Infosys’ m-cap touches $100 billion

MUMBAI: Shares of Infosys Ltd on Tuesday crossed the $100 billion market capitalisation (m-cap), becoming only the fourth firm in the country to achieve this milestone.

The stock was trading at a fresh record high of ₹1755.60 on BSE with market cap of ₹7.44 lakh crore or $100 billion. At 9.25am, the scrip was at ₹1,752.45, up 0.76% from its previous close.

Infosys is now in the league of Reliance Industries Ltd which has a m-cap of $140 billion, Tata Consultancy Services Ltd that has a mcap of $115 billion and HDFC Bank Ltd with mcap of $100.1 billion.

Infosys, in the past few years, has been one of the fastest growing companies or among the top two fastest-growing companies in India among large caps. It is witnessing broad-based traction including cloud and other areas such as in customer experience and cyber security, analysts say.

The company is winning market share and its investments in new areas such as customer experience and cyber security helped it in increasing the total addressable market and target a bigger chunk of the client’s IT budget. The endeavour is to increase pricing in new age technologies and take client specific hikes in areas where Infosys has much better negotiation power during the next 12-24 months, analysts added.

Continued gains in the stock was after the firm increased its fiscal year 2022 revenue guidance to 14-16% growth on a constant currency basis from 12-14% earlier. The firm maintained its operating margins guidance at 22-24%.