Stocks

Infosys shares erase opening gains; decline 3%

PTI New Delhi | Updated on October 15, 2020 Published on October 15, 2020

Shares of Infosys on Thursday erased its opening gains and declined 3 per cent on emergence of profit-booking a day after the company announced its September quarter earnings.

Even after opening with over 4 per cent gains and hitting a record high of ₹1,185, the stock failed to maintain the momentum and dipped 2.84 per cent to ₹1,103.75 as trade progressed on BSE.

After similar movement, it dropped 2.96 per cent to ₹1,103.30 on NSE.

Infosys on Wednesday posted 20.5 per cent rise in September quarter net profit to ₹4,845 crore, mainly helped by large deals, prompting the IT services major to raise its revenue growth forecast to 2-3 per cent for FY21.

Infosys, which had clocked a net profit of ₹4,019 crore in the year-ago period, said its basic EPS (earnings per share) has increased 20.8 per cent year-on-year to ₹11.42.

The Bengaluru-based company’s revenues grew 8.5 per cent to ₹24,570 crore in the quarter under review, from ₹22,629 crore in the year-ago period.

Post its better-than-expected performance, Infosys revised its guidance upwards to 2-3 per cent growth for FY21 in constant currency terms from its previous outlook of up to 2 per cent growth.

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Published on October 15, 2020
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