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INFY - Infosys News Story

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Large Cap
Market Cap £56.52bn
Enterprise Value £54.48bn
Revenue £9.83bn
Position in Universe 161st / 6854

Indian shares fall from 3-week highs as IT majors slide

Mon 30th December, 2013 11:27am
* BSE index closes 0.24 pct lower, NSE falls 0.36 pct 
    * IT stocks down on profit booking 
    * Cement makers slide on declining prices 
    * Railroad infra companies jump on FDI hopes 
    By Himank Sharma 
    MUMBAI, Dec 30 (Reuters) - Indian shares fell on Monday, 
retreating from a three-week closing high in the previous 
session, as investors booked profits in IT bellwethers including 
Infosys, while cement makers declined on concerns about subdued 
construction activity. 
    With only one more session left in the year, Indian stocks 
are set to post their second successive annual gain, as strong 
foreign buying this year offset tepid demand from domestic 
investors and sustained redemptions from mutual funds. 
    Foreign institutional investors have been buyers for seven 
consecutive sessions, regulatory and exchange data shows, taking 
their total investment in Indian equities to $20.1 billion so 
far this year. 
    The benchmark BSE  .BSESN  index is up 8.4 percent this 
year, having hit a record high on Dec. 9, compared with a 25.7 
percent gain last year. 
    "Markets are likely to remain flattish, although some 
activity is expected due to NAV adjustments (by funds), but 
broadly markets are not likely to show any major fireworks," 
Sudip Bandyopadhyay, chief executive of Destimoney Securities 
Pvt Ltd said. 
    The BSE index fell 0.24 percent to end at 21,143.01, after 
hitting a three-week closing high on Friday.  
    The broader NSE index  .NSEI  fell 0.36 percent to close at 
    Investors booked profits in India's software services 
companies, with Infosys Ltd  INFY.NS  falling 1.66 percent to 
3,502.35 rupees, after hitting a record high of 3,575 rupees. 
    Tata Consultancy Services Ltd  TCS.NS  fell 0.21 percent. 
    Software exporters have rallied this year aided by a weak 
rupee  INR=D2  coupled with strong recovery in their core U.S. 
    The NSE IT index  .CNXIT  is up 56.9 percent for the year. 
    Cement stocks including ACC Ltd  ACC.NS  and Ambuja Cements 
Ltd  ABUJ.NS  also closed lower on concerns about declining 
cement prices. 
    ICICI Securities estimates average prices for cement settled 
at 289 rupees per bag this month from 304 rupees last month, 
according to a report from its retail unit ICICI 
    Property developers and infrastructure companies tracked the 
fall in cement stocks, with DLF Ltd  DLF.NS  sliding 3.18 
percent, while Larsen & Toubro Ltd  LART.NS  ending 1.29 percent 
    Among gainers, India's wagon and railroad infrastructure 
builders rose after Business Standard newspaper reported the 
government could allow foreign direct investment in the 
country's railway sector, citing an unnamed senior government 
    Kalindee Rail Nirman Engineers Ltd  KALI.NS  jumped 19.94 
percent, Titagarh Wagons Ltd  TITW.NS  closed 9.98 percent 
higher, Texmaco Rail & Engineering Ltd  TEXA.NS  rose 12.5 
higher and Hind Rectifiers Ltd  HRCT.NS  ended up 12.23 percent. 
    Trent Ltd  TREN.NS  rose 1.99 percent on anticipations ahead 
of government approval on Tesco Plc's  TSCO.L  proposal to 
invest $110 million to set up supermarkets in the country. 
    Sesa Sterlite Ltd  SESA.NS  ended 0.72 percent higher after 
the miner said a committee appointed by the country's top court 
had allowed it to resume mining activities in the southern 
Indian state of Karnataka.  ID:nL3N0K91A4  
    For additional stocks on the move double click  MEYE         
   FACTORS TO WATCH                                              
* Yen falls against on stimulus expectations              FRX/  
* Brent steadies on unrest in South Sudan, Libya           O/R  
* World Shares ending bumper year                    MKTS/GLOB   
* Foreign institutional investor flows         INFII   INFII01   
* For closing rates of Indian ADRs                       INADR   
   ASIA-PACIFIC STOCK MARKETS:                                   
Pan-Asia........ STXNEWS/AS  Japan....... .T   S.Korea...  .KS   
S.E. Asia....... .SO         Hong Kong... .HK  Taiwan.... .TWX   
Australia/NZ.... .AX         India....... .BO  China.....  .SS   
   OTHER MARKETS:                                                
Wall Street .... .N          Gold ....... GOL/ Currency.. FRX/   
Eurostocks..... .EU          Oil ........ O/R  JP bonds... JP/   
ADR Report ..... ADR/        LME metals. MET/L US bonds..  US/   
Stocks News US.. STXNEWS/US  Stocks News Europe     STXNEWS/EU   
   DIARIES & DATA:                                               
Indian Data Watch   ID:nINDATA   Asia earnings diary ASIA/EQTY   
U.S. earnings diary RESF/US      European diary        WEU/QTY   
Indian diary        IN/DIARY     Wall Street Week Ahead   .N/O   
Eurostocks Week Ahead  .EU/O                                     
   TOP NEWS:                                                     
   For top Asian company news, double click on:*:nTOPEQA    
   U.S. company news TOP/EQU   European company news  TOP/EQE    
   Forex news        TOP/FRX   Global Economy news  TOP/MACRO    
   Technology news   TOP/TECH  Telecoms news        TOP/TELCO    
   Media news        TOP/MEDIA Banking news           TOP/FIN    
   Politics/General  TOP/G     Asia Macro data       ECONASIA   
 (Editing by Anand Basu) 
 22 6180 7207)(Reuters Messaging: 
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