Infosys drops in early trade

Infosys lost 0.66% to Rs 1,046.50 at 9:17 IST on BSE, with the stock sliding in early trade after the company said that its product subsidiary Infosys Finacle launched a new offering viz. Finacle as a managed service on Oracle Cloud.

The announcement was made after market hours yesterday, 23 November 2015.

Meanwhile, the S&P BSE Sensex was down 44.05 points or 0.17% at 25,775.29.

On BSE, so far 5,146 shares were traded in the counter as against average daily volume of 1.92 lakh shares in the past two weeks.

The stock hit a high of Rs 1,050 and a low of Rs 1,043 so far during the day. The stock had hit a 52-week low of Rs 932.55 on 10 July 2015. The stock had hit a record high of Rs 1,219 on 12 October 2015.

The stock had underperformed the market over the past one month till 23 November 2015, sliding 8.28% compared with Sensex's 6.01% fall. The scrip had also underperformed the market in past one quarter, declining 8.44% as against Sensex's 5.65% fall.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

Infosys said that its latest product offering will enable banks globally to leverage Finacle's industry-leading solution suite, along with other enterprise-class applications hosted on premise or in an external environment, to gain agility and cost efficiencies. With this offering, Finacle becomes one of the first comprehensive banking platforms to be available as a managed service on Oracle Compute Cloud, Infosys said.

Infosys' consolidated net profit rose 12.14% to Rs 3398 crore on 8.92% growth in net sales to Rs 15635 crore in Q2 September 2015 over Q1 June 2015.

Infosys is a global leader in consulting, technology and outsourcing solutions.

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