Infosys, the country’s second largest information technology company, Slips 2% Ahead Of Q2 Earnings

Infosys shares: At 10:05, the shares were trading lower by 1.31 per cent on the BSE.

Infosys shares corrected 2 per cent in early trading ahead of its Q2 results scheduled to be declared later in the day. The shares of the country’s second largest information technology company weakened by 2.05 per cent to touch an intra-day low of Rs 1,134.20 on the BSE in early trading. At 10:05, the shares of Infosys were trading at Rs 1,142.80, down by Rs 15 or 1.31 per cent on the BSE.

Infosys had reported a 2 per cent sequential decline in net profit at Rs 4,233 crore in the previous quarter ended June 2020. Infosys’ revenue from operations had risen 1.7 per cent to Rs 23,665 crore in the June quarter from Rs 23,267 crore in the March quarter. On an annual basis, Infosys’ net profit had risen 11.4 per cent from Rs 3,798 crore in the same quarter last year. The Bengaluru-based software services firm had also secured large deals worth $1.74 billion in the March-June period, despite the rampaging coronavirus pandemic.

Meanwhile, the shares of Wipro slipped 7 per cent a day after the IT major announced its second quarter results and share buyback plans. The Bengaluru-based IT major announced a share buyback plan worth Rs 9,500 crore and 3 per cent jump in net profit to Rs 2,466 crore  in the quarter ended September 30, 2020. 

The BSE Sensex was trading at 40,342.41, lower by 265 points or 0.65 per cent and the NSE Nify was at 11843.65, down 88.60 points or 0.72 per cent at the time.

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