Infosys settles with gains on BSE ahead of Q1 results

Shares of Infosys today ended with mild gains on the BSE in an otherwise weak stock market, as investors adopted a cautious approach ahead of the company's first quarter financial results tomorrow.

The bellwether stock settled 0.29% up at Rs 2,466.35 on the BSE. At the NSE, the stock ended at Rs 2,450, down 0.38% from its previous close.

Market analysts said the flat movement in the stock was largely due to profit booking ahead of the quarterly results and weak broader market sentiment.

Analysts, however, expect that IT companies will post strong numbers in the June quarter in view of depreciating rupee against the US dollar.

According to brokerage firm Angel Broking: "IT companies are overall expected to report healthy 30.7% and 23.7% growth in their revenue and earnings,
respectively, with the deprecating rupee playing a key role in achieving this growth."
It also noted that Infosys' results would be keenly watched out for, as markets are sceptical whether it will be able to deliver its USD revenue growth guidance of 0-1% quarter-on-quarter in  Q1 FY'13, given the existing concerns about the possible further downward revisions in its annual guidance of 8-10% growth.

Meanwhile, country's biggest software exporter TCS, which, too, will announce its financial results tomorrow ended at Rs 1,258.80, down 0.21%.

The BSE barometer Sensex today ended the day 129.21 points lower at 17,489.14.