Infosys shares to remain subdued

Shares of Infosys are likely to remain subdued in the short term after the company cut its FY12 dollar revenue growth guidance to 16.4 per cent from 17.1-19.1 per cent and said it expects Q4 revenue to be flat versus Q3. FY12 EPS for 148-150 rupees was baked in the price and anything short of this will not be acceptable by the street,said an institutional sales person with a foreign research house

This would have a negative rub off on the sentiment for other IT stocks as well,said another analyst tracking the company.

Infosys beat market forecasts with a 33 per cent rise in quarterly profit as a weak rupee boosted margins,but it cut its full-year revenue outlook because of the debt crisis in Europe,its second-biggest market.

At 9:24 a.m,shares of Infosys were down 6.14 per cent at 2,654 rupees.

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