Infosys on a roll, stock up for fourth straight trading session
Post touching an all-time high, the company became the fourth Indian firm to cross a market capitalisation of Rs 8,00,000 crore.
- Dec 24, 2021,
- Updated Dec 24, 2021 5:13 PM IST
Shares of Infosys Limited jumped 3 per cent to hit an all-time high of Rs 1,913 on the Bombay Stock Exchange (BSE) on Friday. Post touching an all-time high, the company became the fourth Indian firm to cross a market capitalisation of Rs 8,00,000 crore. Earlier, Reliance Industries, TCS and HDFC Bank managed to achieve this milestone. The stock has been gaining for the last four trading sessions. It ended 0.37 per cent higher at Rs 1,863.65 against the previous close of Rs 1,856.80 on BSE. The IT major has delivered 51 per cent return in the last twelve months. Long-term investors have made big gains by investing in the stock as it has surged over 453 per cent in the last ten years. Recently, the company announced an extension of its digital innovation partnership with the Australian Open (AO) until the end of 2026. "The expanded collaboration will see Infosys and Tennis Australia continue to harness Big Data and Analytics, Artificial Intelligence, Virtual Reality and Cloud technologies to elevate the AO experience for fans, players, coaches, partners and the media," the company said. Brokerage firm Sharekhan said that Infosys is well placed to report industry-leading growth among Tier-IT companies in the medium term on account of broad-based traction across industries, earlier investments in emerging technology areas, gaining market share, strong growth in the digital business, and targeting a large pie of client’s IT budget. It mentioned that the growth in IT spending is set to accelerate, given higher adoption of digital technologies and cloud-based services, pick-up in IT outsourcing, and new spend areas (including ESG and Cybersecurity etc). Sharekhan further added that the management remains confident to capture a fair share of the current multi-year technology upgrade cycle backed by a breadth of offerings, timely investments in enhancing digital capabilities, new cloud-based offering, and focusing on ecosystem partnership. "We maintain Buy on Infosys with an unchanged target price of Rs 2,050, given strong earnings growth potential, solid execution, and strong demand," the brokerage house said in its research report. The Bengaluru-based IT company informed via a regulatory filing that it will hold investor/analyst calls on January 12, 2022, to discuss the financial results for the said quarter and business outlook. Infosys had reported a 12 per cent year-on-year rise in consolidated net profit at Rs 5,421 crore for the September quarter. The profit stood at Rs 4,845 crore in the year-ago period. On a sequential basis, the company’s profit grew by a marginal 4.3 per cent from Rs 5,195 crore in the June quarter.
Shares of Infosys Limited jumped 3 per cent to hit an all-time high of Rs 1,913 on the Bombay Stock Exchange (BSE) on Friday. Post touching an all-time high, the company became the fourth Indian firm to cross a market capitalisation of Rs 8,00,000 crore. Earlier, Reliance Industries, TCS and HDFC Bank managed to achieve this milestone. The stock has been gaining for the last four trading sessions. It ended 0.37 per cent higher at Rs 1,863.65 against the previous close of Rs 1,856.80 on BSE. The IT major has delivered 51 per cent return in the last twelve months. Long-term investors have made big gains by investing in the stock as it has surged over 453 per cent in the last ten years. Recently, the company announced an extension of its digital innovation partnership with the Australian Open (AO) until the end of 2026. "The expanded collaboration will see Infosys and Tennis Australia continue to harness Big Data and Analytics, Artificial Intelligence, Virtual Reality and Cloud technologies to elevate the AO experience for fans, players, coaches, partners and the media," the company said. Brokerage firm Sharekhan said that Infosys is well placed to report industry-leading growth among Tier-IT companies in the medium term on account of broad-based traction across industries, earlier investments in emerging technology areas, gaining market share, strong growth in the digital business, and targeting a large pie of client’s IT budget. It mentioned that the growth in IT spending is set to accelerate, given higher adoption of digital technologies and cloud-based services, pick-up in IT outsourcing, and new spend areas (including ESG and Cybersecurity etc). Sharekhan further added that the management remains confident to capture a fair share of the current multi-year technology upgrade cycle backed by a breadth of offerings, timely investments in enhancing digital capabilities, new cloud-based offering, and focusing on ecosystem partnership. "We maintain Buy on Infosys with an unchanged target price of Rs 2,050, given strong earnings growth potential, solid execution, and strong demand," the brokerage house said in its research report. The Bengaluru-based IT company informed via a regulatory filing that it will hold investor/analyst calls on January 12, 2022, to discuss the financial results for the said quarter and business outlook. Infosys had reported a 12 per cent year-on-year rise in consolidated net profit at Rs 5,421 crore for the September quarter. The profit stood at Rs 4,845 crore in the year-ago period. On a sequential basis, the company’s profit grew by a marginal 4.3 per cent from Rs 5,195 crore in the June quarter.