs 10,424 crore, a quarter ago.
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Other Income for March quarter stood at Rs 674 cr against Rs 503 crore, quarter-on-quarter (Q-o-Q).
Ahead of results, state-run insurer LIC pared its stake in Infosys to 5.96 per cent, reducing its holding in the IT major in the last quarter with an estimated sale of shares worth over Rs 2,000 crore.
According to a PTI report, Life Insurance Corporation of India (LIC), the biggest institutional investors in the stock market, held 7.24 per cent stake in Infosys during the October-December quarter, which has fallen to 5.96 per cent as of March 31.
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