Shares of Infosys on Monday gained nearly 2 per cent with its market valuation crossing over Rs 6 lakh crore mark following buying in other IT stocks. The stock rose 1.79 per cent to close at Rs 1,410.15 on the BSE. During the day, it gained 2.86 per cent to Rs 1,425 its 52-week high. Following the rally in the stock, the company s market valuation rose to Rs 6,00,817.09 crore at the close of trade on the BSE. Other IT stocks also witnessed buying, with HCL Tech leading the gainers chart with a jump of 3.08 per cent.
Infosys will announce results for its fourth quarter and year ended March 31, 2021, on Wednesday, April 14, 2021, according to a BSE filing on Thursday.
Sensex rises 254 points, ends higher for third session as easing bond yields boost global markets
Top Sensex gainers were Bajaj Finance, Sun Pharma, Tech Mahindra, Axis Bank, Bajaj Auto and Infosys shares rising up to 2.34% today
Aseem Thapliyal | March 10, 2021 | Updated 17:46 IST
ONGC, Kotak Bank, ITC, HDFC Bank, PowerGrid, Reliance Industries and Maruti shares were the top Sensex losers falling up to 2.05%.
Sensex and Nifty closed higher for the third consecutive session today on rebound in broader Asian markets as fall in bond yields calmed global market sentiment. While Sensex gained 254 points to 51,279, Nifty rose 76 points to 15,174. Of 30 Sensex stocks, 23 ended in green. In last three sessions, Sensex has gained 874.19 points or 1.73 per cent. Nifty has clocked gains of 276.70 points or 1.85 per cent in last three days.
Synopsis
A study done on the IT companies that have a market capitalisation of more than Rs 5,000 crore showed none of the Indian IT giants could make it to the Top 5 in terms of highest 10-year returns.
Agencies
IT companies have performed exceedingly well in last one year, surpassing the returns of last 5 years.
In 2020, BSE IT and BSE Healthcare indices outperformed other sectoral indices with gains of 56 per cent and 61 per cent, respectively. During the same period, the benchmark Sensex rose 15 per cent. Stocks from both the sectors have seen a phenomenal run.
India is moving towards becoming a digital economy. Being one of the fastest emerging sectors, IT has shown global reach, lower risk, high- quality infrastructure, and connectivity that contributes immensely to the Indian economy. Its growth is escalating due to components such as BPO and government initiatives such as Digital India, MeitY Startup Hub (MSH).
NEW DELHI:
Infosys s third quarter results beat Street projections and analysts fresh targets suggest up to 61 per cent potential upside in the scrip, even as the stock took a breather on Thursday following a 15 per cent rally in the last one month.
Foreign brokerage CLSA finds the stock worth Rs 1,620 apiece. It said that the December quarter results indicated improved confidence on the margin defence front, terming the company s deal wins strong and outlook optimistic. The brokerage expects Infosys s FY22-23 margins to stay at the upper band of 23-24 per cent.
Citi sees the stock at Rs 1,590, as it increased its FY21-23 EPS estimates for the IT firm by 1-8 per cent, and values the stock at 29 times. Deals were meaningfully higher, it said, noting that the margin and revenue guidances were revised upward.