(MENAFN) India's Infosys net profit grew 29 percent in the second quarter, supported by a strong US dollar and cost reductions, while it announced a bonus stock issue, sending its shares soaring, Times of Oman reported.
Infosys posts a net profit of USD505 million during the third quarter, an increase from USD392.7 million in the same period last year and ahead of forecasts of USD482.9 million.
Indian second-largest IT services exporter's chief operating officer said that "Our efforts to bring in operational efficiencies yielded encouraging results during the quarter." The news sent shares in the firm surging nearly 7 percent, to reach USD63.41 thousand, before they retreated to USD62.97 thousand, still up 5.9 percent.
The company, whose earnings are mainly dollar-denominated as it derives around 75 percent of revenues from abroad.
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