Quarterly results from Infosys, the second-largest IT sector company, have been better than expected. Despite the Corona crisis, the company’s profits rose 12.4 percent in the June quarter. After this news, the company’s shares rose strongly today.
- Quarterly results from Infosys, the second-largest IT sector company, have been better than expected
- Despite Corona crisis, the company’s profit grew 12.4 percent in the June quarter
- After this news, the company’s shares rose strongly today
- The company’s stock was on the BSE 14.49 percent year-on-year high.
IT sector (Information Technology) shares of the countries second largest (Infosys) rose by 15 percent and the investors of the company earned more than Rs 50,000 crore in the first hour. On Wednesday, Infosys announced its quarterly results, which were better than anticipated. Despite the Coronavirus crisis, the company’s profit in the April-June quarter increased by 12.4 percent to Rs 4,233 crore. After this news, the company’s stock has gained strength.
On Thursday, the shares of the company saw a strong jump of 15 percent. The company’s stock was at a one-year high of 14.49 percent on the BSE. Shares on the NSE were up 14.98 percent at 955.50 during this period. Infosys was the biggest gainer in the BSE Sensex and NSE Nifty. According to a report by Edelweiss Research, Infosys results have shown the projections (earnings/profits) to be largely inaccurate, but the most positive is that the forecast for earnings growth in FY 2020-21 is 0-2 percent.
Infosys said on Wednesday that its net profit in the first quarter had increased 12.4 percent to Rs 4,272 crore. Also, the company said that its revenue is likely to increase by two percent in FY 2020-21.