Nifty IT index pares gain; Infosys, Larsen & Toubro Infotech stocks gain

Infosys remains the top Nifty gainer, up by 9% after reporting a consolidated net profit of Rs4,272cr increasing by 12.4% from Rs3,802cr in the corresponding period of the previous year.

Jul 16, 2020 01:07 IST India Infoline News Service

IT Stocks Up
Domestic markets erased some of the intraday gains but still trading higher with Nifty around 10,650. The Sensex was up 186 points at 36,238 and the Nifty was up 29 points at 10,647. About 510 shares have advanced, 1,252 shares declined and 389 shares are unchanged.

The Nifty IT gained in nine out of the last 10 trading sessions, the index is up over 2% at 16,812.55.

Infosys remains the top Nifty gainer, up by 9% after reporting a consolidated net profit of Rs4,272cr increasing by 12.4% from Rs3,802cr in the corresponding period of the previous year.

The stock was the most bought stock on Dalal Street during Thursday's trading session, after the IT-giant registered growth in its bottom-line and top-line base for the quarter ending June 2020 (Q1FY21). On Sensex, the Infosys stock has clocked a 52-week high of Rs946.50 per piece. With the all-time high, the stock has advanced by as much as 13.83% so far on today's session.

However, the index pared gains in the afternoon session as selling pressure was seen in Tech Mahindra, NIIT Tech, Wipro and HCL Tech.

On the other hand, Mphasis, LTI, Mindtree and TCS were trading higher.


Larsen & Toubro Infotech, a global technology consulting and digital solutions company, announced its Q1FY21 results on Wednesday. The company’s revenue stood at Rs2,949.2cr, a decrease of 2.1% qoq and growth of 18.7% yoy. Net Income stood at Rs416.4cr, a decrease of 2.6% qoq and growth of 17.1% you.

Meanwhile, Infosys, Tata Consultancy Services (TCS), HCL Technologies and Larsen & Toubro Infotech from the BSE IT index have hit record highs, while Persistent Systems and Mphasis hit 52-week highs today in the morning trade.

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