Gain in IT stocks

The BSE IT index had gained 5.55% to 3,862.48 yesterday, 15 April 2008.
The BSE Sensex was up 228.54 points or 1.41% to 16,382.20, on positive cues from the global markets. US stocks gained on Tuesday, 15 April 2008, as record oil prices lifted energy shares and stronger-than-expected quarterly results at several US regional banks boosted financial companies.
Indias second largest software exporter by sales Infosys Technologies led the rally in the IT sector for the second straight day after the IT bellwether issued decent guidance for the year ending March 2009 yesterday, 15 April 2008. Infosys was up 5.46% at Rs 1593.30 on 5.75 lakh shares and it was also the biggest gainer from 30-member Sensex pack.
Infosys before market hours, yesterday, 15 April 2008 reported 1.46% rise in consolidated net profit to Rs 1249 crore on a 6.34% growth in revenue to Rs 4542 crore in Q4 March 2008 over Q3 December 2007.

Other IT pivotals TCS (up 1.36% to Rs 988.35), Wipro (up 2.58% to Rs 435.60), and Satyam Computers (up 5.21% to Rs 475.60), advanced boosted by Infosys earnings.
The BSE IT sector outperformed the market over the past one month till 15 April 2008, gaining 17.13% compared to the Sensexs return of 9.08%. It also outperformed the market in the past one quarter, declining 0.53% compared to Sensexs decline of 18.70%.
Infosys has given guidance of a between 16.3% to 18.3% growth in earnings per share (EPS) to between Rs 92.32 to Rs 93.92 for the year ending March 2009 (FY 2009) over the year ending March 2008. It has given guidance of a between 19.2% to 21.1% growth in revenue to between Rs 19894 crore to Rs 20214 crore for the year ending March 2009 over the year ending March 2008
As per US GAAP, Infosys has given guidance of a 16.7% to 18.7% growth in earnings per American Depository Shares at between $2.31 to $2.35 for the year ending March 2009 over the year ending March 2008. It has given guidance of a between 19% to 21% growth in revenue as per US GAAP to between $4.97 billion to $5.05 billion for the year ending March 2009 over the year ending March 2008
Infosys Technologies expects operating margins and billing rates to be stable in FY 2009 and it doesn't see any major order cancellations or delays from clients. The company plans to add 25,000 employees this year and there are 15 large deals in the pipeline with each worth more than $100 million, V. Balakrishnan, chief financial officer, said.
The company sees significant growth opportunities in the medium to long term. It, however, may face short-term challenges due to global economic uncertainties