Infosys stock hits all time high1 min read . Updated: 14 Aug 2015, 05:40 PM IST
Infosys share hit an all-time high of Rs1,168.80 in intra-day trade, before closing 0.68% lower at Rs1,149
Mumbai: Shares of Infosys Ltd hit a record high on Friday as a weaker rupee pushed up stocks of software service exporters for the fourth session in a row.
Infosys share hit an all-time high of ₹ 1,168.80, gaining 1.03%. Over the past four days, the stock has risen 8%. Year-to-date, Infosys shares are up 18.5%.
Shares of Infosys closed 0.68% lower at ₹ 1,149 apiece on BSE, while BSE’s benchmark Sensex closed 1.88% higher at 28,067.31 points. The BSE IT Index rose 0.53% to 11,621.55 points.
Last month, Infosys had reported a consolidated net profit of ₹ 3,030 crore for the June quarter, up from ₹ 2,886 crore a year ago. Consolidated revenue for the quarter was up 12.4% to ₹ 14,354 crore, from ₹ 12,770 crore in April-June, 2014.
The recent gains across IT stocks are being attributed to a weaker rupee.
The rupee weakened past the 65-to-a-dollar mark this week and hit a low of 65.31, a level last seen on 6 September 2013. However, the rupee erased all its intra-day losses and gained marginally after local equity markets surged.
Shares of other IT companies also rose for the fourth session in a row. HCL Technologies Ltd rose 0.71% to ₹ 972.35, Wipro Ltd rose 0.64% to ₹ 574.50 and Tech Mahindra Ltd gained 0.85% to ₹ 555.15.
Mid-cap IT firms like NIIT Ltd rose 4.94%, HCL Infosystems Ltd rose 1.35%, Rolta India Ltd rose 2.15%, Polaris Consulting Services Ltd rose 4.18%, KPIT Technologies Ltd rose 4.12% and CMC Ltd rose 2.74%.