Infosys shares rose about 5% in morning trade on Friday, a day after the IT major announced a 7% increase in consolidated net profit in the April-June quarter and boosted its growth forecast for the current fiscal year. The stock rose 4.76 percent to a 52-week high of Rs 1,843 on the BSE.
At the NSE, it rose 4.88 percent to Rs 1,844, its 52-week high.
During the morning trade, the company’s market worth rose by Rs 20,843.19 crore to Rs 7,51,247.27 crore.
The stock was the largest gainer among BSE Sensex and NSE Nifty firms.
On Thursday, IT major Infosys reported a 7% increase in consolidated net profit to Rs 6,368 crore in the April-June quarter and boosted its growth projection for the current fiscal year, indicating an improvement in the IT business.
With business improving, Infosys has announced ambitions to hire 15,000-20,000 new employees, depending on growth this year.
Since the March 2023 quarter, the corporation has reported a continual reduction in headcount.
According to a BSE filing, the company made Rs 5,945 crore in profit the previous year.
“Infosys’ Q1 numbers on all parameters have beaten market expectations,” stated V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Infosys’ consolidated revenue climbed by 3.6 percent to Rs 39,315 crore during the reporting quarter, up from Rs 37,933 crore the previous year.
For the current fiscal year, the company increased its revenue growth estimate to 3-4 percent in constant currency terms from 1-3 percent previously.