Infosys becomes fourth Indian company to hit $100 billion market cap, shares up 84% in one year
The milestone was achieved during the morning trade when the scrip was trading at its 52-week high value of Rs 1,755.6 on the BSE, which took the m-cap to Rs 74.77 lakh crore or $100.78 billion.
IT major Infosys’s market capitalization (market cap) crossed the $100 billion mark on Tuesday, August 24 as its stock touched an all-time high of Rs 1,755.60 on the Bombay Stock Exchange (BSE). Infosys became the fourth Indian company to a cross-market cap of $100 billion.
Earlier three other Indian companies–Reliance Industries, TCS, and HDFC Bank–have achieved this feat. According to the latest m-cap data, Reliance Industries is the most-valued firm at Rs 13.7 lakh crore, followed by Tata Consultancy Services (TCS) at Rs 13.44 lakh crore and HDFC Bank at Rs 8.42 lakh crore.
Shares of IT companies including Infosys have seen a massive rally over the past year as they are flooded with digitization orders from global MNCs amid the Covid-19 pandemic. Infosys shares have rallied 84% over the past year.
Information technology shares have been witnessing steady buying interest from investors as rising demand for digitalization and transformation to cloud computing in the wake of work from home concept amid COVID-19 pandemic has spurred business for IT companies, analysts said.
The measure of IT shares on the National Stock Exchange, Nifty IT index has jumped 41.28% leading the rally in a world-beating stock market rally in Indian equity markets.
Worth mentioning here is that Infosys had increased its full-year revenue growth forecast in constant currency from 12%-14% to 14-16%. The company guided for an operating margin of 22 to 24%.
