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Infosys Shares Touch New Record High

Infosys Shares Touch New Record High

It has been an eventful year for Infosys Ltd's share price. On Friday, the stock rose as much as 1.6 percent to touch a new high of Rs 847 apiece on NSE. So far, in 2019, the share price has rallied over 25 percent aided by strong revenue growth outlook from brokerages and consistent deals.

In the current calendar year, the stock has hit fresh 52-week highs several times.

For the April-June period, Infosys reported a 6.8 percent fall in profits from the previous quarter, however, the company increased its full-year constant currency revenue to 8.5-10 percent from 7.5-9.5 percent earlier.

It reported a 1.23 percent increase in consolidated sales to Rs 21,803 crore from Rs 21,539 in March.

On Friday, Infosys was one of the top performers on the two Indian stock market benchmark indices, Sensex and Nifty 50. Nifty IT index was trading 0.69 percent higher at 10,922.65 at 2.40 pm. Stable demand, large deals and an increase in the share of the digital segment have improved the brighter outlook for the information technology sector in an otherwise dull market.

Strengthening of the US dollar against other currencies amid geopolitical uncertainties has also helped with the gains as these companies make significant earnings in the American currency.

Read more about: infosys
Story first published: Friday, September 6, 2019, 14:57 [IST]
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