Stocks

Infosys stock recovers from day's low

Our Bureau Agencies Chennai | Updated on January 16, 2018 Published on October 14, 2016

infosys2

Shares of IT major Infosys recovered from the day's low but still ended down by over 2 per cent on both the BSE and NSE.

The stock ended lower by 2.34 per cent at Rs 1,027.40 on the BSE. On the NSE, it was down 2.56 per cent at Rs 1,025.40.

Earlier in the day, the shares fell over 5 per cent after the company slashed its revenue guidance for the second time this year due to its recent performance and “near-term uncertain business outlook“.

Infosys shares dipped 5.31 per cent to Rs 996.15 —— its 52-week low on the BSE. On the NSE, the stock plunged 5.33 per cent to hit its one-year low of Rs 996.25.

IT major Infosys today posted a 6.1 per cent rise in consolidated net profit at Rs 3,606 crore for the September quarter and slashed its revenue guidance for the second time this year due to its recent performance and “near-term uncertain business outlook“.

The Bengaluru-based firm had reported a net profit of Rs 3,398 crore in the year-ago period, the company said in a BSE filing.

Consolidated revenue for the quarter was up 10.7 per cent at Rs 17,310 crore against Rs 15,635 crore in July-September 2015. The figures are as per Indian Accounting Standard (Ind AS).

Revenues are now expected to grow 8-9 per cent in constant currency, translating to 9.2-10.2 per cent in INR terms and 8.2-9.2 per cent in US dollar terms.

This is the second time the company has reduced its revenue guidance for the fiscal. In July, Infosys had said it expected revenues to grow 10.5-12 per cent in constant currency terms, lower than the previously estimated 11.5-13.5 per cent for the full year 2016-17.

Published on October 14, 2016

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