Infosys and Satyam bring cheer to the markets
Mumbai: For the 28^th quarter in succession, since the company went public, software giant, Infosys Technologies, announced sterling results for the financial year ended March 31, 2000. Riding high on a e-commerce driven demand wave, the company posted an impressive 115 per cent rise in net profits to Rs. 285.95 crore for the financial year as compared to Rs. 132.92 crore in the immediately preceding financial year. The bottom line growth outpaced the top line growth, which at 80 per cent saw the top line move to Rs. 921.46 crore from its previous year figure of Rs. 512.74 crore. The company has declared a final dividend of Rs. 3 per share, which when added to the interim dividend of Rs. 1.50 per share already declared earlier, makes an overall dividend of Rs. 4.50 per share – representing 90 per cent on par value of Rs. 5 per share. The results ensured that the share price of Infosys hit the upper circuit to close at Rs. 10,625.90 at end of the trading session.

Compatriot and leading internet company, Satyam Computer Services, also cheered the markets with its results. The Hyderabad-based company reported a 85 per cent increase in its net profit which stood at Rs. 134.86 crore as against Rs. 72.80 crore for the previous year. The top line for Satyam stood at Rs. 679.01 crore as compared to Rs. 378.44 crore previous year. The board of directors recommended a final dividend of 15 per cent, bringing the total dividend paid out for the financial year to 30 per cent. The results saw aggressive FII buying which resulted in the share price close at Rs. 4,219 on the BSE.

The recovery on the market, on the back of a surge in the new economy stocks, continued with the BSE sensex closing at 5,541.54 points, up a mere 98.68 points from its previous close. At the NSE, the Nifty closed at 1,624.65 points, up 11.65 over its previous close.
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