By -
Jan 10, 2013
Infosys Ltd. (INFO), India’s second-largest
software exporter, jumped the most in more than three years in
Mumbai trading after raising its full-year sales forecast.
The company gained as much as 13 percent, the biggest advance since May 2009. It was the largest gainer on the BSE India Sensitive Index, (SENSEX) followed by competitors Wipro Ltd. (WPRO) and Tata Consultancy Services Ltd. (TCS)
Infosys increased its sales forecast about 3 percent to 407.5 billion rupees ($7.5 billion) as it reported better-than- expected profit for the third quarter. The company signed eight large outsourcing deals in the period, worth a total of $731 million, as it cuts prices to boosts its competitiveness amid the slowing global economy.
“This was a very positive quarter compared to expectations,” Bhavan Suri, an analyst at William Blair & Co., told Bloomberg TV India from Chicago. “The stock will bounce back.”
Management had also lowered expectations “tremendously” in the weeks before the results, he said.
Net income was 23.7 billion rupees in the three months ended December, little changed from a year earlier, Bangalore- based Infosys said today. That surpassed the 22.4 billion-rupee median of 42 analyst estimates compiled by Bloomberg.
“We have done well in this quarter despite an uncertain environment,” Infosys Chief Executive Officer and Managing Director S. D. Shibulal said in the statement. “We continue to gain confidence from a strong pipeline of large deals.”
The company is “cautiously optimistic” about the January- March quarter, he added.
Infosys added 53 clients during the quarter, it said. It also completed the acquisition of management consultancy Lodestone Holding AG. The developer has also pared hiring plans by about 5,000 people to limit costs.
The company writes software programs, as well as providing IT and outsourcing services for customers including BP Plc (BP/) and AT&T Inc.
To contact the reporter on this story: Kartikay Mehrotra in New Delhi at kmehrotra2@bloomberg.net
To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net
The company gained as much as 13 percent, the biggest advance since May 2009. It was the largest gainer on the BSE India Sensitive Index, (SENSEX) followed by competitors Wipro Ltd. (WPRO) and Tata Consultancy Services Ltd. (TCS)
Infosys increased its sales forecast about 3 percent to 407.5 billion rupees ($7.5 billion) as it reported better-than- expected profit for the third quarter. The company signed eight large outsourcing deals in the period, worth a total of $731 million, as it cuts prices to boosts its competitiveness amid the slowing global economy.
“This was a very positive quarter compared to expectations,” Bhavan Suri, an analyst at William Blair & Co., told Bloomberg TV India from Chicago. “The stock will bounce back.”
Management had also lowered expectations “tremendously” in the weeks before the results, he said.
Net income was 23.7 billion rupees in the three months ended December, little changed from a year earlier, Bangalore- based Infosys said today. That surpassed the 22.4 billion-rupee median of 42 analyst estimates compiled by Bloomberg.
“We have done well in this quarter despite an uncertain environment,” Infosys Chief Executive Officer and Managing Director S. D. Shibulal said in the statement. “We continue to gain confidence from a strong pipeline of large deals.”
The company is “cautiously optimistic” about the January- March quarter, he added.
Tata, Wipro
The software developer was up 9.9 percent at 2,552.35 rupees as of 9:17 a.m. Tata Consultancy and Wipro both gained about 3.5 percent.Infosys added 53 clients during the quarter, it said. It also completed the acquisition of management consultancy Lodestone Holding AG. The developer has also pared hiring plans by about 5,000 people to limit costs.
The company writes software programs, as well as providing IT and outsourcing services for customers including BP Plc (BP/) and AT&T Inc.
To contact the reporter on this story: Kartikay Mehrotra in New Delhi at kmehrotra2@bloomberg.net
To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net
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