Infosys shares climb 3%, m-cap hits Rs 7L crore amid 4-day gains 

Shares of Infosys Ltd climbed 3 per cent in Monday's trade after the IT firm said it received final approval for a settlement concerning certain class action lawsuits filed in the United States. The stock also gained, tracking its ADR movement recently. 
Rising for the fourth straight session, Infosys rose 3.19 per cent to hit a high of Rs 1,692 apiece. In the process, the market capitalisation (m-cap) of the IT firm briefly breached Rs 7 lakh crore mark, before the scrip giving up some of the gains. At 9.23 am, the stock was still up 2.13 per cent at Rs 1,674.45 apiece on BSE. 

Infosys ADRs surged as much as 56 per cent to a high of $30 on the NYSE during Friday’s trade before paring gains to close at $20.22, up 5.42 per cent. The stock had risen 5.27 per cent on Thursday and 2.53 per cent on Wednesday.

Infosys clarified that there were no material events requiring disclosure under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. “This communication was issued in the interest of transparency and to avoid any unwarranted speculation. Consistent with its practice, the company will continue to adhere to its obligations under Regulation 30 of the SEBI Regulations,” it said.

Separately, the IT services firm informed the NSE and BSE that a US court granted final approval to the McCamish settlement. The company said that if the settlement is not appealed within 30 days, it will become effective and resolve all allegations made in the class action lawsuits, without any admission of liability, as per a BSE filing.  

Brokerage Nomura in a recent note said its prefers Infosys among the largecap IT names. Accenture's recent earnings suggested revenue growth momentum for IT firms continued to be strong in Financial Services. There has been no noticeable change in the macroeconomic environment, Nomura said.

"Ecosystem partnership remains critical for growth for IT services companies. ACN noted it derives 60 per cent revenues from the work it does with its top 10 ecosystem partners.
Clients are moving beyond proof of concepts to live use cases in AI. AI will continue to drive demand for core fundamental elements like cloud, data and platform modernisation services," Nomura said.