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Infosys was the biggest boost to benchmark indices Sensex and Nifty
Shares in Bengaluru-based Infosys surged more than 14 per cent to a record high on Wednesday, a day after the country’s second biggest IT company reported better-than-expected earnings for the quarter ended June 30. Large deal wins and tighter costs helped the IT major beat analysts’ estimate of profit and reinstate its full-year outlook. On the BSE, Infosys shares climbed 14.50 per cent to Rs 952 apiece at the strongest level recorded during the session, marking the biggest intraday jump since March 24. Infosys was the biggest boost to benchmark indices Sensex and Nifty.
Here are 10 things to know about Infosys:
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At 2:04 pm, the Infosys stock traded with a gain of 8.27 per cent at Rs 900.25 apiece on the bourse, sharply outperforming the benchmark Sensex index which was up 0.48 per cent.
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In a regulatory filing after market hours on Wednesday, Infosys reported a 11.5 per cent jump in net profit to Rs 4,233 crore for the first quarter of financial year 2020-21.
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It posted an 8.5 per cent rise in revenue to Rs 23,665 crore for the quarter ended June 30.
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The rise in profit came in a quarter that was expected to be disruptive for the country’s nearly $200-billion IT industry as the coronavirus outbreak crimped client spending.
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Infosys secured large deals during the quarter impacted by the COVID-19 pandemic.
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The company said it signed $1.74 billion worth of large deals in the April-June period. That was higher than the $1.65 billion in the preceding quarter, but lower compared to the corresponding period a year ago.
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Infosys guided for a revenue growth of up to 2 per cent in constant currency terms for the current financial year, as against growth of 9 per cent or more in the last two years.
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Infosys had not provided any projections in the March quarter, citing COVID-19-related uncertainty.
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The company also said it expects its operating margin – a key measure of profitability – to remain in the range of 21-23 per cent.
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Infosys shares were on track for their best day in more than seven years.
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