Mkts continue to plunge on selling, profit booking

Bangalore, Oct 15: The markets continued to slip on persistant profit booking. Post Infosys' Q2 results, IT sector is also reeling under heavy selling.

At 2:10 pm, BSE Sensex was at 20,299.14, down 198.50 points and NSE Nifty was at 6110.20, down 67.15 points.

Selling was also seen in telecom, banks, capital goods, auto and FMCG stocks.

Among the largecaps, TCS, Sun Pharma, Wipro, Infosys and Axis Bank were down 2.6 to 3 per cent. Heavyweight losers were Reliance down 0.69 per cent, Infosys down 2.9 per cent, Cigarette major ITC down 1.29 per cent from their respective previous closing values.

However, on the positive side, NTPC, HUL, HDFC, Sesa Goa and Tata Power rose 0.65 to 0.9 per cent.
2:31 PM

Infosys reports 16.7 pc net profit surge in Q2

IT bellwether Infosys has reported a better-than-expected 16.73 per cent surge in its net profit for the second quarter (Q2) of financial year 2010-11, ended Sep 2010.

Announcing the much-awaited quarterly profit on Friday, Oct 15, Infosys said the net profit for the second quarter stood at Rs 1737 crore as against Rs 1488 crore profit recorded in the previous quarter, accounting for a very encouraging growth of 16.73 per cent.

Company reported net sales of Rs 6947 crore as against Rs 6198 crore n quarter-on-quarter basis (QoQ), accounting for 12.08 per cent surge; while standalone net sales came up at Rs 6425 crore from Rs 5758 crore, accounting for rose 11.58 per cent rise.

Earning per share (EPS) also went up from Rs 26.05 in Q1 to 30.41 in Q2.

As to the FY11 guidance, the company expects revenue to be between Rs 6,884 crore and Rs 6,953 crore on (QoQ) basis with growth of 0.9 per cent to 0.1 per cent. On Year-on-Year basis, the revenues are expected to be between Rs 26,951 crore and Rs 27,165 crore with growth of 18.5 per cent to 19.4 per cent.

With its strong numbers, Infosys has set a positive tone for the upcoming quarterly results from Indian IT. Over the past few days, the benchmarks on the BSE and NSE have been greatly influenced by the expected results from technology sector.

All details on the quarterly numbers and guidance are available on Infosys' official twitter page.

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