Infosys share price: Stock hits new record high, surges almost 50% so far in 2021 – know reason

The information and technology heavyweight Infosys’ shares touched a new lifetime of Rs 1,860 per share after surging almost 2 per cent on the BSE intraday trade on Thursday. The stock surpassed its earlier high of Rs 1,848.25 per share hit on October 20, 2021.  

Moreover, Infosys shares have rallied around 23 per cent over the past six months versus 10 per cent rise in the Sensex and jumped over 48 per cent, against 23.5 per cent in the last one year as compared to the benchmark index. 

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The shares of IT major have been trading higher for the third consecutive day, jumping almost 3.5 per cent during the same period. Almost all IT companies’ shares, including Infosys, have been showing strength since the robust quarterly numbers of global IT firm Accenture last week. 

Accenture on December 16 reported robust first-quarter numbers for the financial year 2022. In this regard, the company witnessed a growth of 27 per cent to $15 billion in both US dollars and local currency, it said in an official statement during the mentioned quarter.  

The global IT company upgraded its annual guidance by a massive 700 basis points as it continues to gain from demand for Cloud transformation. And, it also gave a strong FY22 outlook. Accenture follows July to August as a financial year. 

In its FY22 revenue growth guidance, Infosys had also raised to 16.5-17.5 per cent in constant currency (CC) as against 14-16 per cent earlier. This implies a 1.5-2.5 per cent compound quarterly growth rate over the third and fourth quarters, amid broad-based demand, solid deal intake, and healthy deal pipeline.  

In the last one month, the counter has outperformed the market by a wide margin, up around 7 per cent, as compared to a 2.2 per cent fall in the S&P BSE Sensex. Besides, it has gained 6.5 per cent in the past three months as against a 4.2 per cent decline in the benchmark index.