Though suffering under a tight bear-hug in the stock market, the
Indian software major Infosys sprung a surprise last week by
announcing an interim dividend of 150 per cent of the shares
since it announced its second-quarter results, which showed a
45.74-per cent rise in sales and a 30.87-per cent growth in net
profit, Infosys has been on the forefront of the charge against
the bear. The Sensex moved up by 164.97 per cent in just three
days after Infosyss announcement.
the bear, which had gripped the Indian bourses, on the run?
bear had been mauling Infosys in the past one year, during which
the companys stock price plummeted from an all-time high of Rs
14,000 to a low of around Rs 2,000. Infosys was not the only
company to bear the brunt; stocks of other technology companies
too witnessed a steep fall.
the terror attacks on the World Trade Center and the Pentagon on
11 September shook the world markets, sentiment in the Indian
market too became gloomy with the fear that the bear was bound to
tighten its grip further.
on 10 October, Infosys announced its second-quarter results that
made the bear run for cover. Till then, market players did not
believe in what Infosys chairman N R Narayanamurthy and managing
director Nandan Nilekeni were projecting about their companys
and Nilekeni had been maintaining, before the 11 September terror
attacks, that their companys growth for the fiscal 2002 would
be in the range of 30 to 35 per cent.
companys second-quarter results proved them right. Against the
general expectations of 20 per cent, Infosys posted a 45.74-per
cent rise in sales at Rs 650.13 crore. Its net profit of Rs 201.56
crore was higher by 30.87 per cent. In the previous years
second quarter, the company had posted sales at Rs 446.10 crore
and the net profit at Rs 154.01 crore.
the investors delight, Infosys declared a higher interim
dividend of Rs 7.50 per share with a face value Rs 5, compared to
the Rs 2.50 per share in the corresponding period of the previous