Infosys has joined Reliance Industries, Tata Consultancy Services and HDFC Bank with $100 billion market cap as shares of the company soared to fresh high on Tuesday.
Shares hit a new record high of Rs1,755.60 apiece on the BSE, pushing the market cap to Rs7.44 trillion, or $100 billion. At 0925am, the scrip was at Rs1,752.45, up 0.% from its previous close.
It is the fourth Indian company to achieve the milestone.
Second IT company to achieve milestone
The IT major is second only to TCS among the IT names to hit the mark of Rs 7,43,657.67 crore with TCS having a market cap of Rs 13,46,158.78 crore.
Reliance Industries Ltd has a mcap of $140 billion, followed by Tata Consultancy Services Ltd at $115 billion, and HDFC Bank at $100.1 billion.
Company’s Financial
The country’s second-largest software services provider reported a consolidated net profit of Rs 5,195 crore for the quarter ended June 2021, thereby growing 2.3 percent sequentially.
It increased its full-year revenue growth forecast in constant currency terms to 14-16 percent from 12-14 percent earlier.
Comment from CEO
Salil Parekh, “Driven by the dedication of employees and the trust of clients, we grew at the fastest pace in Q1 in a decade, at 16.9 percent year-on-year and 4.8 percent quarter-on-quarter in constant currency.”
Comment from Edelweiss Research
“Infosys is witnessing strong demand from clients across segments as clients are looking to aggressively invest in IT to cut their cost in legacy operation and redirect those savings in new areas of growth.
Despite supply-side pressure, Infosys is targeting to deliver margins in a similar range like FY21 (if we exclude one-time cost benefit impact from FY21) as it benefits from higher offshoring and automation.”
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