 "Infosys declines on cutting FY16 dollar revenue guidance")
Shares of Infosys have dipped 5% to Rs 1,109, declining 9% from intra-day high on the NSE after it announced the downward revision of its full-year dollar revenue.
The company said that for the fiscal year ending March 31, 2016, revenues are likely to rise by 6.4% - 8.4%, down from a previous estimate of 7.2% - 9.2% in dollar terms.
Revenue guidance has been retained. Revenues are expected to grow 10%-12% in constant currency for the current fiscal, Infosys said in a press release.
The stock hit a new lifetime high of Rs 1,220 in early morning trade after Infosys reported a better-than-expected 12.1% quarter-on-quarter (QoQ) growth in consolidated net profit at Rs 3,398 crore for the second quarter ended September 2015. Revenues grew 8.9% at Rs 15,635 crore on QoQ basis.
Analysts on an average had expected net profit of Rs 3,230 crore on revenues of Rs 15,252 crore.
Meanwhile, Rajiv Bansal, Executive Vice President and the Chief Financial Officer (CFO) of Infosys since October 2012, has informed the company of his intention to resign. He will be replaced by M.D. Ranganath at the close of business October 12, 2015, the company said.
At 09:52 am, the stock was down 2.5% at Rs 1,138 on the NSE. A combined 8.21 million shares changed hands on the counter on the NSE and BSE so far.
The company said that for the fiscal year ending March 31, 2016, revenues are likely to rise by 6.4% - 8.4%, down from a previous estimate of 7.2% - 9.2% in dollar terms.
Revenue guidance has been retained. Revenues are expected to grow 10%-12% in constant currency for the current fiscal, Infosys said in a press release.
The stock hit a new lifetime high of Rs 1,220 in early morning trade after Infosys reported a better-than-expected 12.1% quarter-on-quarter (QoQ) growth in consolidated net profit at Rs 3,398 crore for the second quarter ended September 2015. Revenues grew 8.9% at Rs 15,635 crore on QoQ basis.
Analysts on an average had expected net profit of Rs 3,230 crore on revenues of Rs 15,252 crore.
Meanwhile, Rajiv Bansal, Executive Vice President and the Chief Financial Officer (CFO) of Infosys since October 2012, has informed the company of his intention to resign. He will be replaced by M.D. Ranganath at the close of business October 12, 2015, the company said.
At 09:52 am, the stock was down 2.5% at Rs 1,138 on the NSE. A combined 8.21 million shares changed hands on the counter on the NSE and BSE so far.
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