The NSE Nifty 50 index fell 1.89% to 17,142.50, as of 0445 GMT, while the S&P BSE Sensex slid 2.15% to 57,089.44
ICICI Prudential Life Insurance seems to be headed towards the 200-DMA, while Infosys and HDFC Bank need to be monitored closely over the next few trading sessions.
Shares of Infosys tanked 9 per cent to Rs 1,592.05 on the BSE in Monday's intra-day trade after the company reported a weak set of numbers for the quarter ended March 2022 (Q4FY22).
The Infosys ADR has declined over 9 per cent in the last two trading session in the US market, while our market was shut for trade, post Q4 results.
The Bengaluru-based IT major saw its revenue rise 23 per cent to Rs 32,276 crore in the recently concluded quarter, as against Rs 26,311 crore in the previous corresponding period
In terms of top line growth, Infosys was ahead of TCS, the country's largest software services firm
Though companies are saying they are managing supply side constraints by hiring more freshers and by subcontracting, exits is clearly impacting margins and profitability
The company said its board recommended a final dividend of Rs 16 per equity share for the financial year ended March 31, 2022
The company does not do any business with Russian clients today and has no plans of doing so going ahead as well, says CEO Salil Parekh
Infosys' revenue grew 22.7 per cent to Rs 32,276 crore in the quarter from Rs 26,311 crore in the year-ago period
CLOSING BELL: HDFC, HDFC Bank, Maruti Suzuki, Dr Reddy's Labs, Tata Motors, PowerGrid, Asian Paints, Bajaj Finserv, Kotak Bank, Titan, Cipla, and Eicher Motors were the top laggards on the Nifty index
Infosys is scheduled to announce results today, while HDFC Bank shall be reporting its Q4 numbers on Saturday.
Analysts expect the Bengaluru-based firm to post flat-to-negative EBIT margin due to higher attrition, lower utilisation, and rising travel expenses.
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Murthy is the daughter of Indian billionaire, Infosys Ltd. co-founder Narayana Murthy, and she owns 0.93% of the company's shares, according to Bloomberg data.
The collaboration between the two has been reinforced through strategic deals aimed at yielding benefits to both firms over next seven years
Analysts believe top-line growth will be driven by broad-based demand