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Infosys shares recover from early losses, up one per cent

Infosys shares recovered from early losses, to trade nearly one per cent higher in late afternoon trade on value buying after reporting disappointing fourth quarter numbers.

BT Online Bureau   Mumbai     Last Updated: April 15, 2013  | 16:05 IST

Infosys shares recovered from early losses on Monday, to trade nearly one per cent higher in late afternoon trade on value buying after reporting disappointing fourth quarter numbers and lower-than-expected guidance for 2013-14.

The scrip, which fell 21 per cent in the previous session, had dropped another 4 per cent in early trade on Monday.

Infosys, country's second-largest software services exporter, had on Friday reported 3.3 per cent rise in fourth quarter net profit but forecast lower-than-expected revenue growth on challenging global economy.

The company reported a consolidated net profit of Rs 2,394 crore for the January-March quarter of 2012-13 fiscal and posted 18.09 per cent rise in revenues at Rs 10,454 crore.

Infosys has pegged revenue guidance at 6-10 per cent for this financial year, which is lower than that of IT body Nasscom, which expects the industry to grow at 12-14 per cent.

After a weak opening and losing 3.89 per cent in early trade on the Bombay Stock Exchange, the Infosys scrip was trading 0.97 per cent higher at Rs 2,317 at 3.45 pm. The scrip was trading 1.85 per cent higher at the same time on the National Stock Exchange at Rs 2,339.05.

Meanwhile, the BSE Sensex was trading 92.07 points higher in late afternoon trade at 18,334.63.

with inputs from PTI

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