Monday, July 11, 2011

Infosys Q1 net rises 15.4 pct, narrowly misses estimates

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Bangalore-based Infosys also listed on the Nasdaq, said consolidated net profit rose to 17.2 billion rupees ($387 million), from 14.9 billion rupees a year earlier.
A Reuters poll of brokerages had forecast a profit of 17.29 billion rupees for the company, which counts Goldman Sachs, BT Group and BP among its main clients.
India's $60 billion showpiece IT sector is enjoying solid growth from improved pricing for its services and increased outsourcing by companies looking to cut costs and boost efficiency amid growing economic uncertainty.
Shares in Infosys, valued at more than $38 billion, have fallen 15.2 percent this year, compared with an 11.7 percent drop in the sector index and a 8.5 percent fall in the Mumbai index.

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