In the case of hiring, the IT sector is running fast this year. After giant IT company TCS, Infosys has now announced a large number of new jobs this financial year (2021-22). After presenting good quarterly results, Infosys has said to give jobs to 26 thousand freshers. Talking about the results, the company has earned a profit of Rs 5,074 crore from January to March. It was Rs 5,193 crore in the third quarter.
The board of Infosys has also approved the offer of a share buyback of Rs 9200 crore. The price of one share in the buyback has been fixed at Rs 1750. The company's revenue also stood at Rs 26,311 crore. Given the potential for buybacks, Infosys shares rose 3% to 1,480 on Monday, the highest level in six years. Infosys shares have soared 11% so far in 2021, while the Nifty IT index has risen by 6.6%.
The promoter and promoter group held a 12.95% stake in Infosys as of March 2021, according to exchange filings. All other stakes are held by the public, mutual funds, FPIs, and financial institutions.
The highest number of freshers will be hired from India, out of the 26 thousand freshers who will be employed by Infosys, 24 thousand people will be taken from India while 2 thousand will be taken from abroad. During the last financial year (2020-21), the company was hiring 21 thousand freshers. According to the information given to the exchange, 2,59,619 employees were associated with the company till the end of March. At the same time, the attrition rate remained above 15% for the second consecutive quarter. That is, the rate of those leaving the company was more than 15%.
The stock will reach new highs, according to investment advice
Chandan Tapadia of Motilal Oswal Financial Services, Infosys results are good. The company has announced a share buyback at Rs 1,750, which is about 25% higher than the current level. This buyback of Rs 9200 crore is 1.23% of the total equity.
He said that the results and the commentary of the board will have a positive impact on the stock. The stock will once again touch the new high on Thursday. Investors will be advised to invest in Infosys shares and if you already have an investment, it is advisable to stay in it.
According to Reliance Securities senior research analyst Suyog Kulkarni, Infosys shares can reach Rs 1,920. For this, investors will have to wait for 2 years. It closed at Rs 1,403 on Tuesday. He said that the company has grown by more than 10% in revenue. Apart from this, the company's stake in the digital business has also increased. In such a situation, brokerage houses can increase their target on the stock.
The net worth of Infosys doubled in three years is that the net worth of the company has doubled since 2018. In three years, it has increased from $ 33 billion to $ 69 billion. A big role in this is Salil Parekh, who took over the reins of the company from 2018 onwards. Salil Parekh is the CEO and MD of the company since then.
The largest IT company TCS will hire 40, 000 freshers.
TCS, the largest IT sector company, released the fourth quarter. The company reported a profit of Rs 9,246 crore from January to March. Revenue also grew by about 10% to Rs 43,705 crore. The company has said that it will hire more than 40 thousand freshers during 2021-22.