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Infosys Shares Gain For The 5th Straight Session To Hit New Record High

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Infosys Ltd's share price has been climbing for five consecutive trading sessions. It especially saw a sharp surge in its value on Monday following the release of the financial results for the first quarter of the financial year.

Infosys Shares Gain For The 5th Straight Session To Hit New Record High
 

On 12 July, the stock closed higher at Rs 730.05 apiece. The IT giant announced its Q1 results on the same day after market hours. It reported a net profit of Rs 3,802 crore for the June-ended quarter. While the profits increased by 5.3 percent on a year-on-year basis, it fell by 6.8 percent when compared to the previous quarter. In the March-ended quarter, its profit was Rs 4,078 crore.

On 15 July, the stock closed much over 7 percent higher at Rs 779.40 a share. On Tuesday, the rally continued to hit a new record high of Rs 787.80 apiece.

During the announcement of quarterly results, the company gave an optismic view of the company to its investors.

It increased its revenue forecast for the FY20 to between 8.5 percent and 10 percent from the earlier estimate of 7.5 percent to 9.5 percent. Further, also made a higher revision on its capital allocation policy to distribute free cash flows of 85 percent from the earlier 70 percent, for a cumulative period of over 5 years, a positive for the shareholders of the company.

Infosys also reported record deal wins of $2.7 billion in the quarter.

Read more about: infosys
Story first published: Tuesday, July 16, 2019, 13:02 [IST]
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