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Market divided over results

MUMBAI: Marketmen were divided on Infosys Technologies results announced on Friday, with some describing it as a dampener while others saying that they were in line with street expectations.

The IT bellwether posted 13.15 per cent jump in its consolidated net profit for the second quarter ended September 30, 2010, as compared to the same period in the previous year.

“Infosys came up with good numbers, meeting the forecast by marketmen. The counter has witnessed a smart rally in the past few days on hopes of good show in the quarterly results,” Brokers Research Head, Paras Bothra said.

Infosys stock had witnessed a 3.67 per cent surge in the last three trading sessions on hopes of smart earnings.

The rise in the counter drove the company's valuation by a huge Rs. 6,521 crore within three-straight trading days. This morning, however, it fell 2.14 per cent after touching an all-time peak of Rs. 3,249 on the Bombay Stock Exchange.

Analysts said that the company had posted a good set of numbers and would decide the overall market trend which is buoyant as both the heavyweight indices, Sensex and Nifty, were inching closer to their record high levels, paving the way for good movements for IT stocks.

However, voicing a different opinion, CNI Research CMD Kishore P Ostwal said, “Following the Infosys results, pressure in IT stocks will continue and the results of other software giants such as TCS and Wipro are unlikely to meet the market expectations.”

Two other IT honchos, TCS and Wipro are to announce their results on October 21 and October 22, respectively.

Shares of both the companies plunged by over two per cent on the BSE, minutes after the Infosys results were announced. — PTI

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