Shares of
software major Infosys surged by over 5 per cent in morning trade on the bourses on Wednesday after the company reported 9.72 per cent growth in consolidated net profit to Rs 1,906 crore for the second quarter ended September 30.
After opening on a robust note, the stock jumped further by 5.28 per cent to an early high of Rs 2,641.90 on the BSE,
helping the 30-share Sensex register smart gains in early trade.
A similar trend was seen on the NSE, where shares of Infosys shot up by 5.56 per cent to a high of Rs 2,644.
Commenting on the results, Ashika Stock Brokers Research Head Paras Bothra said, "The results are better than market expectations. Infosys numbers have given a good start to the street and hopefully other IT majors like TCS and Wipro, too will deliver decent results."
The company had posted a net profit of Rs 1,737 crore for the September quarter of the previous fiscal (2010-11), Infosys said in a filing to the Bombay Stock Exchange.
The consolidated revenue of the country's second largest software exporter rose to Rs 8,099 crore in the reporting period from Rs 6,947 crore in the year-ago period, translating into a 16.58 per cent increase.
The surge in the bellwether stock was a major contributor to the bullish market trend, with the Sensex trading higher by 154.65 points at 16,691.12 at 0930 hours.
Infosys is the second-most weighted scrip on the benchmark Sensex after Reliance Industries.
Buying intensified in other frontline IT companies as well, with TCS rising by 3.25 per cent, while Wipro moving up by 4.38 per cent and HCL Tech gaining 3.87 per cent.
Led by gains in these stocks, the IT index was trading 4.61 per cent higher at 5,486.86 at 0930 hours and was the top performer among the 13 sectoral indices on the BSE.
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