Infosys rose 1.35% to Rs 1,045.75 today on the NSE after the company announced that it has entered into a joint venture pact with Saudi Prerogative Company in Saudi Arabia to conduct IT services for customers there. The announcement was made after market hours on Friday, 2 September 2016.
In the Joint Venture, Infosys owns 70% while the rest 30% will be held by Saudi Prerogative Company. Infosys' 70% in this Joint Venture is a cash investment of $312,671 by the company in the equity share capital of the proposed Joint Ventured Company.The agreement is the matter to the approval of Saudi Arabian General Investment Authority.
Infosys' net profit fell 4.5% to Rs 3436 crore on a consolidated basis.Revenue went up by 1.4% to Rs 16782 crore in Q1 June 2016 over Q4 March 2016. The results are according to the IFRS (International Financial Reporting Standards).
On NSE, so far 16,85,170 shares were traded in the counter as against average daily volume of 3376814 shares in the past 20 days. Infosys share price has hit a high of Rs 1,048.90 and a low of Rs 1,035 so far during the trade. The stock had hit a record high of Rs 1,279.30 on 3 June 2016.
The stock had underperformed the market over the past one month till 2 September 2016, sliding 4.91% as against Sensex's 1.97% rise. Infosys share price had also underperformed the market in past one-quarter; declining 18.19% as against Sensex's 6.29% rise. The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.
Infosys is in the list of top 500 performing stocks picked by Dynamic Levels for the quarter. For support and resistance levels of the stock, check Infosys share price forecast page of Dynamic Levels website.
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