Infosys moves higher after appointing new CEO & MD

Infosys advanced 2.5% to Rs 982.45 at 10:04 IST on BSE after the company said its board has appointed Salil S. Parekh as Chief Executive Officer and Managing Director of the company effective 2 January 2018.

The announcement was made on Saturday, 2 December 2017.

Meanwhile, the S&P BSE Sensex was up 50.45 points or 0.15% at 32,883.39.

On the BSE, 1.24 lakh shares were traded on the counter so far as against average daily volumes of 2.78 lakh shares in the past one quarter. The stock had hit a high of Rs 986.25 and a low of Rs 969.65 so far during the day. The stock had hit a 52-week high of Rs 1,045 on 13 January 2017 and a 52-week low of Rs 861.50 on 22 August 2017.

 

The stock had outperformed the market over the past one month till 1 December 2017, advancing 3.48% compared with the Sensex's 2.28% fall. The stock had also outperformed the market over the past one quarter, gaining 4.17% as against the Sensex's 2.95% rise. The scrip had, however, underperformed the market over the past one year, sliding 1.8% as against the Sensex's 23.62% rise.

The large-cap company has equity capital of Rs 1148.50 crore. Face value per share is Rs 5.

U B Pravin Rao will step down as the interim CEO and Managing Director effective 2 January 2018 and will continue as Chief Operating Officer and a whole-time Director of the company.

On a consolidated basis, Infosys' net profit rose 6.97% to Rs 3726 crore on 2.86% growth in net sales to Rs 17567 crore in Q2 September 2017 over Q1 June 2017.

Infosys is a global leader in technology services and consulting.

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