Infosys gains nearly 1 pc ahead of June quarter earnings

Mumbai: Shares of Infosys gained nearly one per cent in morning trade Friday on the bourses ahead of the release of the June quarter results.

On the BSE, Infosys opened at Rs 723.30, then gained further ground and touched a high of Rs 726.95, up 0.80 per cent over its previous close.

On the NSE, the stock opened at Rs 722.50, then touched a high of Rs 727.35, registering a rise of 0.81 per cent over its previous close.

“Infosys, a global leader in next-generation digital services and consulting, will announce results for the first quarter ended June 30, 2019 on Friday, July 12, 2019,” the company had said in a regulatory filing.

According to an Emkay Research report, net profit is expected to decline by 11 per cent QoQ due to lower other income and reduction in margins.

“Street will look for signs of recovery in H2 and commentary on spending in key verticals such as BFSI as commentary from US-listed peers has been subdued,” it added.

Meanwhile, on July 9, the largest software exporter TCS reported a 10.8 per cent rise in June quarter net at Rs 8,131 crore.

TCS, had reported a revenue growth of 11.4 per cent to Rs 38,172 crore during the quarter.