Infosys Soars Over 8% Ahead of June Quarter Results

Infosys shares soared more than 8 per cent on the BSE in mid-morning trading ahead of the June quarter results scheduled later in the day. The shares of Infosys zoomed to an intra-day high of Rs 848, up 8.2 per cent compared to the previous day's close of Rs 783.20. At 10:38 am, the Infosys shares were trading at Rs 841, up Rs 57 or 7.3 per cent, on the BSE. 

Infosys had reported a sequential decline of 3.05 per cent in net profit for the January-March period. The country's second-largest IT services provider had reported a net profit of Rs 4,321 crore in the March quarter vis-a-vis Rs 4,457 crore in the previous, December, quarter. Infosys' revenues from operations stood at Rs 23,267 crore in the fourth quarter of financial year 2019-20, up 0.76 per cent compared to Rs 23,092 crore in the quarter ended December 31.

Infosys had not give a revenue guidance for the coming quarters, due to the Covid19 pandemic. 

Among other IT shares, Wipro shares were locked at the upper circuit of 15 per cent at Rs 258.80, a day after the Bengaluru-based IT major reported an increase of 2.76 per cent in net profit for the April-June period 

The BSE Sensex was trading at 36,702.55, higher by 670 points or 1.8 per cent and the NSE Nifty was at 10,794.25, up 187 points or 1.7 per cent, at the time.