Infosys storms ahead as members okay ADR float
IT bellwether Infosys Technologies advanced 2.63% to Rs 2,125.45, after its shareholders approved an issue of up to 30 million ADRs.
As many as 1.57 lakh shares changed hands in the counter on BSE. The stock is trading near its 52-week high of Rs 2,151.The scrip is trading around 31.70 times its Q2 September 2006 annualised consolidated EPS of Rs 66.90.
The stock witnessed a steady rally post-results; from Rs 1,981.35 on 11 October to Rs 2,124.05 on 30 October 2006 on the back of sustained buying. Infosys had announced Q2 results before trading hours on 11 October 2006.
India's second largest software developer reported a net profit of Rs 929 crore for Q2 September 2006 as per Indian GAAP, compared to Rs 606 crore for Q2 September 2005, a growth of 53.3%. Consolidated revenue rose 50.4% to Rs 3,451 crore from Rs 2,294 crore. Both net profit and revenue have surpassed market expectations.
Infosys also revised upwards its EPS and revenue growth guidance for FY 2007 (year ending 31 March 2007). The company has forecast revenue between Rs 13,853 crore and Rs 13,899 crore for FY 2007, transforming into a projected year-on-year growth of 45.5 - 46%. EPS for FY 2007 is forecast at Rs 66, a projected year-on-year growth of 46.6%.
During the quarter, Infosys filed for 14 patents in India & the US, for process innovation in IT services. As of 30 September 2006, Infosys has filed for 58 patents in India and the US.Infosys Technologies added 45 new clients and 10,795 employees (net 7,741) in Q2. The company said pricing remains stable with an upward bias.
At the time of announcing Q2 results, Infosys said that it was planning a sponsored ADR issue. The purpose to go in for another ADR issue is to increase float in the overseas market. With this issue, the overseas float of Infosys' stock will increase 5%, pushing the total float to 19%, which is made up of 77.7 million shares. The increased float is expected to help Infosys to achieve its longstanding aim of getting into famed indices like the Nasdaq 100. The price will be determined by the underwriters of the issue.
As many as 1.57 lakh shares changed hands in the counter on BSE. The stock is trading near its 52-week high of Rs 2,151.The scrip is trading around 31.70 times its Q2 September 2006 annualised consolidated EPS of Rs 66.90.
The stock witnessed a steady rally post-results; from Rs 1,981.35 on 11 October to Rs 2,124.05 on 30 October 2006 on the back of sustained buying. Infosys had announced Q2 results before trading hours on 11 October 2006.
India's second largest software developer reported a net profit of Rs 929 crore for Q2 September 2006 as per Indian GAAP, compared to Rs 606 crore for Q2 September 2005, a growth of 53.3%. Consolidated revenue rose 50.4% to Rs 3,451 crore from Rs 2,294 crore. Both net profit and revenue have surpassed market expectations.
Infosys also revised upwards its EPS and revenue growth guidance for FY 2007 (year ending 31 March 2007). The company has forecast revenue between Rs 13,853 crore and Rs 13,899 crore for FY 2007, transforming into a projected year-on-year growth of 45.5 - 46%. EPS for FY 2007 is forecast at Rs 66, a projected year-on-year growth of 46.6%.
During the quarter, Infosys filed for 14 patents in India & the US, for process innovation in IT services. As of 30 September 2006, Infosys has filed for 58 patents in India and the US.Infosys Technologies added 45 new clients and 10,795 employees (net 7,741) in Q2. The company said pricing remains stable with an upward bias.
At the time of announcing Q2 results, Infosys said that it was planning a sponsored ADR issue. The purpose to go in for another ADR issue is to increase float in the overseas market. With this issue, the overseas float of Infosys' stock will increase 5%, pushing the total float to 19%, which is made up of 77.7 million shares. The increased float is expected to help Infosys to achieve its longstanding aim of getting into famed indices like the Nasdaq 100. The price will be determined by the underwriters of the issue.
posted by SY at 5:43 PM
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