Infosys Tech slips ahead of results

DALAL STREET SPIKES

IT bellwether Infosys Technologies witnessed profit booking even as the company announced that it has opened a wholly owned subsidiary in the US called Infosys Consulting Inc.

The stock trading ended 0.26 per cent lower at Rs 5,312.70 yesterday ahead of the company's quarterly result announcements on Tuesday. The counter was active with volumes of 17.1 lakh shares changing hands at the BSE.

Since the company's announcement of bonus issue and a split on April 6, the stock has come down from Rs 5,580 to today's close of Rs 5,312. According to a dealer, the counter has been witnessing selling ahead of its results on Tuesday as the investors are wary of holding huge position in the counter as they feel that Infosys' future guidance could be muted due to pressure on profit margins. The recent surge in the rupee against the US dollar has resulted in cautiousness among the institutional investors, said an analyst.