BANGALORE: Infosys Technologies Ltd., India's second-largest software
exporter, on Friday reiterated its revenue and earnings estimate for the current
year to March 2002, despite last week's attacks in the United States, its
biggest market.
"There have been adverse rumors about Infosys in the past few days.
These rumors are totally unfounded," N R Narayana Murthy, Infosys' chairman
and chief executive officer, said in a statement. In late afternoon trade,
shares of Infosys were down 10 percent, the maximum permissible daily movement
limit for the company's shares at the Bombay Stock Exchange, while its main
index was down about six percent.
Nasdaq-listed Infosys said it also remains confident of meeting the revenue
and earnings estimate for its second quarter.
"Further, at this point of time, we see no material development to
revise our revenue and earnings estimates for the fiscal year ending 2002,"
Murthy said.
Infosys shocked the industry and stock markets in April when it forecast
revenue growth this year would slow to 30 percent, after almost doubling in
previous years.
(C) Reuters Limited 2001.