The shares of this IT stock, engaged in providing technology, consulting and outsourcing services came into focus on Wednesday after a block deal where shares worth Rs 470 crore exchanged hands.
Stock Performance
With a market capitalization of Rs 6,60,118.56 crore, Infosys Ltd fell nearly 6 percent in Wednesday’s trading session and made an intraday low of Rs 1,564.15 per share compared to its previous closing price of Rs 1,660.60 per share. The shares reiterated from the day’s low and closed at Rs 1,589.60 which is 4 percent lower than the previous closing price.
What Happened
Around 29.8 lakh shares, representing a 0.07 percent stake of the company, exchanged hands in a block deal at an average price of ~Rs 1,575, according to data available on NSE.
This deal comes right after Infosys promoter Shruti Shibulal acquired shares worth Rs 494 crore on Tuesday. She currently holds a 0.07 percent stake in the company.
Infosys was among the top Nifty losers today as Morgan Stanley downgraded its rating to ‘equal-weight’ from ‘overweight,’ due to slowing growth and valuation pressures. The firm has also cut its target price to Rs 1,740 from Rs 2,150.
Company Overview
Infosys is engaged in providing technology, consulting and outsourcing services. The segments of the company include retail, financial services, communication, manufacturing and life sciences among others. Its diverse product portfolio includes Finacle, Panaya platform, Infosys Equinox, Infosys Cortex and many more.
Financial Performance
Looking at the financials, Infosys Ltd reported an 8 percent increase in revenue from Rs 38,821 crore to Rs 41,764 crore in Q3 FY25. This was accompanied by a 12 percent increase in net profits from Rs 6,113 crore to Rs 6,822 crore during the same period.
Written by Shwetha Sairam
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