Selling pressure drags Sensex, Nifty; IT, pharma, IT laggards
Infosys will certainly achieve its 2020 annual revenue guidance of USD 20 billion with steady margins, says CEO and MD Vishal Sikka. Infosys reported revenue of USD 9.5 billion in FY16. In an interview to CNBC-TV18, Sikka says innovation and automation will be crucial factors to achieve this guidance. He acknowledges the industry faces pricing pressure but says the company will lower people per project and increase automation to achieve the margin guidance. The company will work on renewal of existing business through the platform named "Mana" which shifts focus from people only model to people plus software model, he points out.
Selling pressure continues on the market dragged by capital goods, pharma and IT stocks. The Sensex is down 130.97 points or 0.5 percent at 25131.24, and the Nifty is down 33.75 points or 0.4 perecnt at 7701.75. About 937 shares have advanced, 1070 shares declined, and 117 shares are unchanged.
SBI, GAIL, Bharti Airtel, Hindalco and ICICI Bank are top gainers while Adani Ports, Dr Reddy's Labs, Lupin, Wipro and HDFC are losers in the Sensex.