Infosys gains after Allied Irish Bank selects the firm as a strategic partner

Infosys rose 0.25% to Rs 990.65 at 12:35 IST on BSE after the company announced that it has been selected as a strategic partner by Allied Irish Banks, p.l.c.

The announcement was made during market hours today, 3 July 2015.

Meanwhile, the BSE Sensex was up 155.34 points, or 0.53%, to 28,094.45.

On BSE, so far 52,285 shares were traded in the counter, compared with an average volume of 1.99 lakh shares in the past one quarter.

The stock hit a high of Rs 992.90 and low of Rs 983.85 so far during the day. The stock hit a record high of Rs 1,167.60 on 20 February 2015. The stock hit a 52-week low of Rs 797.05 on 14 July 2014.

The stock had underperformed the market over the past one month till 2 July 2015, falling 1.62% compared with 2.79% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 9.02% as against Sensex's 1.11% decline.

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

Infosys announced that it has been selected as a strategic partner by Allied Irish Banks, p.l.c. (AIB), a financial services group operating predominantly in the Republic of Ireland and the UK. Leveraging the momentum of this partnership, Infosys will also make significant investments in the Republic of Ireland.

As a strategic partner to AIB, Infosys will provide application development and management, and transformation and innovation services. Infosys will also set up a 200-seat facility in Dublin to house the staff who will be transferring from AIB as well as any additional staff who will be appointed locally following recent agreements that Infosys has signed in the region.

This exciting partnership with AIB is a springboard for Infosys to expand its services into a new market. Infosys intends to set aside $10 million from its global Innovation Fund for Ireland-based start-ups. Earlier this year, Infosys announced the $500 million Innovation Fund earmarked for investments in the growth of disruptive new technologies. Infosys is keen to continue sharing its expertise to assist start-ups that are developing and enabling these technologies.

On consolidated basis, Infosys reported 4.7% decline in net profit to Rs 3097 crore on 2.35% fall in total income to Rs 14292 crore in Q4 March 2015 over Q3 December 2014.

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