Infosys share price rises over 4% on strong Q3 earnings, clean chit to top executives

Infosys share price rose in early trade today after the IT major posted better than expected profit in the third quarter of current fiscal and its audit panel found no evidence of financial wrongdoings or misconduct on part of company's executives. Infosys share price rose up to 4.01% or 30 points to Rs 767.85 compared to the previous close of Rs 738.25 on BSE.

Share price of Infosys opened 3.35% higher at Rs 763 today. The large cap stock has gained 6.53% in last three days.

The stock has gained 12.28% during last one year. Market cap on Infosys rose to Rs 3.27 lakh crore on BSE in early trade. Infosys stock is the top gainer on Sensex and Nifty today.  On Nifty, the stock rose up to 5.33% to Rs 777.50.

The stock hit its 52 week high of Rs 847.40 on September 6 2019. It reached its 52-week low of Rs 615 on October 23, 2019.

On January 10, Infosys reported a 23 per cent year-on-year rise in net profit for the quarter ended December 31, 2019. The company's net profit rose to Rs 4,466 crore in the third quarter of current fiscal compared to Rs 3,610 crore in the corresponding quarter of last fiscal. Infosys' revenue rose 7.95 per cent to Rs 23,092 crore in Q3 FY20, from Rs 21,400 crore in Q3 FY19.

The IT firm revised FY20 revenue outlook upwards to 10 to 10.5 per cent in constant currency. The operating margin guidance was maintained in the range of 21 to 23 per cent.

The firm also said audit committee of its board found no evidence of financial wrongdoings or misconduct on part of company's executives. The investigation was undertaken following whistleblower complaints on October 21, 2019, which blamed Infosys CEO Salil Parekh and CFO Nilanjan Roy of indulging in unethical practices.

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By Aseem Thapliyal