Infosys gains as Golomt Bank selects Infosys Finacle

The company made the announcement during trading hours today, 2 May 2013.

Meanwhile, the S&P BSE Sensex was up 260.91 points or 1.34% at 19,765.09.

On BSE, 84,000 shares were traded in the counter as against average daily volume of 1.41 lakh shares in the past one quarter.

The stock hit a high of Rs 2,289 and a low of Rs 2,238.50 so far during the day. The stock had hit a 52-week high of Rs 3,010 on 7 March 2013. The stock had hit a 52-week low of Rs 2,101.65 on 26 July 2012.

The stock had underperformed the market over the past one month till 30 April 2013, sliding 22.68% compared with the Sensex's 3.55% rise. The scrip had also underperformed the market in past one quarter, declining 19.98% as against Sensex's 2.5% fall.

The large-cap IT company has equity capital of Rs 287.12 crore. Face value per share is Rs 5.

Infosys said that Golomt Bank is looking to adapt to a rapidly changing business environment in Central Asia and manage their expanding customer base.

Commenting on the latest order for Finacle, Haragopal M, Global Head, Infosys Finacle said, "Golomt Bank has a well-defined strategy to accelerate growth opportunities in the fast growing Mongolian economy. Infosys Finacle will power the bank's growth strategy and help it expand reach, introduce new products and services, while delivering a superior banking experience. Golomt Bank is Finacle's first customer in Mongolia. This win further strengthens our presence across emerging markets in Asia".

N Ochirkhuyag, Director of Marketing, Golomt Bank said, "Golomt Bank is committed to staying focused on the quality of our customers' experience, even as we look at expanding our presence. We believe technology is the key to accelerate our transformation. With Infosys, we have found the right partner who brings an industry-leading product in Finacle, and proven expertise to ensure an efficient implementation. We believe the new solution will be the key to support our needs today and help us build our bank of tomorrow".

Golomt Bank offers the complete spectrum of commercial and investment banking services to both domestic and international enterprises active in or trading and investing in Mongolia.

Infosys' consolidated net profit rose 1% to Rs 2394 crore on 0.3% growth in sales to Rs 10454 crore in Q4 March 2013 over Q3 December 2012.

Infosys partners with global enterprises to drive their innovation-led growth. As a leading provider of next-generation consulting, technology and outsourcing solutions, Infosys helps clients in more than 30 countries realize their goals.

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