Shares of information technology (IT) companies were in focus at the bourses on Wednesday with both Tata Group stocks - Tata Consultancy Services (TCS) and Tata Elxsi – hitting their respective new highs on the National Stock Exchange (NSE).
At 10:20 am, the Nifty IT index -- the top gainer among sectoral indices -- was up 2.4 per cent, as compared to 0.37 per cent rise in the Nifty50 index.
Shares of information technology (IT) companies continued their northward journey at the bourses, with the Nifty IT and the S&P BSE IT indices hitting their respective fresh record highs on Wednesday amid hopes of more large deal wins, which would further help accelerate the sector's growth momentum.
Tata Consultancy Services (TCS), Infosys, HCL Technologies, Tech Mahindra, Larsen & Toubro (L&T) Infotech and MphasiS from the Nifty IT index hit their respective fresh record highs. Birlasoft and Persistent Systems from the non-index stocks, too, hit new highs today.
The key Indian equity indices hit fresh record highs on Tuesday morning in line with global market after US pharma major Moderna announced that its COVID-19 vaccine has recorded 94.5 per cent effectiveness.
Sensex crossed the 44,000-mark and touched a record high of 44,161.16 points.
Shares of Infosys hit a fresh record high of Rs 1,185, up 4 per cent on the BSE in early morning trade on Thursday after the company reported healthy set of July-September quarter (Q2FY21) numbers on revenue and profitability front. The company has revised its FY21E revenues guidance upwards from 0-2 per cent year on year (YoY) to 2-3 per cent YoY in constant currency basis & operating margin guidance to 23-24 per cent from 21- 23 per cent.
Global software major Infosys on Thursday announced it has acquired US-based product design firm Kaleidoscope Innovation for $42 million (Rs 309 crore) to expand its engineering service offerings in medical devices, consumer and industrial markets across America.
Our subsidiary Infosys Nova Holdings has signed an agreement to acquire 100 per cent equity capital of Kaleidoscope for $42 million, said the city-based $13-billion IT major in a statement from Ohio's Cincinnati in the US midwest.
Indian IT giant Infosys on Friday said it has terminated the services of an employee for a social media post where he urged people to go out and sneeze and spread the novel coronavirus which has infected over 800 people in the country so far.
The man, identified as Mujeeb Mohammed, has been arrested by Bengaluru Police for the post.
Shares of Infosys were trading lower for the second straight day, sliding 3 per cent today to hit a 52-week low of Rs 565, on the BSE. The stock of the IT consulting & software firm was trading at its lowest level since April 19, 2018.
In the past two days, the market price of Infosys has slipped 12 per cent, as compared to a 7 per cent decline in the S&P BSE Sensex.
The Infosys in Bengaluru has evacuated one of its satellite office buildings following reports of its employee coming in contact with a suspected coronavirus patient.
The development comes after the Karnataka government advised IT and other professionals working in air-conditioned places to work from home for time being, for about a week, to prevent the spread of the virus.
Infosys is likely to post lower revenue growth of around 7 per cent in organic terms in financial year 2020-21 (FY21), compared to FY20 as the spread of coronavirus (COVID-19) is widely expected to pull down the global economy.
The revenue growth number will be around 200 basis points (bps) lower on constant currency basis than the Bengaluru-headquartered firm is expected to post in FY20, said analysts at ICICI Securities based on their interaction with Infosys Chief Financial Officer Nilanjan Roy.
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