Infosys nosedived 15 per cent on Monday, the biggest intraday drop since March 2020, after the company’s guidance painted a negative outlook for India’s technology sector following turmoil at US and European banks.
The IT services company was hit by a wave of downgrades after it said on Thursday that sales growth will be just 4 per cent to 7 per cent this financial year because of a reduction in client spending and an uncertain demand environment due to US bank failures.
That compares with an average analyst estimate of 10.6 per cent.
At least 10 brokers including JPMorgan Chase, Macquarie Group and Citigroup have lowered their ratings on the stock. Analysts are now the least bullish on Infosys since December 2019, according to data compiled by Bloomberg.
The outlook for India’s IT services sector is set to worsen even further over the next six months before bottoming out, according to Reliance Securities.
“Uncertainty in the US and EU region, coupled with pricing pressure would lead to a challenging FY24,” analyst Mitul Shah wrote in a note.
Infosys’ US-listed shares dropped 11 per cent in New York trading during Thursday and Friday after the results were announced. Indian markets were shut Friday for a holiday.
SUZUME
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The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
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Killing of Qassem Suleimani
INFO
What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
