Infosys gains over 1% ahead of quarterly results
Shares of Infosys, the country's second-largest software exporter, today ended over one% higher ahead of its quarterly results to be announced on Friday.business Updated: Jul 11, 2013 17:48 IST
Shares of Infosys, the country's second-largest software exporter, on Thursday ended over one% higher ahead of its quarterly results to be announced on Friday.
After surging 2.5% to Rs 2,563.45 in intra-day trade, the stock ended at Rs 2,526.75, up 1.03% from its previous close on the BSE.
On the NSE, the stock ended 1.37% higher at Rs 2,535.35.
"It has been a general observation over the past few quarters that Infosys gives wild moves on the result day," said Milan Bavishi, Head Research, Inventure Growth and Securities.
On the volume front, 1.21 lakh shares of the company changed hands on the BSE, while over 19 lakh shares were traded on the NSE.
The earnings season will start with Infosys announcing its first-quarter results on Friday.
Traditionally, the first quarter (April-June) of the financial year is strong for IT companies as client budgets on discretionary, operational and capital spending, which are frozen by the January-March quarter, witness a flush in this quarter.