Infosys Nosedives Over 4 Pc On Poor Q1 Results

IT bellwether Infosys now completed more than four per cent of the stock exchanges where the company's profit for the first quarter of fiscal policy remains the market's assessments.

Infosys' net profit jumped nearly 16 percent of Rs 1,722 crore and revenues increased by Rs 7,485 crore in the first quarter ended 30 June 2011.

But market analysts said investors had expected a net profit of around Rs 1,730 crore.

The country's second largest software company, fell 4.27 per cent scriptures of Rs 2,794.25 a piece of BSE. In intraday trading, shares fell to the lowest level of Rs 2,749.35.

Beating the stock and the National Stock Exchange, where the closed Rs 2,786.10, down 4.62 percent from the previous close.

"Dip in the stock market was mainly due to the Q1 results were below street expectations," Ashika Stock Brokerage Company Research Head (Equities) at Para Bothra said, adding that "Infosys is going through a bad patch, the transition management to retain control of Infosys, as far as the assessment of a premium for. "

In terms of quantity, 44 lakh shares changed hands as Infosys exchanges.

Going forward, Infosys expects revenue to be the extent of Rs 7,699 crore and Rs 7,810 crore (12.4 per cent year growth of 10.8 percent) for the quarter ended 30 September 2011.

In addition, the company estimated its revenue would range from Rs 31,777 crore and Rs 32,311 crore (17.5 per cent year growth of 15.5 per cent) of the budget on 31 March 2012.

Infosys' order backlog was rubbed by the index and the impact of IT. BSE IT fell three percent to 5,925.11 points, 1.36 per cent decrease in Wipro Rs 414.70, TCS, and about 1 per cent of Rs 1,146.75 down 5.38 per cent at Rs Mphasis 430.85 per share.

Meanwhile, the 30-share index SENSEX day closed more than 300 points down at 18,411.62