Infosys share price hits new record high, market capitalisation hits $100 billion
So far this year, Infosys shares have risen 40 per cent, significantly outpacing the Sensex, which has up 16.6 per cent.
FollowOn the BSE, shares of Infosys, the country's second-largest information technology business, gained over 1 per cent to a new high of 1,755.60. With today's Infosys' share price increase, the Bengaluru-based IT firm's market capitalisation surpassed 7.45 lakh crore ($100 billion). According to stock exchange data, Infosys became India's fourth business to reach the $100 billion mark, behind Reliance Industries, Tata Consultancy Services, and HDFC Bank.
So far this year, Infosys shares have risen 40 per cent, significantly outpacing the Sensex, which has up 16.6 per cent.
According to experts, investors have been steadily buying information technology shares as the growing demand for digitisation and cloud computing in the aftermath of the work-from-home idea amid the COVID-19 epidemic has boosted revenue for IT businesses.
The Nifty IT index, a gauge of IT companies on the National Stock Exchange, has risen 41.28 per cent, leading the advance in India's world-beating stock market.
Infosys raised its revenue estimate to 14-16 per cent on the upside for the current fiscal year while maintaining its margin guidance at 22-24 per cent.
Its sales increased by 42 per cent in constant currency terms, while revenue from its digital business increased by 53.9 per cent. Infosys' net profit increased by 23 per cent year on year to 5,195 crores in the June quarter.
