IT stocks in demand as Infosys retains FY15 revenue guidance

Six IT stocks rose by 0.36% to 1.54% at 12:15 IST on BSE after IT major Infosys retained revenue guidance for the full year at the time of announcing Q1 June 2014 results.

The S&P BSE IT index had outperformed the market over the past one month till 10 July 2014, rising 6.68% compared with 0.82% fall in the Sensex. The index, however, underperformed the market in past one quarter, gaining 6.29% as against Sensex's 11.7% rise.

IT major Infosys' consolidated net profit as per International Financial Reporting Standards (IFRS) fell 3.5% to Rs 2886 crore on 0.8% decline in revenue to Rs 12770 crore in Q1 June 2014 over Q4 March 2014. The result was announced before market hours today, 11 July 2014. Infosys said it added 61 clients during the quarter.

Infosys expects its consolidated revenue to grow 7%-9% in dollar terms in the year ending 31 March 2015 (FY 2015). The guidance is unchanged compared to the one the company had given at the time of announcement of Q4 March 2014 results in April this year. The guidance in rupee terms has also been kept unchanged from that given in April as the company has assumed rupee dollar conversion rate of 60 which is exactly the same conversion rate given in April guidance. The company expects its revenue to grow 5.6%-7.6% in rupee terms in FY 2015.

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