Infosys share price was trading higher ahead of the IT firm's Q4 earnings set to be announced later in the day. Share price of Infosys rose 5% or to Rs 660.7 compared to the previous close of Rs 629.30 on BSE. Infosys share price has lost 10.28% since the beginning of this year and fallen 8.36% during the last one year. However, the stock has gained 12.23% during one month.
The large cap stock has risen 5.22% in the last 2 days. Share of Infosys is trading higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.
Covid 19 is likely to affect revenue of Infosys in Q4 of last fiscal.
"We expect revenues to grow 0.2 per cent quarter-on-quarter (QoQ) in constant currency terms (presuming 1 per cent hit due to Covid-19). With cross-currency acting as a headwind of 30 basis points (bps), US$ revenue may witness a marginal dip of 0.1 per cent QoQ to $3,240 million," notes ICICI Securities in an earnings preview note.
"Q4 results for IT companies are inconsequential, as the focus has shifted to FY21 guidance. We expect Infosys to guide for a 4-8 per cent decline in revenue," said HSBC Global Research.