Infosys share hits all-time high ahead of Q2 earnings, market cap nears Rs 5 lakh crore
BusinessToday.In October 13, 2020
Infosys share price hit its all-time high today ahead of the IT firm's Q2 earnings scheduled to be announced tomorrow. Share price of Infosys touched an all-time high of Rs 1165.85, rising 2.96% on BSE.
The stock has risen 15.08% in the last 8 days. Infosys share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Market capitalisation of the IT major rose to Rs 4.93 lakh crore as of today's session, 1 percent short of the Rs 5 lakh crore market cap mark.
Infosys share price has gained 9.69% in one week, 22% in one month and 58.25% since the beginning of the year 2020. The stock has risen 42% in one year.
Currently, Reliance Industries has the largest market cap of Rs 15.41 lakh crore, followed by Tata Consultancy Services (Rs 10.61 lakh crore), HDFC Bank (Rs 6.6 lakh crore) and Hindustan Unilever (Rs 5.02 lakh crore).
Total 7.27 lakh shares changed hands amounting to turnover of Rs 83.52 crore on BSE.
On October 12, the firm said it has completed the acquisition of US-based product design and development firm Kaleidoscope Innovation. On September 3, Infosys had announced that it will acquire Kaleidoscope Innovation for up to $42 million (about Rs 308 crore).
Meanwhile, brokerage Sharekhan has given buy call on Infosys stock with target price of Rs 1,300 on October 12.
"We expect strong revenue growth in Q2FY2021, led by demand pick-up in both BFSI and retail verticals and ramp-up of large deals, while margin is expected to remain stable q-o-q. COVID-19 crisis has become a catalyst for Indian IT sector, with acceleration of demand for cloud by clients; Infosys is well-placed to participate in the transformation journey of clients given its full-service model.
We maintain our Buy rating on Infosys with a revised price target to Rs. 1,300 by raising target multiple on expectation of strong results in Q2FY2021E," the brokerage said.