Infosys, India's second-largest IT services company, has seen an unprecedented 40% surge in its American Depositary Receipts (ADRs) on the New York Stock Exchange (NYSE). This sudden spike has left many investors wondering what's behind the rally and what it means for the Indian IT sector.
On Friday, Infosys ADRs hit a fresh 52-week high of $30, forcing the exchange to halt trading on two instances due to high volatility. They finally settled at $20.22, up by $1.04 or 5.42% amid large volumes totaling 118.7 million.
The spike in Infosys ADRs comes after Accenture beat Wall Street expectations for first-quarter revenue, driven by robust demand for its artificial intelligence-driven IT services. Accenture's shares were up 0.85% around this time, trading at $274.57 on the Nasdaq.
Remember, this is perspective, not prediction. Do your own research and consider your own financial goals before making any investment decisions. The rally in Infosys ADRs may be a sign of positive trends in the Indian IT sector, but it's essential to stay informed and up-to-date on market developments.
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