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IT counters slump on lower-than-expected Infosys' result
By Business Bureau
Place: Mumbai

Date: 15-Apr-2011 06:31:15
 
IT counters slump on lower-than-expected Infosys' result

Mumbai:Rampant selling at IT counter dragged the BSE benchmark Sensex down by 160 points in early trade after the industry bellwether Infosys reported Q4 results, below the market expectations.

The company reported 2.13 per cent growth in consolidated net profit as per International Financial Reporting Standards.

Analysts said the market was expecting 3.3-6.7 per cent growth in Infosys' consolidated net profit for the quarter ended March 31.

Reacting to the Q4 results, Infosys slumped by 7.26 per cent on BSE, followed by Wipro (4.34 per cent) and India's largest IT major TCS, which declined by 1.90 per cent.

Besides, Oil and gas major ONGC and power company NTPC also declined by 1.89 per cent and 1.15 per cent, respectively. Among the 30-member Sensex pack, 16 declined while the rest advanced.

The BSE benchmark Sensex resumed lower at 19,670.07 and hovered in a range of 19,700.

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