Infosys stock closes 0.58% higher ahead of Q4 earnings announcement

The Infosys stock was trading lower in morning trade ahead of the Q4 earnings scheduled to be announced today. This will be the first set of earnings to be announced under new chief executive officer and managing director Salil Parekh.

At 9:40 am, the stock was down 0.19% or 2.20 points at 1,160 level on the BSE.

The stock opened at 1,174 level and hit an intra day high and low of 1,174 and 1,150, respectively. The stock closed 0.58% higher at 1,169 level on BSE. 

On Thursday, the stock closed at 1,162 level, higher than the 30-day and 50-day moving average today.

The stock hit its 52-week high of 1,220 on January 24, 2018. On August 22, 2017, the stock hits its 52-week low of 861.50 on BSE.

Meanwhile, brokerages have issued their earnings estimates for the IT sector.

Edelweiss for instance, in its report says, "We estimate Infosys to post 1.4 per cent growth quarter on quarter (QoQ) in constant currency."  

Meanwhile, Motilal Oswal in its earnings preview said technology firms were likely to put a good show in Q4.

"Technology is expected to report its first double digit PAT growth (10.9%) after eight quarters, with Persistent systems (-16.4%) being the only IT company expected to report PAT de-growth. In 4Q, YoY revenue trajectory is likely to continue to inch up. We expect such acceleration in Infosys, TCS and Tech Mahindra, and also organically for Wipro - across our top-tier universe," the report said.

In the third quarter of last fiscal, the Bengaluru-based IT firm reported over 38 per cent rise in net profit after it received a one-time tax benefit from US operations.

Its net profit for the October-December quarter, at Rs 5,129 crore or Rs 22.53 per share, was 38.3 per cent higher than Rs 3,708 crore in the year-ago period.