MUMBAI, India – Indian outsourcing bellwether Infosys Technologies Ltd. reported a slight rise in quarterly profit and warned of a steep drop in revenue as its global clients struggle to cope with the economic slowdown.
Infosys, India’s second largest outsourcing firm, earned $313.0 million in net income for the quarter ended June 30 based on international accounting standards, a rise of 1.6 percent from a year earlier, it said Friday.

Revenues for the period fell 2.9 percent to $1.12 billion, but still beat analyst expectations.
The company said revenues would decline by 7.1 percent to 8.7 percent, to between $1.11 billion and $1.13 billion, in the current quarter.
Revenues for the fiscal year, which ends in March, will be $4.45 billion to $4.52 billion, the company predicted – a decline of 3.1 percent to 4.6 percent, but slightly more optimistic than its April forecast.
We’ve had a good quarter, chief executive S. Gopalakrishnan told The Associated Press by phone. Medium to long term I’m very optimistic that this is still a growth industry.
In the short term, things are going to be challenging, volatile, and unpredictable. That’s why we are cautious, he said.

GMR Infra showing some technical bounce back 2day.. buy with sl 85.2 tgts 88.5 – 89.35 – 90.55 – 92.5

Nifty (4314) Sup 4275 Res 4370
Buy Satyam (381) SL 376 Target 390, 392
Buy Neyveli Lig (116) SL 113 Target 124, 125
Buy M&M (513) SL 507 Target 524, 526
Sell Amtek Auto (205) SL 209 Target 196, 193
Sell Corp Bank (262) SL 267 Target 253, 50

Market may turn volatile

Benchmark Sensex which fell over 550 points on Tuesday managed to stage a smart come back led strong cues from the global markets. Sentiments were further boosted as even crude oil prices fell by sharply amid strengthening dollar, stable geopolitical situation and slowing fuel demand.

The banking, realty and capital goods stocks which were badly battered post RBIs decision attracted buying interest as traders and investors felt that stocks were oversold on Tuesday. Finally, the benchmark Sensex ended near day’s high gaining 495 points to close at 14,287 and Nifty surged 123 points to close at 4,313.

Among the 30-components of Sensex, 28 stocks were in green and only 2 stocks were in red. Reliance Industries, HDFC, ICICI Bank, Infosys and Tata Steel were in green.