Infosys trades flat despite collaborating with Spirit AeroSystems

Infosys announced that it has entered into a strategic collaboration with a leading aerostructures manufacturer i.e. Spirit AeroSystems. The announcement was made on Monday after the market hours.  

Infosys will be the exclusive IT partner of Spirit AeroSystems. It will leverage its system integration expertise, ecosystem partners, and extensive knowledge of the aviation sector to develop an IT framework. It will be built on infrastructure solutions powered by Infosys Cobalt. 

Reacting to this, the company’s stock gained 2.11 per cent and made an intraday high of Rs 1,331.85 per share at 9.31 am today. 

Meanwhile, the company reported a net profit of Rs 5,215 crore in Q3FY21, an increase of 16.77 per cent. It had reported a profit of Rs 4,466 crore in Q3FY20. The company reported net sales of Rs 25,297 crore for Q3FY21, an increase of 12.28 per cent as against the net sales of Rs 23,092 crore for Q3FY20. 

According to BSE data, the stock traded at a P/E multiple of 31.47 and a price-to-book ratio of 8.31. The stock has a 52-week high and a 52-week low of Rs 1,392.70 and Rs 511.10, respectively. 

At 3.33 pm today, the stock of Infosys Ltd was trading at Rs 1,307.50, up by 0.24 per cent while around 1 pm, it was trading at Rs 1,319.10, up by 1.13 per cent on BSE.