10 Apr 07 Indian Stock Market – IT stocks in correction mode ahead of infosys results
Frontline IT stocks went into correction mode ahead of their quarterly results. The BSE IT Index was down by 2.07%. The BSE IT Index was the biggest loser among sectoral indices on BSE.
Satyam Computers was the biggest loser. It slipped 3.40% to Rs 445.95, on a volume of 6.83 lakh shares. Infosys slipped 2.15% to Rs 2000, Wipro slipped 2.63% to Rs 547 and TCS was down 1.50% to Rs 1198. These stocks also suffered under concerns relating to results.
Infosys’ FY 2008 guidance is the next major trigger for the market. The rupee’s sharp surge in late-March 2007 – early April 2007, an uncertain US economic outlook and certain client-specific risks, have raised concerns that the FY 2008 guidance by Infosys Technologies may turn out conservative. Infosys unveils the full year guidance at the beginning of the financial year along with Q4 March 2007 results, on Friday, 13 April 2007.
For Q4 March 2007, Infosys has given a guidance of income to be in the range of Rs 3789 crore and Rs 3798 crore; indicating a Y-o-Y growth of 44.4% – 44.7%. The EPS is expected to be Rs 17.88; showing Y-o-Y growth of 46.3%.
For the full year ending March 2007, Infosys’ income is expected to be in the range of Rs 13,910 crore and Rs 13,919 crore; Y-o-Y growth of 46.1% – 46.2%. EPS before exceptional items is expected to be Rs 66.63, a Y-o-Y growth of 48%.
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