Shares of Infosys witnessed a sharp jump of nearly 1% on Tuesday and touched a record high of Rs 1,755.60 on the Bombay Stock Exchange (BSE).
With this rise in share price, Infosys’s market capitalization crossed Rs 7.45 lakh crores ($100 billion). The sharp rise has helped Infosys, India’s second-largest information technology company, become the 4th company in India to enter the $100 billion club in market capitalization after Reliance Industries, Tata Consultancy Services, and HDFC bank.
Infosys shares have massively outperformed the Sensex index this year by rallying a growth of nearly 40 percent, compared to the former's growth of 16.6 percent.
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The Infosys stock was trading at Rs 1,736.10, down Rs 3.10, or 0.18 percent at 1145 hours. Earlier it has touched a 52-week high of Rs 1,755.60 on Tuesday. It has touched an intraday high of Rs 1,755.60 and an intraday low of Rs 1,732.05.
The measure of IT shares on the National Stock Exchange, Nifty IT index has jumped 41.28 percent leading the rally in a world-beating stock market rally in Indian equity markets.
Infosys revenue in constant currency terms rose 42 percent. It reported a net profit of Rs 5,295 crores in the June quarter after it rose 23 percent annually.
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Information technology shares have seen a steady rise in capital markets as wide interest has been pouring in. People have been showing positive buying interest as the demand for digitalization has increased. With the advancement in IT like cloud computing stabilizes and expands the sector, a positive flow of investment is on the cards.
It should be noted that on a global scale, many businesses were severely impacted by the Covid-19 pandemic. The IT sector on the other hand only saw some disruption. March was the first full quarter that factored in the disruptions of the lockdown. Infosys expects to grow its revenue by 2 percent for FY21 in constant currency terms.