Market is expected to absorb the Mumbai shock
Infosys Added 60 Points in Sensex. It may nullify. If Infosys start fallling, Market is likely to fall heavily.so be cautious !!! sell nifty at higher level !!! keep booking profit at every rise don't expect too much on your long positions !!!
Infosys Net Beats Estimates, Rises 50% on New Clients (Update1)
July 12 (Bloomberg) -- Infosys Technologies Ltd., India's second-largest computer-services company, posted a better-than- expected 50 percent increase in its first quarter profit after adding customers.
Net income rose to 8 billion rupees ($173 million), or 28.27 rupees a share, in the three months to June 30, from 5.32 billion rupees, or 19.08 rupees, a year earlier, Bangalore-based Infosys said in a statement to the Bombay Stock Exchange today. Eight analysts in a Bloomberg News survey had a median forecast of 7.21 billion rupees. Sales rose 46 percent to 30.15 billion rupees.
Infosys, which competes with bigger rivals such as the International Business Machines Corp., increased its profit as the size of contracts rose.
The company's first-quarter sales rose from 20.72 billion rupees a year earlier. The figures are based on Indian accounting standards.
Shares of Infosys rose 5.9 percent to 3,335.6 rupees at 10:09 a.m. on the Mumbai stock exchange. The stock gained 43 percent in 2005, the second-best performer among India's top four software exporters. Shares of fourth-ranked Satyam Computer Services Ltd. advanced 80 percent.
Infosys Net Beats Estimates, Rises 50% on New Clients (Update1)
July 12 (Bloomberg) -- Infosys Technologies Ltd., India's second-largest computer-services company, posted a better-than- expected 50 percent increase in its first quarter profit after adding customers.
Net income rose to 8 billion rupees ($173 million), or 28.27 rupees a share, in the three months to June 30, from 5.32 billion rupees, or 19.08 rupees, a year earlier, Bangalore-based Infosys said in a statement to the Bombay Stock Exchange today. Eight analysts in a Bloomberg News survey had a median forecast of 7.21 billion rupees. Sales rose 46 percent to 30.15 billion rupees.
Infosys, which competes with bigger rivals such as the International Business Machines Corp., increased its profit as the size of contracts rose.
The company's first-quarter sales rose from 20.72 billion rupees a year earlier. The figures are based on Indian accounting standards.
Shares of Infosys rose 5.9 percent to 3,335.6 rupees at 10:09 a.m. on the Mumbai stock exchange. The stock gained 43 percent in 2005, the second-best performer among India's top four software exporters. Shares of fourth-ranked Satyam Computer Services Ltd. advanced 80 percent.
posted by Yovan Shah at 11:23 AM
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