New Delhi (Anish Yande): IT majors Infosys and Wipro recorded a rise in share prices following promising quarterly results in the quarter ended on December 31, 2020. The IT service firms recorded a rise in demand for their services during the pandemic. Check here for whether investors should buy stock in these companies now.
Share Prices of Infosys and Wipro:
The share prices of Infosys recorded a rise in its shares by more than 50 points at the start of the week. In previous sessions, the shares of the IT firm rose to a record high of Rs 1,388 per share. Shares of Wipro in the week rose to a record high of Rs 464.90 at the start of the week.
The companies have recently been trading negatively. On Thursday's sessions, Wipro declined to 443 by more than 15 points. Infosys declined to Rs 1,340 per share by more than 44 points following the opening bell.
Infosys quarterly results:
In the Infosys quarterly results, the IT firm recorded growth by 16 percent in its net profit. The net profit of Infosys has been recorded at Rs 5,197 crore for the quarter ended on December 31, 2020. The revenue of Infosys rose to Rs 25,927 crore on a year-on-year basis. The revenue rose by more than 12 percent on a year-on-year basis and 5.52 percent on a quarter-on-quarter basis.
Wipro Quarterly Results:
Wipro recorded a net profit of Rs 2,966 crore in the quarter ended on December 31, 2020. The net revenue of the IT firm rose to Rs 15,670 crore by 1.3%. The dollar revenue growth of the company was at $2,071 million, at a growth rate of 3.7 percent quarter-on-quarter.
The revenue growth in the March quarter grew up to 3.5%, compared to the previous quarter. The company witnessed a rise in demand for its cloud services, digital operations, and transformation services.
Experts have affixed a Neutral and Buy rating on Infosys and Wipro. For Infosys, experts such as Edelweiss Securities have recommended a buy rating citing the contribution of the company to cloud and digital services.
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