Infosys soars to 52-week high, shares top 8% post Q4 numbers

The company posted consolidated net profit of Rs 3,597 crore in January-March of 2015-16, 16.2% higher

Shares of Infosys today surged over 8% buoyed by the company reporting a better-than- expected 16% rise in the fourth-quarter net profit and a strong revenue growth forecast for the current fiscal.

The stock of the country's second-largest IT services company, made a positive opening and jumped 8.17% to Rs 1,267.90 -- its 52-week high -- at BSE.

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At NSE, it soared 8.11% to touch its one-year high of Rs 1,267.90.

The stock was the top gainer among blue-chips on the Sensex and the Nifty in morning trade.

"Infosys FY17 constant currency revenue guidance at 11.5-13.5% has come ahead of expectations," said Govind Agarwal, Research Analyst-Institutional Equities, Prabhudas Lilladher.

Consolidated net profit at Rs 3,597 crore in January-March of 2015-16 was 16.2% higher than Rs 3,097 crore in the same period of 2014-15, the company had said in a statement on Friday.

Turnover rose 23.4% to Rs 16,550 crore in the fourth quarter of 2015-16.

On a sequential basis, Infosys' net profit rose 3.8% from Rs 3,465 crore in the October-December quarter while revenue was up 4.1% from Rs 15,902 crore during the same period.

Infosys said sales will rise between 11.8% and 13.8% in US dollar terms in 2016-17 that began on April 1. Revenue, it added, will grow between 11.5% and 13.5% in constant currency terms, indicating a faster growth rate than the industry average as the company shifts to high-margin digital services business.

Industry body Nasscom had in February forecast a 10-12% growth for IT and software services exports in 2016-17.

Solid buying in Infosys shares also fuelled rally in the broader market where the benchmark index was trading higher by 121.41 points at 25,748.16 at 1030 hours.