IT pivotal Infosys surged 16.90% to Rs 2,712.60 after the company's CEO and Managing Director S. D. Shibulal said at the time of announcement of the company's Q3 December 2012 results before trading hours that the management continues to gain confidence from a strong pipeline of large deals. The stock topped the gainers in the BSE's 'A' group.
High volumes accompanied the rally in the counter. On BSE, 16.22 lakh shares changed hands in the Infosys counter, compared with average daily volume of 1.16 lakh shares in the past one quarter. Infosys' consolidated net profit as per International Financial Reporting Standards (IFRS) remained unchanged on sequential basis at Rs 2369 crore in Q3 December 2012. Revenue rose 5.7% to Rs 10424 crore in Q3 December 2012 over Q2 September 2012. Revenues excluding Lodestone rose 3.6% to Rs 10210 crore in Q3 December 2012 over Q2 September 2012. Infosys completed the acquisition of Lodestone Holding AG, a leading management consultancy based in Switzerland, in Q3 December 2012.
Due to addition of revenue from Lodestone, Infosys has raised revenue guidance for the year ending 31 March 2013 (FY 2013). With expected revenue of $104 million from Lodestone for FY 2013, Infosys has forecast total revenue at $7.45 billion for the company for FY 2013. At the time of announcement of Q2 September 2012 results on 12 October 2012, Infosys had forecast revenue of $7.343 billion for FY 2013 when Lodestone acquisition was yet to be completed. The company has retained guidance for earnings per American depository receipt (EPADS) for FY 2013 at a minimum $2.97.
In rupee terms, Infosys now expects revenue of Rs 40746 crore for FY 2013 which includes projected revenue of Rs 568 crore from Lodestone. At the time of announcement of Q2 September 2012 results on 12 October 2012, Infosys had forecast revenue of Rs 39582 for FY 2013 when Lodestone acquisition was yet to be completed. The company has raised the guidance for earnings per share for FY 2013 to Rs 162.80 from its October guidance of EPS of Rs 160.61.
S. D. Shibulal's encouraging comments triggered rally in many other IT stocks.
IT major Wipro spurted 6.10% to Rs 419.50. The stock was second biggest gainer in 'A' group.
IT company Mahindra Satyam rose 4.02% to Rs 115.25. The stock was fourth biggest gainer in 'A' group.
IT major TCS rose 3.80% to Rs 1,306.35. The stock was fifth biggest gainer in 'A' group.
Jewellery retailer Gitanjali Gems rose 4.46% to Rs 585.85. The stock was third biggest gainer in 'A' group.
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