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Brazil is booming. And the country's middle class is driving the economy-buying cars, washing machines, vacations, and new homes. Investors in stocks and shares are riding the wave of this newfound wealth, betting on Brazilian companies that target domestic consumption.

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Political correctness just became even crazier.

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Infosys Q3 consolidated net up over 14% at Rs1,780 crore

Mumbai: IT bellwether Infosys Technologies today reported 14.17% growth in consolidated net profit at Rs1,780 crore for the third quarter ended 31 December 2010, as compared to Rs1,559 crore in the December quarter of the previous fiscal (2009-10), Infosys said in a filing to the Bombay Stock Exchange (BSE), reports PTI.

The consolidated revenue of the country's second largest software exporter rose to Rs7,106 crore against Rs5,741 crore over the year-ago period.

"An over 14% jump in the third quarter by Infosys was below the market expectations... The street was hoping a growth of 16%-17%," stock broking head of Institutional Business Prakash Diwan said.

"The weaker economic recovery in developed markets coupled with high unemployment and risk of sovereign default could impact industry growth. We are closely working with our clients, as they fine tune their strategies for the future," Infosys CEO and MD S Gopalakrishnan said.

For the Q4 ending 31st March, the company expects the revenues to be in the range of Rs7157-Rs7,230 crore, while it anticipates the revenue for the full year ending 31st March 2011, in the range of Rs27,408-Rs 27,481 crore.

Besides, the company has appointed R Seshasayee as an additional director with immediate effect. The appointment is subject to the shareholders approval.

On a standalone basis, the company has reported 11.55% growth in its net profit at Rs1,641 crore in Q3 2010-11, over the same period in the previous fiscal.

Income rose to Rs6,534 crore in the October-December quarter, against Rs5,335 crore in the same period last fiscal.

Shares of Infosys were trading at Rs 3,244.90 at around noon today, down by 3.85% on the BSE.

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