Results spark concerns
By Bharghavi Nagaraju and Sumeet Chatterjee |
January 14, 2011, Friday
|
Print Edition
Print Edition
INFOSYS Technologies' weaker results sparked concerns over growth rates of India's showpiece outsourcing sector as the company flagged a sluggish global economic recovery and currency volatility.
Shares in India's No. 2 software exporter fell over 4 percent to their lowest in over three weeks after its sales growth forecast for the year to March also failed to meet market estimates, a rare miss for a conservative outlook company.
"The challenges to the sector are primarily rupee volatility, which doesn't seem to be going down in a hurry," said Arun Kejriwal, strategist at research firm KRIS. "My concern increases because oil prices are still rising rapidly, putting pressure on the economy and the rupee."
Infosys, which kicked off results for the country's US$60 billion IT services industry, cited the economy as a key risk.
"I am very concerned and deeply worried because all the economies are going through troubled times," Infosys Chief Financial Officer V. Balakrishnan said. "I think the markets are going to be overly concerned about all the sovereign risks that's going to create extreme volatility in currency."
Shares in India's No. 2 software exporter fell over 4 percent to their lowest in over three weeks after its sales growth forecast for the year to March also failed to meet market estimates, a rare miss for a conservative outlook company.
"The challenges to the sector are primarily rupee volatility, which doesn't seem to be going down in a hurry," said Arun Kejriwal, strategist at research firm KRIS. "My concern increases because oil prices are still rising rapidly, putting pressure on the economy and the rupee."
Infosys, which kicked off results for the country's US$60 billion IT services industry, cited the economy as a key risk.
"I am very concerned and deeply worried because all the economies are going through troubled times," Infosys Chief Financial Officer V. Balakrishnan said. "I think the markets are going to be overly concerned about all the sovereign risks that's going to create extreme volatility in currency."
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