Best Day For Infosys Shares In Nearly 4 Months After Strong June Quarter Earnings
- The Infosys stock ended with a gain of Rs 79.45 - or 9.56 per cent to close at Rs 910.90 apiece on the bourse, sharply outperforming the benchmark Sensex index which was up 0.48 per cent. That marked the biggest single-day gain in Infosys shares since March 24.
- The Nifty IT index - which tracks stocks of 10 companies with more than 50 per cent of turnover from IT-related activities - ended 2.83 per cent higher, boosted by Infosys, having risen as much as 6.27 per cent during the session.
- 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.
- It posted an 8.5 per cent rise in revenue to Rs 23,665 crore for the quarter ended June 30.
- 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.
- Infosys secured large deals during the quarter impacted by the COVID-19 pandemic.
- 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.
- 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.
- Infosys had not provided any projections in the March quarter, citing COVID-19-related uncertainty.
- 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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