Welcome back. The courageous bulls have been basking in the glory of recent gains having enjoyed a nice rally in the past 4-5 weeks, thanks largely to a global rebound. Today is a different day though with things not looking all that bright for the bulls.
Infosys has announced Q4 FY09 net profit of Rs16.13bn versus Rs16.41bn in the previous quarter, translating into a sequential drop of 1.7% in Rupee terms. Revenue for the fourth quarter is down 2.6% QoQ at Rs56.35bn as against Rs57.86bn in Q3 FY09.
It has also declared a final dividend of Rs13.50 per share. The IT major expects dollar revenue in FY10 to fall by ~3-7% over the fiscal year ended March 2009.
What could help extend the current ascent is the fact that trading volume and turnover have improved in the past one month despite a slew of public holidays. In the first 15 days of March, average daily delivery volumes on NSE were Rs 7,500-8,000 crores. By comparison, the first 14 days of April, which had just six trading sessions, have seen volumes doubling to about Rs 15,000 crores.
