Infosys on record-setting spree

Infosys on record-setting spree
ENS ECONOMIC BUREAU

MUMBAI, JANUARY 4: Software blue chip Infosys Technologies Ltd continued its surge on domestic stock markets with its share price rising 5 per cent to Rs 16,910 over its previous closing after it opened at a record high.

Analysts said the euphoria stemmed mainly from the successful millennium rollover which diminished fears of any Y2K liabilities affecting the firm. The stock opened at an all-time high of Rs 16,931.65 before a bout of profit-taking cut gains. The scrip gained by Rs 1,232.70 at Rs 16,910.20 on the Bombay Stock Exchange.

On Monday too, Infosys' local share had surged to a circuit-breaker limit of eight per cent, closing Rs 1,161.25 up at a record Rs 15,677.50. "Indian software firms are now rid of any major Y2K liabilities, they are well prepared for the E-commerce boom and technologically they are at par with the best in the world," a software analyst at a leading domestic brokerage said explaining the buoyant mood in Indian software stocks.

"Besides, their profitability is amongst thehighest in the world and I expect bottomline growth to be strong, particularly for Infosys," he said. Infosys could record a net profit growth of around 100 per cent in 1999/2000 (April-March), he said.

Analysts said the only potential stumbling block could be the hiccups the firm could face in case it went ahead with any large acquisitions. "Notwithstanding that I see prices continuing their surge, "the domestic brokerage analyst said.

Murthy in BusinessWeek list
MUMBAI: Businessweek magazine has named the chairman and chief executive officer (CEO) of Bangalore-based software firm Infosys Technologies Ltd, N R Narayana Murthy, among the world's top entrepreneurs of 1999. The US-based magazine named the 53-year-old software tycoon, whose firm became the first Indian company to list on the Nasdaq exchange last year, in its list published in its January 10 edition. "Using western management techniques, this humble engineer from South India is redefining the standard for performance in corporateIndia," the magazine said. The list of nine included Robert F Young of Red Hat Inc, a pioneer in promoting the Linux operating system software, and Edward C Lenk of eToys Inc, which sells toys through the Internet.