Infosys ups sales outlook after outshining rivals in Q2

India’s No.2 software-services exporter Infosys raised the lower end of its annual sales forecast after posting strong second-quarter results, in a sign that global recession fears were yet to make its clients curb their tech spending.

Infosys, which outperformed rivals Tata Consultancy Services and Wipro on the back of large deal wins, also unveiled plans to buy back shares worth Rs 9,300 crore.

Thursday’s news came after its rivals gave a cautious outlook citing fears of an economic meltdown in their key markets, United States and Europe. Industry leader TCS said clients were taking longer to decide on bigger deals, while smaller rival Wipro gave a weak outlook for the current quarter.