IT major Infosys recovered from
its early losses of as much as 1.24 per cent in late morning
trade today, a day after the company reported over 3 per cent
rise in net profit but lowered its annual revenue forecast.
The stock dropped by 1.24 per cent to Rs 915.25 on BSE in
early trade. At NSE, shares of the company slipped 1.21 per
cent to Rs 915.25.
However, later the stock recovered from losses and was
trading 1.58 per cent higher at Rs 941.35 on BSE.
Infosys, India's second-biggest software services
exporter, yesterday reported a better-than-expected 3.3 per
cent rise in the second quarter net profit to Rs 3,726 crore
but slashed annual revenue forecast.
It cut revenue growth forecast to 5.5-6.5 per cent for
the year to March 31, 2018, from 6.5-8.5 per cent previously
Revenue from operations rose 1.5 per cent to Rs 17,567
crore during the second quarter ended September 30, 2017-18.
In dollar terms, net profit stood at USD 578 million for
the September quarter, 7.3 per cent higher a year ago.
The revenue at USD 2.7 billion came in 5.4 per cent
higher year-on-year. The company has declared an interim
dividend of Rs 13 per share.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)