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Infy wipes out early gains, ends 0.5% lower on late sell-off

Press Trust of India  |  New Delhi 

of erased all its early gains and ended 0.5 per cent lower today even after the company reported better-than-expected 1.3 per cent rise in June quarter net profit.

The stock witnesses late sell-off and ended the day at Rs 972.05, down 0.44 per cent on During the day, the stock had gained 3.10 per cent to Rs 1,006.65.


At NSE, of the company slipped 0.51 per cent to close at Rs 972.05.

In terms of volume, 6.85 lakh of the company were traded on BSE, and over one crore changed hands at during the day.

Selling pressure was also seen in other IT stocks, with falling 1.85 per cent, (1.78 per cent), HCL Tech (0.87 per cent) and (0.41 per cent).

The IT index ended 0.95 per cent lower at 10,051.60.

Infosys, India's second-biggest software services exporter, today reported better-than-expected 1.3 per cent rise in its June quarter net profit on winning key clients in North America and and raised its annual US dollar revenue outlook.

Net profit in April-June 2017-18 at Rs 3,483 crore, or Rs 15.24 per share, was 1.3 per cent higher than Rs 3,436 crore (Rs 15.03 a share) in the same period a year ago.

raised its US dollar revenue growth guidance for the fiscal to 7.1-9.1 per cent, from the previously projected 6.1-8.1 per cent. However, maintained its constant currency revenue guidance at 6.5-8.5 per cent.

Revenue grew 1.7 per cent to Rs 17,078 crore in the first quarter of 2017-18 as against Rs 16,782 crore in the year-ago period.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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