Market value of the country’s second largest software services company – Infosys – crossed Rs 6 lakh crore-mark for the first time, data from BSE showed. Shares of the Bengaluru-based IT company rose as much as 2.86 per cent to hit an all-time high of Rs 1,425, on hopes of better-than-expected March quarter earnings, analysts said. Infosys’ market capitalization on the BSE touched an all-time high of Rs 6,01,797 crore.
In an otherwise weak market session IT stocks were witnessing buying interest on hopes of better earnings as work from home concept during the ongoing Covid-19 pandemic forced companies to increase their spending on information technology infrastructure which hugely benefitted the IT companies, analysts added.
The gauge of IT shares on the National Stock Exchange – Nifty IT index – rose over 2 per cent with all the 10 constituents trading higher.
During the quarter, leading aero structures manufacturer Spirit AeroSystems has collaborated with Infosys to integrate IT infrastructure of its recently acquired Bombardier’s former aerostructures.
Infosys, in quarter ended December 2020, reported a 16.6 per cent rise in the October-December quarter profit, tracking large deal wins as demand for its digital services grew amid the Covid-19 pandemic.
The Bengaluru-based company’s consolidated net profit climbed to Rs 5,197 crore from Rs 4,457 crore a year earlier, beating street estimates. The revenue from operations rose 12.3 per cent to Rs 25,927 crore.
As of 2:51 pm, Infosys shares traded 1.86 per cent higher at Rs 1,411, outperforming the Nifty 50 index which was down 1.51 per cent.