Mumbai: Bengaluru-based information technology giant Infosys has sped past the $100-billion mark (Rs 7.45 lakh crore) in market capitalization. With a record-high share price rise of Rs 1755.60 on the Bombay Stock Exchange (BSE) on Tuesday, August 25, 2021. The feat has also made the company the fourth in the $100 billion club, after Reliance Industries, Tata Consultancy Services, and HDFC Bank.
Infosys stock rallies 40% this year.
Aided by a massive buying interest in information technology stocks, Infosys shares too saw themselves rally 40 per cent this year. In the process, the Infosys stock had been outperforming the Sensex, which zoomed 16.6 per cent.
Due to the work from home situation, Infotech shares were being steadily picked up on the uptrend in demand for digitalization and transformation to cloud computing.
Infosys had, in July, revised revenue guidance to 14-16 per cent for the current financial year while maintaining its margin guidance at 22-24 per cent, said an NDTV report. The report added that Infosys’ revenue in constant currency terms jumped 42 per cent while revenue from its digital business moved up by 53.9 per cent. Net profit for the June quarter saw a rise of 23 per cent annually to Rs 5,195 crore.
Infosys, TCS ride buying interest in IT stocks
IT stocks are indeed the flavour of the season, going by the 41.28 per cent rise in the Nifty IT index. Looking at the Tata Consultancy Services (TCS) shares over the past month would make it more transparent.
Business Standard reported, TCS saw its market capitalization running past the Rs 13.5-trillion mark, aided by a 15 per cent rise in stock, in a month. TCS had outperformed the market by surging 15 per cent last month.
TCS has become the second listed company to cross the Rs 13.5 trillion market cap. A sharp rally aided the performance in the stock price. With these numbers, TCS is now less than just 3 per cent away from the Rs 14 trillion market cap milestone.
Currently, the infotech major is at second position in the overall market cap ranking, behind Reliance Industries, which has a market cap of Rs 14.51 trillion.