Shares of IT giant Infosys jumped nearly 5 per cent in the morning on Friday, after the company reported a 7 per cent increase in consolidated net profit in the April-June quarter and raised its growth outlook for the current financial year.
The company's market valuation rallied Rs 20,843.19 crore to Rs 7,51,247.27 crore during the morning trade. At 12.30, Infosys was trading over 3.28 per cent from the previous day's close, at Rs 1,815.
The jump in Infosys shares comes even as benchmark indices declined over .50 per cent.
Most of the brokerage firms have maintained a buy call and positive outlook after the healthy Q1 numbers. Motilal Oswal Financial Services has a target price of Rs 2,000 on the stock while Nuvama Wealth Management has increased the target price from Rs 1,720 to Rs 2050.
HDFC Securities has an 'add' call on the stock with a target price of Rs 1,900.
Global brokerage firms Nomura and Jefferies too have a 'buy' call on the stock with a target price of Rs 1,950 and Rs 2,040 respectively.
On Thursday, Infosys had reported a 7 per cent rise in consolidated net profit at Rs 6,368 crore in the April-June quarter and raised its growth outlook for the current financial year, signalling an improvement in the IT segment.
In the year-ago period, the company clocked a profit of Rs 5,945 crore.
The consolidated revenue of Infosys increased by 3.6 per cent to Rs 39,315 crore during the reported quarter, from Rs 37,933 crore a year ago.
The company raised its revenue growth guidance for the current fiscal year to 3-4 per cent in constant currency terms from 1-3 per cent predicted earlier.
