Infosys hits record high; rises 13% in eight days

Infosys was up 0.92% to Rs 1142.7, extending the winning run to eight consecutive trading session.

The stock has surged 13.36% in eight trading sessions from its previous closing low of Rs 1008 on 30 September 2020. The stock also hit a record high of Rs 1146.50 in intraday trade today on BSE. The counter is up 123% from its 52-week low of Rs 511.1 on 19 March 2020.

Infosys before market hours today announced that it has completed the acquisition of Kaleidoscope Innovation, a full-spectrum product design, development and insights firm innovating across medical, consumer and industrial markets, bolstering capabilities in the design of smart products. This follows the announcement the company made on 3 September 2020.

Kaleidoscope Innovation designs micro-surgical instruments, devices used in minimally invasive surgery, drug delivery devices for ophthalmic therapies and user-centric wearables. It also offers usability testing in support of regulatory submissions, including the delivery mechanism for aortic stents.

The stock is up 21% in last one month as compared to a 4.52% rise in Nifty 50 index. Infosys is a global leader in next-generation digital services and consulting.

Infosys' consolidated net profit fell 1.45% to Rs 4,272 crore on a 1.71% rise in net sales to Rs 23,665 crore in Q1 June 2020 over Q4 March 2020. The company will announce Q2 result on 14 September 2020.

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