Infosys, beat profit estimates on the back of higher than expected rise in September quarter margins. The company’s board approved an interim dividend of Rs 30 per share and a bonus issue of one equity share for every equity share held, leading to a sharp jump in stock prices.
Other IT stocks also jumped tracking gains in Infosys.HCL traded 2.4% higher, while Tech Mahindra gained 0.8%.
The Q2 results are first since Sikka took over as Infosys CEO ON August 1st.He is a former SAP top executive and first non founder CEO of Infosys.
India’s second largest outsourcer had reported a net profit of Rs 2886 Crore on sales of Rs 12770 Crore in the June quarter (Q1).
Over the last few years, Infosys has lagged behind its peers in terms of growth. But today, Dr Sikka said at his first press conference after becoming Infosys CEO “We look forward to become the bellwether of Indian IT industry again”.
He also announced 100 per cent bonus for all employees.