BackInfosys stock surges on better-than-expected results
Shares of Infosys soar by 14.7% to `2,649.45 on BSE
Premium(Hemant Mishra/Mint)
Mumbai: Shares of Infosys Ltd on Friday soared by 14.7% after the company reported better-than-expected quarterly profit, and raised its revenue forecast for the 2012-13 fiscal.
The company’s scrip opened on a positive note following the results, and surged 14.18% to ₹ 2,649.45 on the BSE at 11.10 am.
At the NSE, it jumped 14.69% to ₹ 2,663.65.
The stock was the top performer among the index-based bluechips on both the benchmarks—Sensex and Nifty.
“Results were extraordinary and ahead of market expectations. After couple of disappointing quarter the company has delivered a positive result on almost all fronts. Also, the management comments were positive. All these factors are driving the stock up," said Ashika Stock Brokers Research Head, Paras Bothra.
Infosys reported a marginal drop of 0.12% in net profit to ₹ 2,369 crore for the third quarter ended 31 December, in the 2012-13 fiscal. However, the revenues (including that of acquired Swiss firm Lodestone) for the reported quarter were up 12.1% to ₹ 10,424 crore from ₹ 9,298 crore in the year-ago period.
The company had posted a net profit of ₹ 2,372 crore for the October-December quarter of the previous fiscal (2011-12).
After slashing its revenue forecast earlier this fiscal, Infosys raised its rupee revenue forecast to at least ₹ 40,746 crore (from ₹ 39,582 crore earlier) and dollar revenue to $7.45 billion (from $7.34 billion).
“We have done well in this quarter despite an uncertain environment. We continue to gain confidence from a strong pipeline of large deals," Infosys CEO and managing director S.D. Shibulal said.
Rise in Infosys shares also sparked a rally in other IT stocks. TCS was trading higher by 3.29%, Wipro- 3.09%, Hexaware Tech-3.31% and Tech Mahindra-2.43%.
Following gains in these stocks, the BSE IT index shot-up by 7.47% to 6,145.65 and was the top gainer among the 13 sectoral indices.
The 30-scrip BSE Sensex was trading at 19,759.52, up 96 points.
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