Marketmen were divided on Infosys Technologies results announced today, with some describing them as a dampener while others saying that they were in line with street expectations.
The IT bellwether posted 13.15 per cent jump in its consolidated net profit for the second quarter ending September 30, 2010 to Rs 1,737 crore, as against Q2 of the last fiscal.
"Infosys came up with good numbers, meeting the forecast by the marketmen. The counter has witnessed a smart rally in the past few days on hopes of good show in the quarterly results," Brokers Research Head, Paras Bothra said,.
Infosys stock had witnessed a 3.67 per cent surge in the last three trading sessions on hopes of smart earnings. The rise in the counter drove the company's valuation by a whopping Rs 6,521 crore within three-straight trading days.
This morning, however, it fell 2.14 per cent, after touching its all-time peak of Rs 3,249 on the Bombay Stock Exchange.
Analysts said that the company has posted a good set of numbers and would decide the overall market trend which is buoyant as both the heavyweight indices -- BSE's Sensex and NSE's Nifty -- are inching closer to their record high levels, paving the way for good movements for IT stock.
However, voicing a different opinion, CNI Research CMD Kishore P Ostwal said, "Following the Infosys results, pressure in the IT stocks will continue and the results of other software giants like TCS and Wipro are unlikely to meet the market expectations."
Two other IT honchos, TCS and Wipro are to announce their results on October 21 and October 22, respectively. Shares of both the companies plunged by over two per cent on BSE, minutes after the Infosys results were announced.
