Comments
Shares of Infosys today ended over one per cent higher on the NSE on the eve of its second quarter results to be announced tomorrow.
Also on the BSE, after rising 1.52 per cent to Rs 3,155 in intra-day trade, Infosys stock finally ended at Rs 3,124.15, up 0.53 per cent from its previous close.
At the NSE, the scrip settled 1.39 per cent up at Rs 3,153.
On the volume front, 2.31 lakh shares of Infosys were changed on the BSE, while over 21.79 lakh shares were traded on the NSE during the day.
The earnings season will start with Infosys announcing its second-quarter results tomorrow.
Big IT firms such as TCS, Infosys and Wipro are expected to announce strong earnings for the July-September quarter, helped by a steep decline of the rupee against the US dollar and improved demand for outsourcing services, analysts said.
The July-September quarter has been volatile, with the rupee depreciating about 11 per cent Q-o-Q against the dollar, on an average basis.
A report by Angel Broking said the revenue growth in rupee terms is expected to be in the range of 13.5-16.5 per cent Q-o-Q for tier-I IT companies.
Traditionally, Q2 is good for IT companies because of the strong budget flush that happens before close of the annual capex cycle by clients.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.