Infosys shares jump on revenue forecasts

<p>Revenue forecasts have been maintained by Infosys.</p>

The share price of Infosys has jumped after the company revealed it is maintaining its revenue forecasts at their current levels.

It was announced by the firm that it made a net profit of 23.8 billion rupees (£262 million) in the April to June quarter, which is when co-founder Narayana Murthy returned as chairman.

The profits represent a rise of 3.7 per cent on a year ago and the share price of the company has rocketed in recent weeks since the comeback of Mr Murthy.

"This is far better than what some people in the market were expecting," said Tarun Sisodia, a director at Chanakya Niti Pvt Limited in Mumbai.

Shares in the firm grew in value by as much as 12 per cent on the back of the latest data.

KV Kamath, the current chairman of the firm's board, explained that the return of Mr Murthy was necessary in order for the firm to undergo a "strengthening of the executive leadership during this challenging time".

Learn about the Asian markets and CFD trading at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.