Not surprisingly, Infosys is the big gainer on the BSE today morning. The stock is up 12% at Rs.2825, with an intra day high at Rs.2905. Volumes are huge at 2.6 lakh shares in the morning trades today compared to 73,000 shares over past two weeks average.

The company surprised everyone with a much better set of numbers. The market had probably expected the worst and thus the company beat all expectations. It posted a 4% (YoY) rise in consolidated net profit at Rs.2374 crore on a 17% rise in revenue at Rs.11,267 crore. And while all had expected the company to downgrade the guidance, it maintained its earlier US Dollar revenue growth guidance for FY14 - revenue growth guidance of 6-10% and expects rupee revenue to rise 13-17% in FY14.. The company remains cautiously optimistic about rest of the year.

It had liquid assets including cash and cash equivalents, available-for-sale financial assets, and government bonds worth Rs 24,078 crore at the end of the quarter. It added 66 clients in Q1.