Infy swings on split news

DALAL STREET SPIKES

Tech heavyweight, Infosys was in the limelight gaining over 6 per cent in the morning trades on reports that the board is considering a bonus and a stock-split along with its fourth quarter results on April 13, 2004.

However, profit booking at higher levels pulled the stock down at close to Rs 5,312.15 against its intra-day high of Rs 5,580.

According to market analysts, the counter is witnessing activity ahead of its fourth quarter results and earning guidance for the next year.

However, sector analysts are cautious that the company may announce conservative earnings guidance because of appreciating rupee and a global outsourcing backlash.

A leading BSE broker said, "A bonus issue indicates the managment's confidence about the future growth of the company. However, the intention of a stock-split could be to fall in line with other issue such as Satyam, Wipro and the forthcomming TCS issue."