3 I’s…Infosys,Inflation and IIP Numbers announced today weakens sentiment further

Sensex has reacted sharply by over 200 points and trying to stay above 13700 at 12.49 pm as the following 3 I’s take effect…further reaction expected 

  • Infosys declared quarter ended June 2008 numbers on expected lines today but did not raise Dollar EPS guidance significantly….only a cent higher to a range of  US $ 2.32 to US $ 2.36.Share Price has  dropped near 4% to Rs 1736 at 12.49 pm from yesterday’s closing of Rs 1806

 

  • Inflation for week ending June 28,2008 shows a surge to a 13 year high of 11.89 % against 11.63% for the week before

  • IIP  (Industrial Production) Numbers just announced show a shocking fall growth rate in May 2008 to 3.8% against yoy of 10.6% with Manufacturing showing just 3.9% against 11.3%

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