Infosys on record-setting spree

MUMBAI, JANUARY 4: Software blue chip Infosys Technologies Ltd continued its surge on domestic stock markets with its share price rising 5...

MUMBAI, JANUARY 4: Software blue chip Infosys Technologies Ltd continued its surge on domestic stock markets with its share price rising 5 per cent to Rs 16,910 over its previous closing after it opened at a record high.

Analysts said the euphoria stemmed mainly from the successful millennium rollover which diminished fears of any Y2K liabilities affecting the firm. The stock opened at an all-time high of Rs 16,931.65 before a bout of profit-taking cut gains. The scrip gained by Rs 1,232.70 at Rs 16,910.20 on the Bombay Stock Exchange.

On Monday too, Infosys8217; local share had surged to a circuit-breaker limit of eight per cent, closing Rs 1,161.25 up at a record Rs 15,677.50. quot;Indian software firms are now rid of any major Y2K liabilities, they are well prepared for the E-commerce boom and technologically they are at par with the best in the world,quot; a software analyst at a leading domestic brokerage said explaining the buoyant mood in Indian software stocks.

quot;Besides, their profitability is amongst thehighest in the world and I expect bottomline growth to be strong, particularly for Infosys,quot; he said. Infosys could record a net profit growth of around 100 per cent in 1999/2000 April-March, he said.

Analysts said the only potential stumbling block could be the hiccups the firm could face in case it went ahead with any large acquisitions. quot;Notwithstanding that I see prices continuing their surge, quot;the domestic brokerage analyst said.

Murthy in BusinessWeek list
MUMBAI: Businessweek magazine has named the chairman and chief executive officer CEO of Bangalore-based software firm Infosys Technologies Ltd, N R Narayana Murthy, among the world8217;s top entrepreneurs of 1999. The US-based magazine named the 53-year-old software tycoon, whose firm became the first Indian company to list on the Nasdaq exchange last year, in its list published in its January 10 edition. quot;Using western management techniques, this humble engineer from South India is redefining the standard for performance in corporateIndia,quot; the magazine said. The list of nine included Robert F Young of Red Hat Inc, a pioneer in promoting the Linux operating system software, and Edward C Lenk of eToys Inc, which sells toys through the Internet.