Infosys Becomes The 4th Indian Company To Hit ₹ 7 Trillion Market Cap

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Swastika Dubey
Swastika Dubey
Swastika Dubey is a content writer who loves to write about trending entertainment topics, fashion, and lifestyle. She also loves to listen to classic old Hindi songs and travel to new places in her leisure time. Her writing is well researched, covering important aspects and core of the topic covering crucial points.

Highlights:

  • On Tuesday, Infosys became the 4th Indian company to hit m cap of ₹ 7 lakh crore
  • Earlier, only RIL, TCS and HDFC Bank Limited achieved this colossal milestone
  • Infosys’ stock reached all-time high of ₹ 1,644.05 on the BSE

On Tuesday, Infosys Limited became the 4th Indian company to reach a market capitalisation of ₹ 7 lakh crore as its shares surged more than 71% in the last 365 days.

The company’s stock touched an all-time high of ₹ 1,644.05 on the Bombas Stock Exchange (BSE) with a market cap of ₹ 7.01 trillion or over ₹ 7 lakh crore. The scrip was trading at ₹ 1644, up 0.7% from its previous close. As of today in 2021, Infosys’ stock has gained over 31%.

Earlier, Mukesh Ambani’s Reliance Industries Limited, Tata Consultancy Services (TCS) Limited and HDFC Bank Limited have achieved this milestone.

Infosys’ stock has been gaining since the company increased its fiscal year 2022 revenue guidance to 14 -16% on a constant currency basis from 12 -14% earlier. Infosys Limited has maintained its operating margins guidance at 22 -24%.

Also Read: Indian E-Commerce Beauty Startup Nykaa Files Paper With SEBI To Raise Funds Via IPO

On the 18th of July, the company posted its first-quarter earnings with revenue rising by 18% to ₹ 27,896 crore, which was further aided by the strong growth across segments. The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew 21.4% year-on-year owing to an increase in the revenue as well as a decline in employee expense. The EBITDA margin expanded 70bps year-on-year to 26.6%.

Infosys Limited’s net profit increased to ₹ 5,195 crore up 22.7% from a year ago.

Edelweiss Securities, in a note to its investors, said, “Infosys has posted stellar Q1FY22 numbers. Management highlighted that cloud is becoming a strategic priority for all industries.

“We believe Infosys, given its strong presence in cloud and digital transformation, will remain a major beneficiary of this tech-upcycle which is going to last for three-four years”.

During the quarter, the company managed to win 22 large deals which were worth $ 2.6 billion, out of which nine were in financial services, four each in retail & energy, utilities, resources and services. Two in manufacturing, and one each in communications, high-tech & life sciences segments.

JP Morgan said, “Infosys has emerged as a clear winner in accelerating adoption of IT megatrends and large cost-takeout projects catalyzed by COVID-19. Infosys has outperformed TCS on YY growth for 12 quarters in a row in June 2021,” in a report to its investors.

It added, “While this benefits all firms, its performance remains a standout and reiterates superior execution and recovering competitiveness that merits a re-rating, in our view”.

Out of the 49 brokers tracking the Infosys stock on Bloomberg, 42 have recommended a buy rating, four have a hold on the stock and 3 have a sell rating.

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