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Infosys falls; rupee sparks outlook fears

Source : REUTERS
Last Updated: Wed, Oct 03, 2012 10:24 hrs
An employees walks past a signage board in the Infosys campus at the Electronics City IT district in Bangalore

Shares in Infosys fell 1.08% on concerns the Indian software services exporter may cut guidance when it reports quarterly results this month because of a recent appreciation in the rupee and potential wage hikes.

Nomura says it expects Infosys to retain its fiscal 2013 dollar revenue growth guidance of 5 percent but cut earnings-per-share guidance by around 2 percent to 163 rupees on rupee terms because of the currency impact.

Nomura also warns any announcement on wage hikes would be key.

"We believe there is a high likelihood of a wage hike in 3Q as growth comes in line with guidance," the investment bank says in a noted dated on Wednesday.

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