Infosys shares pare losses; end nearly 2% up

Infosys shares pare losses; end nearly 2% up Mumbai: Shares of IT major Infosys on Monday reversed early losses and ended nearly 2 percent higher, led by value buying at lower levels in a bullish stock market.

After falling nearly 4 percent during the day, shares of the company recovered the losses and finally settled 1.68 percent higher at Rs 2,333.95 on the BSE.

At NSE, the stock closed 1.27 percent up at Rs 2,325.90.

Shares of the company had slumped 22 percent on Friday when the IT major reported disappointing fourth quarter numbers and lower-than-expected guidance for 2013-14 fiscal.

"Q4 FY13 was yet another disappointing quarter for Infosys. The most disappointing thing in the quarter's results was USD revenue growth being guided at 6-10 percent for FY14, which is way below the street's expectation of 12-13 percent," Angel Broking said in a report.

"...The extreme reactions to quarterly result announcements was unwarranted. We had adviced investors to add the stock in staggered manner and could see 12-15 percent up-move in medium-term," said Daljeet S Kohli, Head of Research, IndiaNivesh Securities.

The company reported a consolidated net profit of Rs 2,394 crore for the January-March quarter of 2012-13 fiscal and posted 18.09 percent rise in revenues at Rs 10,454 crore.

The IT bellwether pegged revenue guidance at 6-10 percent for this fiscal, which is lower than that of IT body Nasscom, which expects the industry to grow at 12-14 percent.

In the stock market, the BSE benchmark Sensex gained 115.24 points to end at 18,357.80.

PTI