Yahoo! (and pretty much every other news service) is carrying a story on Infosys' remarkable first quarter results, which showed a net profit jump of 39.2 percent, well above market forecasts.
Infosys, which gets 70 percent of its revenues from the United States, boosted its revenue growth forecast to 39-40 percent for the year to March 2005 after saying in April it expected full-year sales to rise about 24 percent.
"These are mind-blowing results. Their guidance is also very good and the company will be adding a huge number of new recruits. This will increase the positive sentiments for all IT stocks as Infosys is a market leader," said Prakash Lala, director of brokerage Centaur Capital Services.
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