Infosys Hits Record High, Surges Over 100% From Lows Hit In March

Shares of the country's second largest information technology company - Infosys - rose as much as 2.5 per cent to hit an all-time high of Rs 1,251 on the National Stock Exchange after the company said it has won a long-term contract from German automotive major Daimler to drive hybrid-cloud powered innovation and IT infrastructure transformation. This is the second large deal for the Bengaluru-based software major this year after it bagged a multi-year digital transformation deal from the US investment firm Vanguard in July. Infosys did not, however, disclose the size of the deal.

Infosys will help Daimler upgrade its IT operating model and infrastructure across workplace services, service desk, data centre, networks and SAP (systems applications and products).

As a part of this partnership, automotive IT infrastructure experts based out of Germany, wider Europe, the US and the APAC region will transition from Daimler AG to Infosys.

"As we embark on this journey, we will bring together capabilities, ecosystems and a hybrid cloud infrastructure that will shape new experiences for Daimler AG and the industry at large. Infosys has deep expertise in helping our clients across the globe navigate their digital journeys, and as part of this strategic partnership, we look forward to setting a new standard for the automotive industry," Salil Parekh, Chief Executive Officer, Infosys said.

Infosys shares have surged as much as 136 per cent since lockdown was announced in March. So far this year, Infosys shares have advanced 71 per cent.

As of 1:42 pm, Infosys shares were trading 2.4 per cent higher at Rs 1,250, outperforming the Nifty which was up 0.7 per cent.