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Infosys signals sector recovery, boosts tech stocks | Infosys Technologies, India 's No.2 outsourcer on Tuesday reported a 2.8 percent rise in its third quarter. The company raised its
annual sales forecast as big financial services clients boost orders in an improving
global economy, pointing to an industry recovery. The company added 32 new
clients
taking the total number to 568. "This quarter has been an excellent quarter, all-round
a very good performance. We added 32 new clients, our top clients grew by 12.2
percent, which is almost doubled...we have also added almost seven to eight
thousand
employees," said Kris Gopalakrishnan , CEO and Managing Director. The company,
a trendsetter for the 60 billion dollars Indian outsourcing sector, expects spending
on outsourcing to go up but said the appreciating rupee could hit profit margins
in the short term. "There is a concern but it is becoming smaller and smaller,
lesser and lesser in terms of whether the recovery really taken a hold upon. The
US economy has grown by 2.8 percent last quarter, which is again a good sign,"
said Gopalakrishnan. Infosys shares rose 4.0 percent, their biggest gain since
Nov 11. The results ignited software stocks in a broader market down 0.6 percent
after the company's quarterly earnings fell for the first time, but still topped
market forecasts. Quarterly profit at Infosys, which develops applications, designs
supply chains and offers backoffice services, fell 3.6 percent to 15.8 billion
rupees under Indian accounting standards, from 16.41 billion rupees a year ago.
Valued at 32 billion dollars, Infosys shares more than doubled in 2009 while the
broader market jumped 81 percent. |
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