Shares of the country’s second largest information technology company, Infosys, rose nearly 1 per cent to hit record high of Rs 1,755.60 on the BSE. With today’s rise in Infosys’ share price the market capitalisation of the Bengaluru-based IT company crossed Rs 7.45 lakh crore ($100 billion). Infosys became India’s fourth company to enter $100 billion club after Reliance Industries, Tata Consultancy Services and HDFC Bank, data from stock exchanges showed.
Infosys shares have so far this year rallied 40 per cent, massively outperforming the Sensex which has advanced 16.6 per cent.
Information technology shares have been witnessing steady buying interest from investors as rising demand for digitalisation and transformation to cloud computing in the wake of work from home concept amid COVID-19 pandemic has spurred business for IT companies, analysts said.
The measure of IT shares on the National Stock Exchange, Nifty IT index, has jumped 41.28 per cent leading the rally in world-beating stock market rally in Indian equity markets.
Last month, Infosys revised its revenue guidance on the upside to 14-16 per cent for the current financial year while it maintained its margin guidance at 22-24 per cent.
Its revenue in constant currency terms rose 42 per cent while revenue from its digital business advanced 53.9 per cent. Infosys net profit in June quarter rose 23 per cent annually to Rs 5,195 crore.
As of 11:08 am, Infosys shares traded 0.02 per cent higher at Rs 1,739.55.