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After losing a $1.5 billion deal, Infosys’s shares fell more than 2%; details

<p>Tuesday saw a 2.5 percent drop in Infosys shares to the day’s low of Rs 1,522.50 on the BSE after the termination of an MOU for a $1.5 billion contract with the IT behemoth. The worldwide corporation has chosen to end the Memorandum of Understanding with Infosys, and the parties will not be pursuing the Master Agreement, according to an exchange filing on December 22. The document said that Infosys was expected to use Infosys platforms and AI technologies to provide improved digital experiences, modernization, and business operations services. An estimated $1.5 billion was spent on the customer target during a 15-year period. In September 2023, Infosys said that it would sign the Memorandum of Understanding.</p>
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<p>The stock of Infosys remains unchanged so far this year. Infosys will release its results for the December quarter on January 11.</p>
<p>Infosys reported a 3 percent YoY increase in net profit to Rs 6,212 crore in Q2FY24. The quarter’s total revenue of Rs 38,994 crore increased by almost 7% over the prior fiscal year. Over the same time frame, the operating margin increased by 40 basis points to 21.2%.</p>
<p>Infosys’s shares have increased by more than 22.85% over the last six months and more than 137% over the previous five years. The stock has only increased by 2.4% year to date. Because of the Fed chairman’s dovish outlook about rate cuts in the next year and the rise in FII inflows over the last few weeks, IT equities have seen a surge.</p>

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