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Infosys shares surge 4%, M-cap up by Rs 10,646 cr on Q3 result

Infosys announce Q3 results

Mumbai : Shares of Infosys today settled with gains of over 4 per cent after the company reported better-than-expected set of numbers for the December quarter, following which the market capitalisation of the IT major improved by Rs 10,646 crore.

Country’s second-largest software firm Infosys today reported a 6.6 per cent growth in consolidated net profit at Rs 3,465 crore for the third quarter of the current fiscal.

The stock opened at Rs 1,068.00, then jumped 6.71 per cent to touch an intra-day high of Rs 1,155. At the end, the shares were quoted at Rs 1,128.70, higher by 4.28 per cent over its previous closing price.

Following the uptick in the counter, the market capitalisation of the company improved by Rs 10,646.33 crore. At the end of today’s trade, the market valuation of the company stood at Rs 2,59,256.14 crore.

On the NSE, the stock opened at Rs 1,066 and surged 6.60 per cent to touch an intra-day high of Rs 1,155.

“Contrary to expectations, Infosys has delivered a robust numbers. During December quarter, the company posted a 0.6 per cent sequential growth in USD revenues to USD 2,407 million as against USD 2,368 million expected,” Angel Broking said in a research note.

The uptick in the counter was despite the fact that the broader market settled for the day in the negative territory.

The 30-share benchmark Sensex closed for the day at at 24,772.97, down 81.14 points.

The consolidated revenues in the third quarter rose 15.2 per cent to Rs 15,902 crore from Rs 13,796 crore in the year-ago period, the company said.

The IT major also revised its current fiscal constant currency revenue guidance upwards to 12.8-13.2 per cent. It had, in October 2015, forecast a revenue growth of 10-12 per cent in constant currency.

“Alongside grassroots innovation, we continue to see growing adoption of our Aikido services, bringing the power of intelligent systems, automation and software to amplify the skills and imaginations of our people,” Infosys CEO and Managing Director Vishal Sikka said.

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