Shubham Jaiswal (email@example.com)
Better-than-expected earnings from IT major Infosys pushed its shares to a record high, adding about ₹50,000 crores to its investors’ wealth in the first hour of trade on BSE. Infosys on Wednesday reported an 11.4% rise in the quarterly net profits, winning large client deals despite coronavirus-led disruptions. Infosys shares rose as much as 15% to ₹952 on BSE.
The Bangalore-headquartered firm posted a net profit of ₹4,233 crores for the quarter ended June 30, an increase from the ₹3,798 crores recorded a year earlier for the same period. Infosys said it secured deals worth $1.74 billion during the period, higher than the $1.65 billion reported in the previous quarter.
Infosys also benefited from the Indian rupee’s depreciation against the US dollar.