Infosys inches up as US unit secures IT project

Meanwhile, the S&P BSE Sensex was up 238.33 points or 1.27% at 19,065.49.

On BSE, 25,000 shares were traded in the counter as against average daily volume of 1.43 lakh shares in the past one quarter.

The stock hit a high of Rs 2,405.30 and a low of Rs 2,376.05 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 outperformed the market over the past one month till 13 June 2013, rising 1.66% compared with the Sensex's 4.39% fall. The scrip had, however, underperformed the market in past one quarter, falling 16.89% as against Sensex's 2.77% decline.

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

CareFirst BlueCross BlueShield (CareFirst) has selected Infosys Public Services, a US-based subsidiary of Infosys, to support CareFirst's IT operations and provide application development and other support services as part of a new managed services contract, Infosys said. Infosys Public Services will support CareFirst's IT area to help create a cost-effective delivery model. Through its agreement with Infosys Public Services, CareFirst aims to reduce costs and achieve efficiencies in application support during the three-year contract term, Infosys said.

CareFirst, an independent licensee of the Blue Cross and Blue Shield Association, is a not-for-profit health care company which, through its affiliates and subsidiaries, offers a comprehensive portfolio of health insurance products and administrative services to 3.4 million individuals and groups in Maryland, the District of Columbia and Northern Virginia.

In a separate announcement, Infosys on Thursday, 13 June 2013 announced salary increments for all eligible employees across the company for fiscal year 2014. The company announced an average increase of 8% for employees based in India. Employees based in other geographies, who have not been covered by salary increases in February 2013, can look forward to an average increase of 3%, the company said. These increments will be effective 1 July 2013. The global sales force will see an average increase of 8% which will be effective 1 May 2013, Infosys said.

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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