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Infosys is planning to lay off up to 5,000 employees as the software services provider looks to cut costs and boost sales, a Reuters report quoting a newspaper report has said.
Infosys shares were up marginally in trade and were in line with most other IT stocks. Infosys Technologies has over the last few quarters reported financial performance which has largely been disappointing. This has led analysts to downgrade the stock.
The company has also not been able to match the performance of peers like TCS and HCL and its growth rates are below industry growth rates.
While the Sensex gained more than 26% in 2012, shares of Infosys fell during 2012. Analysts are not gung-ho about its results to be declared on January 11, 2013. It's most likely to be another quarter of muted performance, with the company likely to guide for lower revenue for the forthcoming quarters.
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