Infosys may edge higher on upward revision in FY 2010 guidance

IT bellwether Infosys Technologies may edge higher after the company raised its earnings and revenue guidance in both dollar and rupee terms for the year ending March 2010 (FY 2010) at the time of announcing Q2 September 2009 results before trading hour today, 9 October 2009.

The company has forecast a between 6.7% to 7.1% fall in earnings per American depositary share at between $ 2.09 and $ 2.10 for FY 2010. At the time of announcing Q1 June 2009 results, Infosys had forecast a between 11.1% to 12.4% fall in earnings per American depositary share.

The company has forecast a between 1% to 1.3% fall in revenue in dollar terms at between $4.60 billion to $ 4.62 billion for FY 2010. At the time of announcing Q1 June 2009 results, Infosys had forecast a between 3.1% to 4.6% fall in consolidated revenues in dollar terms

The company has forecast consolidated EPS of between 4.4% to 4.8% fall in EPS at between Rs 99.60 to Rs 100 for FY 2010. At the time of announcing Q1 June 2009 results, Infosys had forecast 8.2% to 9.6% fall in FY 2010 EPS

The company has forecast 1.2% to 1.7% growth in revenue at between Rs 21961 crore and Rs. 22055 crore for FY 2010. At the time of announcing Q1 June 2009 results, Infosys had forecast a between 0.3% growth to a 1.3% decline in FY 2010 revenue.

The consolidated net profit rose 0.85% to Rs 1540 crore on 2.06% growth in revenue to Rs 5585 crore in Q2 September 2009 over Q1 June 2009. The operating profit margin rose to 34.6% in Q2 September 2009 from 34.1% in Q1 June 2009

Private sector ship builder Pipavav Shipyard will list on the stock exchanges today, 9 October 2009. The company had priced its initial public offer (IPO) at Rs 58 per share. The company had offered 7.01 crore shares in the price band of Rs 55- 60 in the IPO, which remained open for subscription between 16 - 18 September 2009.

Reliance Industries may reportedly explore new business opportunities in health, education and affordable housing.

Siemens' consortium with Siemens AG won an export order worth Rs 403 crore.

Jet Airways has reportedly initiated talks with Delhi-based low-fare carrier SpiceJet for an operational alliance in engineering and ground operations.

Meanwhile, Jet Airways' chief executive officer (CEO) Wolfgang Prock-Schauer has resigned, effective 15 October 2009.

Pantaloons Retail (India) reportedly intends to raise Rs 500 crore by selling minority stakes in its three subsidiaries to private equity investors.

Provogue India reportedly plans to open 50 retail stores in the next two years. The average investment per shop is Rs 40-50 lakh, so the company is likely to invest Rs 20-25 crore.

Essar Oilfields Services, a unit of Essar Shipping Ports & Logistics, reportedly expects to achieve financial closure for two jack-up rigs built by ABG Shipyard by end October 2009.

Reliance Infrastructure will reportedly complete and operationalise five road projects within the next 18 months.

Mahanagar Telephone Nigam (MTNL) is reportedly looking to move ahead with a consortium bid for Kuwait telecom Zain and is also interested in buying a stake in Zambian telecom firm Zamtel.