The shares ofInfosys Ltd has hit a new record high of Rs 1,425 on Monday, April 5, afterrising nearly 3 percent on the BSE in intra-day trade. The rise has propelledInfosys’s market capitalization beyond the Rs 6 trillion mark. The previoushigh of the stock of Rs 1,406.25 was touched on March 16, 2021.
With a freshhigh of Rs 1,425, Infosys became the fourth Indian firm to hit the 6 trillionin market-cap after its shares surged over 150% in the last year. TataConsultancy Services Ltd, Reliance Industries Ltd, and HDFC Bank Ltd are thethree firms to achieve this milestone.
The BSE datashows, at 10:01 am, the firm was trading 2 percent higher at Rs 1,411.80, witha market capitalization of Rs 6.01 trillion. In contrast, the S&P BSESensex was down 2% or 1,030 points at 48,999. Infosys Ltd. has outperformed theshare market by surging 12%, against a 3 percent decline in the benchmarkindex.
As per theinformation, Infosys has scheduled a meeting of the board of directors of thecompany on April 13 and 14, 2021. Infosys informed the stock exchanges that themeeting will be held to approve and take on record the audited consolidatedfinancial results of the Company and its subsidiaries for the quarter and yearending March 31, 2021.
The firm, onApril 14, will be reporting its March quarter earnings. Infosys is expected topost revenue of 26,397.90 crores, with net profits of 5,168.30 crores.
Analystsanticipate IT companies to report healthy Q4FY21E revenues as the accelerationin digital technology, improved demand post Covid19, a ramp-up of previous dealwins and migration to the cloud are driving revenues of IT companies.
In the IT sectorresult preview, the ICICI Securities said, “We believed improved traction inBFSI, retail, manufacturing, hi-tech and life science will drive revenues inthe quarter. This, coupled with the cross-currency tailwind, will further boostrevenue growth in the quarter.
Further, ITcompanies are also seeing a demand tailwind in terms of cost takeout byclients, vendor consolidation opportunities, lift and shift deals, and tractionin small and medium deals, which could further propel demand in comingquarters.”