Infosys nosedives on lower FY09 dollar quidance
Shares of Infosys Technologies fell 13 per cent after the software exporter lowered its forecast in dollars, citing shaky global economic situation.
By ET Online |
MUMBAI: Shares of Infosys Technologies fell 13 per cent after the software exporter lowered its forecast in dollars, citing shaky global economic situation.
Says Viju George, IT analyst, Edelweiss Capital " the earnings forecast downgrade by Infy for FY09 is not a surprise,. It has been factored into the scrips stock price."
The IT bellwether's standalone net profit for the quarter ended September 2008 rose 10 per cent at Rs 1,390 crore against Rs 1,262 crore in the previous quarter.
Net sales rose to Rs 5,066 crore in the second quarter up 12.17 per cent from Rs 4,516 crore a quarter ago. The company has declared 200 per cent interim dividend of Rs 10 on each equity share Rs 5/- per share.
Infosys lowered its FY09 revenue growth to 13-15 per cent from 19-21 per cent. Consolidated revenue has been revised down 5 per cent to $4.72-$4.81 billion from $4.97-5.05 billion. EPS has been revised from $2.32 per ADR to $2.24 per ADR.
At 10:20 am, the company's shares eased some of its early losses and was trading down 5.95 per cent at Rs 1179.70 after touching a low of Rs 1040 in the first few minutes of trade.
Says Viju George, IT analyst, Edelweiss Capital " the earnings forecast downgrade by Infy for FY09 is not a surprise,. It has been factored into the scrips stock price."
The IT bellwether's standalone net profit for the quarter ended September 2008 rose 10 per cent at Rs 1,390 crore against Rs 1,262 crore in the previous quarter.
Net sales rose to Rs 5,066 crore in the second quarter up 12.17 per cent from Rs 4,516 crore a quarter ago. The company has declared 200 per cent interim dividend of Rs 10 on each equity share Rs 5/- per share.
Infosys lowered its FY09 revenue growth to 13-15 per cent from 19-21 per cent. Consolidated revenue has been revised down 5 per cent to $4.72-$4.81 billion from $4.97-5.05 billion. EPS has been revised from $2.32 per ADR to $2.24 per ADR.
At 10:20 am, the company's shares eased some of its early losses and was trading down 5.95 per cent at Rs 1179.70 after touching a low of Rs 1040 in the first few minutes of trade.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
