Infosys firms up after making investment in startup providing UAV solutions

Infosys rose 1.72% to Rs 1,017 at 10:10 IST on BSE after the company announced that it has made an investment from its Innovation Fund in IdeaForge, an Indian startup focused on Unmanned Aerial Vehicle solutions.

The announcement was made after market hours yesterday, 14 December 2016.

Meanwhile, the S&P BSE Sensex was up 99.08 points or 0.37% at 26,701.92.

On the BSE, 74,325 shares were traded in the counter so far as against average daily volume of 1.42 lakh shares in the past one quarter. The stock had hit high of Rs 1,018.90 and low of Rs 993.50 so far during the day.

IdeaForge's high performance Unmanned Aerial Vehicle (UAV), which have been designed and built in India, have significant potential in industrial use cases.

The investment is subject to receipt of regulatory approvals and customary closing conditions.

Infosys' consolidated net profit rose 4.9% to Rs 3606 crore on 3.1% growth in revenue to Rs 17310 crore in Q2 September 2016 over Q1 June 2016.

Infosys is one of the leading information technology outsourcing services providers. The company provides business consulting, information technology and outsourcing services.

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