Infosys shares jump nearly 5 pc; market valuation jumps by Rs 20,843 cr after earnings announcement

PTI, Jul 19, 2024, 11:11 AM IST

Shares of Infosys climbed nearly 5 per cent in morning trade on Friday, a day after the IT major reported a 7 per cent rise in consolidated net profit in the April-June quarter and raised its growth outlook for the current financial year.

The stock jumped 4.76 per cent to hit a 52-week high of Rs 1,843 on the BSE.

At the NSE, it climbed 4.88 per cent to Rs 1,844 — its 52-week high.

The company’s market valuation rallied Rs 20,843.19 crore to Rs 7,51,247.27 crore during the morning trade.

The stock emerged as the biggest gainer among the BSE Sensex and NSE Nifty firms.

IT major Infosys on Thursday reported a 7 per cent rise in consolidated net profit at Rs 6,368 crore in the April-June quarter and raised its growth outlook for the current financial year, signalling an improvement in the IT segment.

With improvement in business, Infosys has shared plans to hire 15,000-20,000 freshers depending on the growth during the year.

The company has been reporting continuous decline in headcount since March 2023 quarter.

In the year-ago period, the company clocked a profit of Rs 5,945 crore, according to a BSE filing.

“Infosys’ Q1 numbers on all parameters have beaten market expectations,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The consolidated revenue of Infosys increased by 3.6 per cent to Rs 39,315 crore during the reported quarter, from Rs 37,933 crore a year ago.

For the current fiscal year, the company raised its revenue growth guidance to 3-4 per cent in constant currency terms from 1-3 per cent predicted earlier.