Infotech major Infosys Technologies hit an intra-day high of Rs 3,695, before closing 5.29 per cent higher at Rs 3673.10, on FII buying.
More than 2.88 lakh Infosys shares were traded on the BSE. The current rise in Infosys Technologies is attributed to foreign institutional investors (FIIs).
According to market sources, FIIs seem to be lured by the attractive valuation of the stock. The market is also betting on major top line growth for Infosys, as business is likely to continue flowing following huge cost-cutting measures by US companies.
However, analysts are concerned by the rising value of the Indian rupee against the dollar. For the first quarter ended June 30, 2003, Infosys recorded a net profit of Rs 278.12 crore (Rs 216.85 crore) on total income of Rs 1,114.42 crore (Rs 789.52 crore).
On a consolidated basis, the group posted a net profit of Rs 278.92 crore (Rs 215.63 crore) on a total income of Rs 1,126.64 crore (Rs 789.66 crore).
