Infosys Net Up 63%, Stock At 52-Week High

Software major Infosys Techno-logies Ltd has posted a net profit of Rs 23.03 crore during the first half of 1997-98, up 63.22 per cent from the Rs 14.11 crore achieved in the corresponding period of the previous year.

The rise in Infosys earnings was propelled by software development for overseas markets. Revenue from this segment surged almost 100 per cent, from Rs 51.50 crore to Rs 102.93 crore. Total income rose 74 per cent to Rs 107.69 crore, compared with Rs 61.76 crore in the first half of 1996-97.

A meeting of the Infosys board in Bangalore yesterday declared a pro rata interim dividend of 15 per cent to the companys shareholders. The meeting was convened to discuss the companys half-year results for the period to Septem-ber 30, 1997. The company has clarified that the allotment of bonus shares, following the approval of shareholders at its June 7 AGM, is not reflected in the half-year results.

The Infosys scrip spurted by Rs 68 to close at Rs 1,593 on the Bombay Stock Exchange (BSE) following the announcement of its half-year results. The scrips trading turnover amounted to 49,200 shares.

The share price moved up from the previous close of Rs 1,525 to touch a 52-week high of Rs 1,656 before dipping on profit-taking to Rs 1,593. The share is an excellent buy at the present level, said an equity analyst with a leading foreign institutional investor.