Mumbai: Sliding for the third day, the BSE benchmark Sensex on Wednesday fell by 49 points to close at a fresh one-week low of 20,062.24, dragged down by over 5.5 per cent drop in L&T shares after its earnings failed to meet market expectations. The Bombay Stock Exchange 30-share barometer resumed better and moved in a range of 20,220.35 and 20,000.86, before concluding at 20,062.24, a fall of 49.37 points or 0.25 per cent. This is the lowest closing since 19,722.29 on May 14.
Similarly, the broad-based 50-issue CNX Nifty of the NSE also declined by 19.60 points or 0.32 per cent to 6,094.50. MCX-SX flagship index SX40 closed down by 20.32 points, or 0.17 per cent, at 11,861.05. Engineering and construction giant L&T was the top loser from the Sensex pack after the company's net profit fell by 6.90 per cent on standalone basis for the March 2013 quarter.
"L&T numbers were lower than our expectations," said Sanjeev Zarbade, Vice President - PCG Research, Kotak Securities. Experts said a bearish trend in European region before Federal Reserve Chairman Ben Bernanke testifies on the outlook for US economy further influenced domestic market sentiment.
The rupee's falling beyond 55.50-mark against US dollar on Wednesday also affected domestic market sentiment, said a trader. Besides L&T, Sensex constituents including RIL, HDFC Bank, HDFC, Hero MotoCorp, Tata Power, GAIL, Sterlite Ind and BHEL were among notable losers. Outside major indices, Purvankara Projects plunged nearly 8 per cent on heavy
09:55 AM, May 22, 2013
New Delhi: Ten years after a sexual harassment row, Phaneesh Murthy is back in the spotlight for harassment again. The 49-year-old IT industry veteran was sacked as President and CEO of iGATE - the California-based company he helped found. iGATE management says, "The board's decision was made as a result of an investigation by outside legal counsel, engaged by the board, of the facts and circumstances surrounding a relationship Mr...
07:40 PM, May 21, 2013
Bangalore: Infosys Ltd, India's No 2 software services exporter, said on Monday it would challenge a $ 5.77 billion income tax demand raised by Indian authorities earlier this month. The demand relates to certain tax benefits on income from software development done overseas at the clients' location and revenue from special economic zones in India, Infosys said in a statement. It said the latest tax demand disregards a clarification by...
10:30 AM, May 20, 2013
New Delhi: Income Tax department has slapped a fresh $ 106 million (about Rs 582 crore) tax demand notice on Infosys, for 2009 fiscal, adding to the tax woes of India's second largest IT firm. The Bangalore-based software services exporter is already contesting additional income tax demands of $ 214 million (about Rs 1,175 crore) for four fiscals years beginning 2005 and said it will take legal recourse against the...
12:28 PM, May 19, 2013
Narendra Modi has found a new fan in Infosys founder NR Narayana Murthy who praised the Gujarat Chief Minister and called him one of India's finest administrators. ...
09:06 AM, May 14, 2013
Bangalore: Indian IT bellwether Infosys became Environmental Tracking (ET) carbon ranking leader in 2013 for its greenhouse gas emissions and disclosure practices. "As part of the selection process, the Environmental Investment Organisation (EIO), a London-based climate change and finance think-tank, ranked Infosys among top five of the 300 large firms it assessed for carbon footprint," the global software major said in a statement here on Monday. The company's carbon reduction...
11:59 PM, Apr 29, 2013
Washington: Amidst Congressional debate on the comprehensive immigration reform, a top US Senator has accused big Indian IT companies - TCS, Infosys and Wipro - of abusing the H-1B visa system. "There are some specific abuses of H-1B," Senator Richard Durbin, said during a Congressional hearing on immigration reform by the powerful Senate Judiciary Committee on Monday, during which the lawmakers discussed threadbare the H-1B visa issues. In fact, Senator...
01:32 PM, Apr 23, 2013
Mumbai: Shares in Wipro Ltd, India's third-largest software services provider, fell as much as 8.8 per cent in opening trade after it gave weaker-than-expected quarterly sales forecast on Friday. Wipro joined No. 2 player Infosys Ltd in delivering tepid revenue outlook, citing a delay in the closure of deals. Wipro also reported a 16.7 per cent rise in quarterly profit to Rs 17.29 billion on Friday. ...
