Infosys Stock Rises 2% After Earnings Announcement


The Infosys stock ended 1.55 per cent higher at Rs 1,503.50 per share on the BSE.(File)

New Delhi:

Shares of Infosys gained nearly 2 per cent, with its market valuation climbing Rs 9,695.95 crore on Friday, a day after the company announced its December quarter earnings.

The stock ended 1.55 per cent higher at Rs 1,503.50 per share on the BSE after falling nearly 1 per cent in initial trade. During the day, it climbed 2.61 per cent to Rs 1,519.20.

On the NSE, the company’s shares ended at Rs 1,504 apiece, up 1.58 per cent.

The company’s market valuation jumped Rs 9,695.95 crore to Rs 6,32,684.95 crore on the BSE.

The 30-share BSE Sensex jumped 303.15 points or 0.51 per cent to settle at 60,261.18, while the NSE Nifty climbed 98.40 points or 0.55 per cent to end at 17,956.60.

In volume terms, 2.85 lakh shares were traded on the BSE and over 1.16 crore shares on the NSE during the day.

On Thursday, Infosys reported a better-than-expected 13.4 per cent rise in profit in the December quarter and raised its annual sales forecast on a strong deal pipeline even as it warned of “constraints” in certain verticals amid slowing global economy.

Consolidated net profit rose to Rs 6,586 crore in October-December 2022 as against Rs 5,809 crore a year back.

The IT bellwether expects a revenue growth of 16-16.5 per cent for the current financial year compared to a growth of 15-16 per cent it had projected earlier despite the “changing global conditions”.

“Infosys has reported a good result. Though the margins have not expanded, the stability reflects the company’s cost optimisation measures. Changes in the macroeconomic environment will bring clarity regarding the company’s spending sentiments, and the last quarter of the fiscal year remains a crucial time to observe,” Urmi Shah, Research Analyst at SAMCO Securities, said on Q3 FY23 result by Infosys. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Featured Video Of The Day

Work Out Strategies To Draw Global Businesses To India: Finance Minister To Indian Industry



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here