Shares of Infosys scaled their fresh all-time high of Rs 1,351.85 in Tuesdays trade on account of weakness in rupee.The IT giant is scheduled to announce its financial results for the June quarter on July 13.The meeting of the board will be held on July 12 and 13 to consider the audited consolidated financial results of the company and its subsidiaries for the quarter ending June 30, 2018, Infosys said in a BSE filing."The financial results will be presented to the board of directors on July 13, 2018 for their approval," it added.Investors will not only be keen on the company's scorecard for the June quarter and its take on the demand environment for tech services, but will eagerly watch out for the management's narrative and operational strategy, given the backdrop of governance-related issues.Shares price of the company have rallied around 30 per cent on a year-to-date basis.
The scrip was at Rs 1,034.6 on January 1 this year.
Falling rupee has lifted IT stocks in the recent past.Edelweiss Securities believes that the top-5 IT playersTata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies (HCLT) and Tech Mahindra (TECHM)to clock -1.1-4.1 per cent QoQ constant currency revenue growth in Q1FY19.
During the quarter, EUR, GBP and AUD depreciated versus USD QoQ, which is likely to impact revenue growth 90-140bps.We expect margins to fall marginally as wage hikes and visa costs are envisaged to be partially offset by rupee depreciation and operational efficiencies.
Considering positive macros and rising digital proportion, we expect revenue growth to accelerate along with significant improvement in managements commentaries, Edelweiss said in a report.The brokerage house maintained Buy on Infosys, Tech Mahindra and HCL Technologies.
However, it has Hold rating on TCS and Wipro.