Infosys joins the big league as scrip crosses Rs 4,000 mark

Written by Yoosef K P | Mumbai | Updated: Nov 1 2014, 07:36am hrs
As the shares of IT giant Infosys surged to yet a record high on Friday, it became the 18th Indian company whose equity share is valued more than Rs 4,000 apiece. On Friday, Infosys rallied 2.7% to Rs 4,051.45 and earned the fifth position in the market-cap ranking by pushing out the state-owned Coal India from the list.

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The list of companies that can cheer with share prices higher than Rs 4,000 mark is led by Chennai-based tyre major MRF with a share price of Rs 31,319.40, followed by Tide Water Oil (Rs 15,682.60), Bosch (Rs 14,897.8), Eicher Motors (Rs 12,769.5) in that order.

Of the total 18 companies, as many as seven or a third are MNCs. However, unlike Infosys, most of these companies are closely held with less than 10 crore of outstanding shares trading in the market. While Infosys has 57.42 crore equity shares available for trading, Bosch and Shree Cement has around 3 crore of outstanding shares.

Since mid-June, when Infosys named Vishal Sikka as its chief operating officer (CEO), shares of the IT giant had benefitted from increased buying interest. As they gained 32% in the period, Infosys hit several new life-time highs and its market value rose by Rs 63,737 crore.

While reporting its September quarter earnings, the IT giant not only maintained its dollar-revenue guidance for fiscal 2014-15 but also said it would issue 100% bonus shares to shareholders.