Overall, the budget was Neutral for IT sector. Services sector continues to grow in double digits. Services sector growth pegged at 9.3 per cent.
Market breadth was negative, 1528 stocks declined for 704 stocks which advanced.
Software major Infosys Technologies on Tuesday announced a consolidated net profit of Rs 4,659 crore (Rs 46.59 billion) for the year ended March 31, a 20.82 per cent growth over the corresponding period a year ago. Infosys had a consolidated net profit of Rs 3,856 crore (Rs 38.56 billion) for the year ended March 31, 2007, the second-largest exporter of software services said in a filing to the BSE.
After staging a strong recovery from COVID-induced slowdown in 2021, India's exports are likely to extend the growth story to the New Year also on increased demand in the global markets, boost in domestic manufacturing due to production-linked incentive schemes and implementation of some interim trade pacts. Expectations of positive growth in the country's exports are also backed up by the outlook of the World Trade Organisation (WTO) which predicts a 4.7 per cent expansion in the global merchandise trade volume in 2022. Exporters believe that the outbound shipments would cross $400 billion mark in this fiscal going by the current momentum and may reach $475 billion in 2022-23.
IT czar Azim Premji has given away almost half of his stakeholding in Wipro, India's third largest exporter of software services, to philanthropy.
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