On the BSE, shares of Infosys, India's second largest information technology company, surged about 1% to a new high of 1,755.60. With today's increase in Infosys' share price, the Bengaluru-based IT firm's market capitalization surpassed 7.45 lakh crore ($100 billion). After Reliance Industries, Tata Consultancy Services, and HDFC Bank, Infosys became India's fourth firm to reach the $100 billion mark, according to stock exchange data. Infosys' stock has risen 40% so far this year, greatly surpassing the Sensex's 16.6% gain.
Investor interest in information technology shares has been stable, according to analysts, as increased demand for digitisation and cloud computing in the aftermath of the work-from-home idea and the COVID-19 pandemic has boosted sales for IT companies. The Nifty IT index, which tracks IT stocks on the National Stock Exchange, has risen 41.28 percent, leading the world-beating stock market run in Indian equity markets.
Last month, Infosys raised its revenue projection for the current fiscal year to 14-16 percent, while keeping its margin guidance at 22-24 percent. In constant currency terms, revenue increased by 42%, while revenue from its digital business increased by 53.9 percent. In the June quarter, Infosys' net profit increased by 23% year on year to 5,195 crore. Infosys shares were trading 0.02 percent higher at 1,739.55 at 11:08 a.m.
Source: NDTV Profit
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