09:58 AM, Apr 22, 2013
Mumbai: Tata Consultancy Services (TCS), India's top software services provider, lifted quarterly profit by more than a fifth and painted a more bullish picture for future revenue growth than key rival Infosys. TCS said it expects revenue in the current fiscal year to increase more than the 12-14 per cent sector export growth forecast by the National Association of Software and Services Companies (Nasscom). Infosys Ltd on Friday missed expectations...
09:42 AM, Apr 18, 2013
Bangalore: HCL Technologies Ltd, India's fourth-biggest software services provider, beat analysts' estimates with a 73 per cent rise in quarterly profit after winning orders and keeping a lid on hiring. Net profit rose to Rs 10.4 billion for the fiscal third-quarter ended on March 31 from Rs 6 billion in the year-earlier period, said HCL Technologies, whose customers include Finnish mobile phone maker Nokia Oyj. That compared with the average...
09:59 AM, Apr 17, 2013
Mumbai: Infosys Ltd fell as much as 4 per cent on Monday to its lowest in more than six months, extending falls for a second day after issuing lower-than-expected revenue guidance on Friday. Infosys shares were down 2.9 per cent as of 10.08 am after earlier falling to its lowest since October 5, 2012. ...
10:50 AM, Apr 15, 2013
Bangalore: Infosys has projected a modest revenue growth of 6 to 10 per cent for fiscal 2013-14 over same period last year, of Rs 40,352 crore (Rs.404 billion) or $7.4 billion. The projection was part of a regulatory filing on Friday by the IT bellwether. "The company's outlook (consolidated) for fiscal ending March 31, 2014, under IFRS (International Financial Reporting Standard) is revenues are expected to grow six to 10...
11:15 AM, Apr 12, 2013
Infosys has crashed around 20 per cent post Q4FY13 dismal numbers. At 09.15 am, Infosys was quoting at Rs 2,546.30, down Rs 370.40, or 12.70 per cent. It has touched an intraday high of Rs 2,625.05 and an intraday low of Rs 2,500. It was trading with volumes of 42,951 shares. Infosys' fourth quarter net profit rose 3 per cent year-on-year (1 per cent quarter-on-quarter) to Rs 2,394 crore, partly...
09:55 AM, Apr 12, 2013
Mumbai: The BSE Sensex fell to its lowest close in seven months on Friday after Infosys' lower-than-expected revenue guidance raised concerns about the outlook for the software services exporting sector. The Sensex provisionally fell 1.7 per cent to its lowest close since September 13, 2012. The Nifty fell 1.2 per cent. Infosys Ltd provisionally fell 22.1 per cent, marking its biggest single-day fall since April 4, 2003. ...
09:47 AM, Apr 12, 2013
Mumbai: IT major Infosys on Friday reported a 3.3 per cent increase in its consolidated net profit to Rs 2,394 crore for the fourth quarter ended March 31, 2013. The revenues for the reported quarter were up 18.09 per cent to Rs 10,454 crore from Rs 8,852 crore in the year-ago period, Infosys said in a BSE filing. "Global economic uncertainties remain challenging for the IT industry," Infosys CEO and...
09:07 AM, Apr 12, 2013
New Delhi: S Gopalakrishnan, co-founder and Executive Co-Chairman of Infosys, has been elected as the President of the industry body Confederation of Indian Industry (CII) for the year 2013-14. He succeeds Adi Godrej, Chairman of the Godrej Group, CII said in a statement. A Padma Bhushan recipient, Gopalakrishnan was recently voted as the top CEO (IT services category) in Institutional Investor's inaugural ranking of Asia's Top Executives, and selected as...
06:30 PM, Apr 05, 2013
In an apparent move to break the deadlock over its stalled project in West Bengal, IT major Infosys is sending a delegation to West Bengal to find a way to resolve the issue, Industry Minister Partha Chatterjee said on Saturday. ...
07:30 AM, Mar 31, 2013
Hiring activity in the IT sector is likely to be muted this year, Infosys Co-founder and Executive Co-Chairman S Gopalakrishnan has said. "Hiring position seems to be muted this year because many companies still have deep bench (strength), in other words their utilisation rate is still low," he told PTI. ...
11:48 AM, Mar 17, 2013
Infosys has partnered with India Post for developing a service delivery platform that will allow more than 1,30,000 rural post offices to offer online services. ...
08:21 PM, Mar 15, 2013
Finance Minister P Chidambaram presented his eighth budget on Thursday, the last before the 2014 elections. Experts have called it a balancing budget aimed at reviving growth amid an economic slowdown. Reacting to the Budget, Infosys co-founder NR Narayana Murthy has questioned the laid back attitude of successive governments. ...
09:02 AM, Mar 01, 2013
