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Infosys unexpectedly raises forecast, shares surge 17%

India's No.2 software services provider Infosys raised its revenue forecast after posting stronger-than-expected quarterly profit, triggering a near 17 percent surge in its shares, set for their biggest gain in more than a decade.
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Infosys unexpectedly raises forecast, shares surge 17%
Bangalore:

India's No.2 software services provider Infosys raised its revenue forecast after posting stronger-than-expected quarterly profit, triggering a near 17 per cent surge in its shares and adding $4.07 billion to its market capitalization, more than the GDP of Fiji.

Many investors had dumped shares in the company after a string of disappointing quarters eroded Infosys' reputation as the sector bellwether, putting pressure on CEO S.D. Shibulal to win more deals and make the firm more profitable.

"We continue to gain confidence from a strong pipeline of large deals," Shibulal said in a statement on Friday. "We remain cautiously optimistic about the January-March quarter."

The Bangalore-based company unexpectedly raised its sales forecast for the year ending March 31 to at least $7.45 billion, including $104 million in additional revenue following its acquisition of Switzerland-based consultancy Lodestone Holdings.

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