Infosys gains after Al Ahli Bank selects Finacle solutions

Infosys rose 1.54% to Rs 1,174 at 11:22 IST on BSE after the company said that Al Ahli Bank of Kuwait has selected Finacle to drive its technology transformation.

The announcement was made after trading hours yesterday, 3 March 2016.

Meanwhile, the BSE Sensex was up 261.75 points, or 1.08%, to 24,504.73.

On BSE, so far 87,000 shares were traded in the counter, compared with an average volume of 1.97 lakh shares in the past one quarter. The stock hit a high of Rs 1,192.90 and a low of Rs 1,167.50 so far during the day. The stock hit a 52-week high of Rs 1,219 on 12 October 2015. The stock hit a 52-week low of Rs 932.55 on 10 July 2015. The stock had underperformed the market over the past one month till 2 March 2016, sliding 1.58% compared with 1.21% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 9.06% as against Sensex's 7.18% fall.

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

Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, announced that Al Ahli Bank of Kuwait (ABK), a leading retail bank in Kuwait, has selected Finacle to drive its technology transformation. The bank will deploy the complete suite of Finacle solutions including core banking, trade finance, wealth management, CRM, e-banking, payments, treasury, alerts, sms banking, liquidity management, retail, and corporate loan origination. With Infosys Finacle, ABK will be able to achieve high operational efficiencies, accelerate growth and manage scale-ups easily, while delivering a digital age banking experience to its customers, the company said in a statement.

Finacle is a universal banking solution from EdgeVerve Systems, a wholly-owned subsidiary of Infosys. Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide.

Infosys' consolidated net profit as per International Financial Reporting Standards (IFRS) rose 2% to Rs 3465 crore on 1.7% increase in revenue to Rs 15902 crore in Q3 December 2015 over Q2 September 2015.

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

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