Infosys is slated to release its June quarter numbers (Q1FY24) on July 20 (Thursday). The firm is expected to follow its peers' suit and post soft numbers for the first quarter of the current fiscal. The IT sector has been hammered for around a year owing to tough macroeconomic conditions, especially due to the fears of a recession in the US economy. However, in the last few sessions, the IT universe has seen immense buying interest. On Tuesday, the technology stocks led the gains and Infosys (up nearly 4 per cent) emerged as the biggest gainer on the index.
The stock gained after the Salil Parekh-led company said it entered into a framework agreement with one of its existing strategic clients to provide artificial intelligence (AI) and automation-led development, modernisation, and maintenance services.
The total client target spend over five years is estimated at $2 billion, the company said in its statement.
(With inputs from agencies)