Infosys shares gain over 1% ahead of quarterly results
Mumbai: Shares of Infosys, country's second- largest software exporter, Thursday ended over one percent higher on the NSE on the eve of its second quarter results to be announced on Friday.
Also on the BSE, after rising 1.52 percent to Rs 3,155 in intra-day trade, Infosys stock finally ended at Rs 3,124.15, up 0.53 percent from its previous close.
At the NSE, the scrip settled 1.39 percent up at Rs 3,153.
On the volume front, 2.31 lakh shares of Infosys were changed on the BSE, while over 21.79 lakh shares were traded on the NSE during the day.
The earnings season will start with Infosys announcing its second-quarter results tomorrow.
Big IT firms such as TCS, Infosys and Wipro are expected to announce strong earnings for the July-September quarter, helped by a steep decline of the rupee against the US dollar and improved demand for outsourcing services, analysts said.
The July-September quarter has been volatile, with the rupee depreciating about 11 percent Q-o-Q against the dollar, on an average basis.
A report by Angel Broking said the revenue growth in rupee terms is expected to be in the range of 13.5-16.5 per cent Q-o-Q for tier-I IT companies.
Traditionally, Q2 is good for IT companies because of the strong budget flush that happens before close of the annual capex cycle by clients.