Infosys stock scales to 52-week high on eve of Q1 results
The Bangalore-based co had posted a better than expected net profit of Rs 1,617 cr in the March quarter. Gainers & losers | Costly but good stocks for investors
By PTI |
MUMBAI: On the eve of announcing its June quarter numbers, the IT bellwether Infosys Technologies today scaled a 52-year high gaining nearly 1 percent. (Watch)
The shares of the country's second largest software exporter, which kicks of India Inc's earnings season tomorrow, rose 0.80 percent to close at Rs 2,894.95 on the Bombay Stock Exchange. During the day, the scrip climbed 1.38 percent to touch a 52-week high of Rs 2,911.55.
In a similar fashion, the Infosys counter rose 0.74 percent to close at Rs 2,895 on the National Stock Exchange, after hitting Rs 2,910 in morning trade.
The rise in the IT major also helped the broader market benchmark Sensex rise 103 points to close at 17,937.20. Infosys carries the maximum weight in the Sensex after Reliance Industries. The counter today contributed 14.42 points to the overall gain of the Sensex, which crossed the psychological 18,000-mark after three months today.
Domestic brokerage Emkay expects a revenue growth in the range of 3-5 percent in dollar terms for frontline IT firms, with Infosys expected to clock the highest at 5 percent. Edelweiss too sees Infosys surpassing its revenue guidance of 2.6-3.4 percent q-o-q growth, despite the currency impact.
The Bangalore-based company had posted a better than expected net profit of Rs 1,617 crore in the March quarter, and for the full year last fiscal, its profit had risen by 4.64 percent to Rs 6,266 crore.
The company, which will announce its results for the first quarter ending June 30 tomorrow, registered similar gains in the last trading session on Friday. The counter had hit a year high of Rs 2,882, up 1.99 percent from previous close on July 9. Infosys has witnessed a huge run-up of over 77 percent in the past 52 weeks as the counter touched a year low of Rs 1,635 on July 10, 2009.
The shares of the country's second largest software exporter, which kicks of India Inc's earnings season tomorrow, rose 0.80 percent to close at Rs 2,894.95 on the Bombay Stock Exchange. During the day, the scrip climbed 1.38 percent to touch a 52-week high of Rs 2,911.55.
In a similar fashion, the Infosys counter rose 0.74 percent to close at Rs 2,895 on the National Stock Exchange, after hitting Rs 2,910 in morning trade.
The rise in the IT major also helped the broader market benchmark Sensex rise 103 points to close at 17,937.20. Infosys carries the maximum weight in the Sensex after Reliance Industries. The counter today contributed 14.42 points to the overall gain of the Sensex, which crossed the psychological 18,000-mark after three months today.
Domestic brokerage Emkay expects a revenue growth in the range of 3-5 percent in dollar terms for frontline IT firms, with Infosys expected to clock the highest at 5 percent. Edelweiss too sees Infosys surpassing its revenue guidance of 2.6-3.4 percent q-o-q growth, despite the currency impact.
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The Bangalore-based company had posted a better than expected net profit of Rs 1,617 crore in the March quarter, and for the full year last fiscal, its profit had risen by 4.64 percent to Rs 6,266 crore.
The company, which will announce its results for the first quarter ending June 30 tomorrow, registered similar gains in the last trading session on Friday. The counter had hit a year high of Rs 2,882, up 1.99 percent from previous close on July 9. Infosys has witnessed a huge run-up of over 77 percent in the past 52 weeks as the counter touched a year low of Rs 1,635 on July 10, 2009.
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