Infosys hits record high

Infosys surged 3.06% to Rs 3657.45 at 9:50 IST on BSE, with the stock extending Friday's 2.83% gains triggered by the company raising its revenue growth guidance for the year ending 31 March 2014.

Meanwhile, the S&P BSE Sensex was up 298.53 points or 1.44% at 21,057.02.

On BSE, so far 43,000 shares were traded in the counter as against average daily volume of 93,883 shares in the past one quarter.

The stock hit a high of Rs 3,663.90 so far during the day, which is a record high for the counter. The stock hit a low of Rs 3,572 so far during the day. The stock had hit a 52-week low of Rs 2,190 on 29 April 2013.

The stock had outperformed the market over the past one month till 10 January 2014, surging 5.3% compared with the Sensex's 2.34% fall. The scrip had also outperformed the market in past one quarter, jumping 13.6% as against Sensex's 2.4% rise.

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

Shares of Infosys have risen 5.98% in two trading sessions from Rs 3451.05 on 9 January 2014, after the company before market hours on Friday, 10 January 2014, raised its revenue growth guidance in both rupee and dollar terms for the year ending 31 March 2014 at the time of announcement of Q3 December 2013 earnings. The stock had risen 2.83% to settle at Rs 3548.90 on Friday, 10 January 2014.

Infosys' consolidated net profit jumped 19.4% to Rs 2875 crore on 0.5% increase in revenue to Rs 13026 crore in Q3 December 2013 over Q2 September 2013. The results are as per International Financial Reporting Standards (IFRS). Operating profit rose 14% to Rs 3620 crore in Q3 December 2013 over Q2 September 2013 on back of expansion in operating profit margin (OPM) by a sharp 330 basis points QoQ at 27.8% in Q3 December 2013. The OPM expanded by 170 basis points QoQ, excluding one-off visa cost of Rs 219 crore in Q2 September 2013.

Infosys has raised its revenue growth guidance in both rupee and dollar terms for the year ending 31 March 2014. The company expects consolidated revenue in rupee terms to grow 24.4% to 24.9% for the fiscal year ending 31 March 2014 (FY 2014). This guidance is based on rupee dollar conversion rate of 61.81 for the rest of the financial year. The company expects consolidated revenue in dollar terms to grow 11.5% to 12% in FY 2014.

Infosys and its subsidiaries added 54 clients during Q3 December 2013. The company and its subsidiaries reported a gross addition of 6,682 employees for the quarter.

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

Powered by Capital Market - Live News