Infosys settles lower ahead of Q3 results
Shares of Infosys today ended marginally lower ahead of its third quarter earnings to be announced tomorrow. The stock of IT major settled 0.34 per cent lower at Rs 2,320.35 on the BSE.
By PTI | Updated:
MUMBAI: Shares of Infosys today ended marginally lower ahead of its third quarter earnings to be announced tomorrow.
The stock of IT major settled 0.34 per cent lower at Rs 2,320.35 on the BSE.
On the NSE, the stock ended at Rs 2,326.20, down 0.21 per cent from its previous close.
"Third quarter is seasonally weak for the IT industry, but weakness in the same period is compounded by extended furloughs and some impact from hurricane Sandy," Rikesh Parikh, VP Markets Strategy and Equities, Motilal Oswal Securities said.
Traditionally, the October-December quarter is a weak quarter for IT companies as the number of working days is lesser compared to other quarters due to the holiday season at the client locations.
Meanwhile, in the broader market the Sensex ended at 19,663.55, down 3 points.
The stock of IT major settled 0.34 per cent lower at Rs 2,320.35 on the BSE.
On the NSE, the stock ended at Rs 2,326.20, down 0.21 per cent from its previous close.
"Third quarter is seasonally weak for the IT industry, but weakness in the same period is compounded by extended furloughs and some impact from hurricane Sandy," Rikesh Parikh, VP Markets Strategy and Equities, Motilal Oswal Securities said.
Traditionally, the October-December quarter is a weak quarter for IT companies as the number of working days is lesser compared to other quarters due to the holiday season at the client locations.
Meanwhile, in the broader market the Sensex ended at 19,663.55, down 3 points.
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