Infosys outperforms the market, surges 12 percent crossing the Rs 6 trillion mark

The BSE data shows, at 10:01 am, the firm was trading 2 percent higher at Rs 1,411.80, with a market capitalization of Rs 6.01 trillion


The shares of Infosys Ltd has hit a new record high of Rs 1,425 on Monday, April 5, after rising nearly 3 percent on the BSE in intra-day trade. The rise has propelled Infosys’s market capitalization beyond the Rs 6 trillion mark. The previous high of the stock of Rs 1,406.25 was touched on March 16, 2021. 

With a fresh high of Rs 1,425, Infosys became the fourth Indian firm to hit the 6 trillion in market-cap after its shares surged over 150% in the last year. Tata Consultancy Services Ltd, Reliance Industries Ltd, and HDFC Bank Ltd are the three firms to achieve this milestone.

The BSE data shows, at 10:01 am, the firm was trading 2 percent higher at Rs 1,411.80, with a market capitalization of Rs 6.01 trillion. In contrast, the S&P BSE Sensex was down 2% or 1,030 points at 48,999. Infosys Ltd. has outperformed the share market by surging 12%, against a 3 percent decline in the benchmark index.

As per the information, Infosys has scheduled a meeting of the board of directors of the company on April 13 and 14, 2021. Infosys informed the stock exchanges that the meeting will be held to approve and take on record the audited consolidated financial results of the Company and its subsidiaries for the quarter and year ending March 31, 2021.

The firm, on April 14, will be reporting its March quarter earnings. Infosys is expected to post revenue of 26,397.90 crores, with net profits of 5,168.30 crores.

Analysts anticipate IT companies to report healthy Q4FY21E revenues as the acceleration in digital technology, improved demand post Covid19, a ramp-up of previous deal wins and migration to the cloud are driving revenues of IT companies.

In the IT sector result preview, the ICICI Securities said, “We believed improved traction in BFSI, retail, manufacturing, hi-tech and life science will drive revenues in the quarter. This, coupled with the cross-currency tailwind, will further boost revenue growth in the quarter.

Further, IT companies are also seeing a demand tailwind in terms of cost takeout by clients, vendor consolidation opportunities, lift and shift deals, and traction in small and medium deals, which could further propel demand in coming quarters.”

   

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