Buoyed by a fairly strong earnings forecast from IT bellwether Infosys, the Indian stock market opened on a rousing note this morning, with almost all top rund IT stocks rallying sharply in early trades.
The BSE benchmark Sensex, which spurted to 19,839.80 in early trades, is currently up 111 points or 0.57% at 19,774.55. The Nifty index of the National Stock Exchange is up 23.95 points or 0.4% at 5992.60.
Infosys Limited has reported a net profit of Rs 2265 crore for the quarter ended December 2012, as compared to a net profit of Rs 2235 crore it had recorded in the previous quarter. However, the standalone revenue for the third quarter rose by 8.3%. The company reported a revenue of Rs 9,878 crore as compared to Rs 9,118 crore in the corresponding period a year ago.
On consolidated basis too the IT giant reported a flat net profit at Rs 2,369 crore as against Rs 2,372 crore in the previous quarter ended September 2012. The revenue rose 12.4% at Rs 10,927 crore as against Rs 9,720 crore in the previous quarter.
The IT major has forecast a revenue of around Rs 40,746 crore for fiscal year ending March 2013, higher than its September guidance of Rs 39,582 crore. The company has forecast earnings per share to be at least Rs 162.80 for the current fiscal, again higher than its September forecast.
Following the guidance, Infosys shares are up nearly 14% at Rs 2626 at present. Among other IT majors, Tata Consultancy Services is up 3.2%, Wipro is up nearly 3.5%, Tech Mahindra is up with a gain of a little over 2%, HCL Technologies is trading nearly 2% up, Hexaware is up 4%, Oracle Financial Services is trading higher by 1.5% and Mphasis is up 1.4%. Mahindra Satyam is up 2.7%.
Sesa Goa, Tata Steel, Sterlite Industries, Coal India and NTPC are trading in positive territory with modest gains.
ONGC, Ultratech Cement, BPCL, ITC, Ambuja Cements, ACC, Tata Power, Dr Reddy's Laboratories, Grasim Industries, Hindustan Unilever, IDFC, Sun Pharmaceutical Industries and Reliance Infrastructure are down with sharp to moderate losses.