IT giant Infy’s Q3 results have come out and the stock has plummeted 7% in the wake of results not matching with the expectations from market. The company has recorded a net profit of Rs 2,372 crore in the Q3, which amounts to a growth of 24.5% as compared to Rs 1906 crore in the previous quarter. However it has reduced its financial year 2011-12 dollar revenue guidance to 16.4% as against the earlier guidance of 17.1-19.1%.
The CNX IT is down by 5.5%; its peers like TCS, Wipro and HCL Tech were down 2.5-4%. Mahindra Satyam lost 1.8%.
GAIL, HDFC, Reliance Industries, ICICI Bank, HDFC Bank, ITC, SBI, HUL, ONGC, BHEL, Tata Power and Dr Reddy’s Labs are trading in the green.
The CNX Midcap index is up by 0.4%.
Punj lloyd has gained over 2%. Crompton Greaves is up by 1%. Sugar stocks have also seen mild surges.Educomp solutions has lost 1%.