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Actionable news in INFY: INFOSYS TECHNOLOGIES LIMITED AMERICAN DEPOSITARY SHARES,

Infosys Cuts Sales Guidance as Shares Drop Amid CFO's Exit

Infosys Ltd., India’s second-biggest software exporter, reduced its sales growth forecast in dollar terms for the year ending March 31 as Chief Financial Officer Rajiv Bansal resigned. Shares reversed gains.

The company said revenue is likely to grow 6.4 percent to 8.4 percent in the financial year, lowering its earlier guidance of 7.2 percent to 9.2 percent, according to a statement. Net income in the quarter through Sept. 30 still rose 9.7 percent from a year earlier, beating analysts estimates, as it added 82 clients in the three months.

While the Bengaluru-based codewriter didn’t give a reason for the cut in growth forecast, the appreciation of the dollar against major currencies is the main cause, said Amar Mourya, an analyst at Mumbai-based brokerage India Nivesh Securities. Of the world’s 17 primary currencies tracked by Bloomberg, 14 weakened against the dollar in the quarter. Bansal will resign as CFO at the end of business day Monday, and will be replaced by M.D. Ranganath, according to the statement.

“It is a cross-currency impact,” Mourya said. “They had to do it because everything is...


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