Infosys jumps nearly 2pc on hope of good Q1 numbers
The second largest software exporter Infosys Technologies today rose nearly 2 percent up after touching a year-high on expectation of a strong first quarter financial result.mumbai Updated: Jul 09, 2010 18:44 IST
The second largest software exporter Infosys Technologies Friday rose nearly 2 percent up after touching a year-high on expectation of a strong first quarter financial result.
Shares of the IT major closed at Rs 2,871.90, up 1.63 percent on the Bombay Stock Exchange. During the day, the scrip jumped 1.99 per cent to hit a 52-week high of Rs 2,882.
Till date, Infosys has witnessed over 76 percent rise in its stock price from a 52-week low of Rs 1,635--the level it had touched exactly an year back on July 10.
Infosys, which will announce its first quarter numbers on July 13, is expected to post higher earnings in dollar terms and revenue growth guidance may be revised upwards to 18 from 16 percent, the brokerage house Sharekhan said, adding positive outlook on strong demand comes from the company's strong hiring plan in the current fiscal.
"The first quarter is expected to be another quarter of strong volume growth for the front-line IT companies as the demand environment remains buoyant in the US and the emerging economies and on account of their limited exposure to Ireland, Portugal, Italy, Greece and Spain," Sharekhan further said.
The combined volume on the Infosys counter on the both the bousres crossed 11.01 lakh shares.
Shares of Infosys witnessed a similar surge on the NSE where it settled a tad lower than the BSE at Rs 2,880, up 1.83 percent from previous close.