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INFY - Infosys News Story

₹1123.6 -14.3  -1.3%

Last Trade - 6:16am

Sector
Technology
Size
Large Cap
Market Cap £48.98bn
Enterprise Value £46.86bn
Revenue £9.60bn
Position in Universe 5th / 3023

BUZZ-India's MindTree slides on disappointing Q2 rev growth

Fri 16th October, 2020 7:22am
** Shares of IT services provider  MINT.NS  fall as much as
11.4% to 1,262.30 rupees - biggest intra-day fall since April 1
    ** Bangalore-based co on Thursday reported Q2 profit that
nearly doubled, while revenue rose 0.6% 
    ** Rev growth was well short of larger peers like Infosys
and TCS due to co's large exposure to travel tourism and
hospitality segment and lack of growth in top client - Jyoti
Roy, an equity strategist with Angel Broking 
    ** MINT's active clients stood at 283 in Q2 vs 343 a year
earlier, while co added 8 new clients vs 14 in previous year
    ** Results reinforce caution driven by high top-client
growth dependence and patchy non-top-clientele performance,
Ambit Capital said in a note
    ** Infosys  INFY.NS  posted ~9% rise in Q2 rev, while Tata
Consultancy Services  TCS.NS  reported 3% rise in Sept. Qtr rev
    ** MINT was one of top drags in IT services sub-index
 .NIFTYIT , which was down 0.3% while broader markets rose
slightly  .NSEI 
    ** Thirty six out of 43 analysts tracking stock rate it at
"buy" or "strong buy"; 2 "sell" or "strong sell"; 5 "hold"
    ** Co shares are up 51.4% so far this year, as of last close

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
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