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Wednesday, October 28, 2020

Infosys shares erase opening gains; decline 3 per cent

Even after opening with over 4 per cent gains and hitting a record high of Rs 1,185, the stock failed to maintain the momentum and dipped 2.84 per cent to Rs 1,103.75 as trade progressed on BSE.

By: PTI | New Delhi | October 15, 2020 11:52:17 am
Infosys has revised its guidance upwards to 2-3 per cent growth in FY21 in constant currency terms. (File photo)

Shares of Infosys on Thursday erased its opening gains and declined 3 per cent on emergence of profit-booking a day after the company announced its September quarter earnings.

Even after opening with over 4 per cent gains and hitting a record high of Rs 1,185, the stock failed to maintain the momentum and dipped 2.84 per cent to Rs 1,103.75 as trade progressed on BSE.

After similar movement, it dropped 2.96 per cent to Rs 1,103.30 on NSE.

Infosys on Wednesday posted 20.5 per cent rise in September quarter net profit to Rs 4,845 crore, mainly helped by large deals, prompting the IT services major to raise its revenue growth forecast to 2-3 per cent for FY21.

Infosys, which had clocked a net profit of Rs 4,019 crore in the year-ago period, said its basic EPS (earnings per share) has increased 20.8 per cent year-on-year to Rs 11.42.

The Bengaluru-based company’s revenues grew 8.5 per cent to Rs 24,570 crore in the quarter under review, from Rs 22,629 crore in the year-ago period.

Post its better-than-expected performance, Infosys revised its guidance upwards to 2-3 per cent growth for FY21 in constant currency terms from its previous outlook of up to 2 per cent growth.

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