New Delhi: Infosys' stocks rose by almost 5 per cent during morning trading on Friday, following a 7 per cent increase in consolidated net profit for the April-June quarter. The IT company also raised its growth forecast for the current fiscal year.
The stock surged by 4.76 percent, reaching a 52-week high of Rs 1,843 on the BSE. On the NSE, it increased by 4.88 percent to reach Rs 1,844, which is its highest value in the last 52 weeks. During the morning trade, the company's market valuation increased by Rs 20,843.19 crore to Rs 7,51,247.27 crore. The stock became the top performer among the companies listed on both BSE Sensex and NSE Nifty.
Infosys, a leading IT company, announced a 7 percent increase in combined net earnings to Rs 6,368 crore in the first quarter of April-June. The company also raised its growth forecast for the fiscal year, indicating a positive trend in the IT sector. Infosys intends to recruit 15,000-20,000 new employees based on the business's progress this year.
The company has seen a consistent decrease in the number of employees since the first quarter of March 2023.
According to a filing with the BSE, the company made a profit of Rs 5,945 crore in the same period last year. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that Infosys' first quarter results have exceeded market predictions in all aspects.
During the current quarter, Infosys saw a 3.6 per cent growth in consolidated revenue to reach Rs 39,315 crore, up from Rs 37,933 crore in the previous year. The company has increased its revenue growth forecast to 3-4 per cent in constant currency terms for the current fiscal year, up from the previous prediction of 1-3 per cent.
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