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Strategies & Market Trends : India Stocks

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From: Julius Wong	1/12/2012 8:31:19 AM
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Infosys' Nitty Gritties By HARSH JOSHI A favorable exchange rate can't mask deep challenges at India's Infosys Ltd. The worst-performing currency in Asia last year helps the country's relatively small export sector that earns revenue overseas and converts it back into rupees. At software major Infosys, a 33% year-on-year jump in net profit in the December quarter was boosted by a near 8% decline in India's currency against the U.S. dollar in the last three months of 2011. Take the exchange rate out of the equation, however, and Infosys has problems. Despite turning in decent quarterly results, the company's stock plunged 6.3% Thursday, dragging down the broader Indian market. Indeed, Infosys is facing rising costs at home and uncertainty overseas. A shortage of skilled workers is causing high attrition rates and pushing up wages and training costs. Staff costs were up 26% in the quarter from the past year. online.wsj.com

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