Infosys share hits all-time high post Q2 earnings, market cap crosses Rs 5 lakh crore

Infosys share price hit all-time high in early trade today after the country's second largest software exporter reported a 20.5 per cent growth in net profit for second quarter ended September 30, 2020. Share price of Infosys gained 4.31% to hit all-time high of Rs 1185 against previous close of Rs 1136 on BSE.

Market capitalisation of the firm crossed Rs 5 lakh crore for the first time. The firm's market cap surged to Rs 5.04 lakh crore and became the second IT firm to achieve the feat after Tata Consultacy Services (TCS). 

Infosys stock opened 4.22% higher at Rs 1184. It hit an intra day low of Rs 1137.

Infosys share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap stock has gained 53.88% since the beginning of this year and climbed 46.65% in one year. In one month, the share has gained 14.68%.

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Total 18.52 lakh shares changed hands amounting to turnover of Rs 212.95 on BSE. The share has gained 132% from its 52-week low.  The stock hit its 52 week low of Rs 511 on March 19, 2020.  

The IT firm reported net profit of Rs 4,845 crore in Q2 compared to Rs 4,019 crore in the same quarter last year. The Bengaluru-based IT firm raised revenue guidance for the current fiscal to 2-3 per cent in constant currency for financial year 2020-21, from 0-2 per cent earlier, on the back of strong deal wins and improved business environment. The full year operating margin guidance also hiked to 23-24 per cent from 21-23 per cent earlier.

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Consolidated revenue of the company increased by 8.6 per cent to Rs 24,570 crore in Q2 FY21 as compared to Rs 22,629 crore in the September quarter of the last fiscal, Infosys said in a filing to the Bombay Stock Exchange.

During July-September quarter, the operating profit surged 26.8 per cent YoY to Rs 6,228 crore, while margin increased by 3.6 per cent YoY to 25.3 per cent.

In dollar terms, net profit rose 14.7 per cent YoY to $653 million, while revenue was up 3.2 per cent YoY at $3,312 million during September quarter of this fiscal over the year-ago period.

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