Infosys stock regains sheen

Infosys stock on Monday gained a healthy 3.74 per cent, on what seems to have been renewed confidence in the firm since April 14 when it made its cold forecast for the June quarter.

That the firm announced the dates for its sponsored ADR offer may also have added to the stock surge. The Bangalore-based IT services firm's saw 2,31,666 shares change hands on the BSE and 12,29,515 on the NSE.

This was nowhere near the trading witnessed in the two or three days immediately after Infosys' Q4 FY05 results.

Net turnover on both the exchanges at the time was over three times Monday's trade. The stock ended at Rs 2096.85, up 3.74 per cent on the BSE, and Rs 2096.60, up 3.71 per cent, on the NSE. The stock price reached intra-day highs of Rs 2013.70 and Rs 2013.50, respectively.

The stock may have added 3.74 per cent on Friday's closing price but a look at the BSE's historical data on the weighted average price of the stock shows Monday's price is only slightly better than the pre-results prices of April first week.

Infosys informed the exchanges on Friday that its American depository receipt issue would open on Monday and end on May 19. The firm is seeking to convert up to 1.6 crore equity shares listed on Indian stock exchanges into ADRs.