Infosys spurts after BP deal

Infosys has been seeing some spurt in volumes, of over 2 times since the past two days. Today though volumes remain muted, the stock, which had closed yesterday at Rs.3708.05, opened at Rs.3722 and went on to hit an intra day high at Rs.3792.95.

The stock is up after the company announced that it had a signed 5-year group wide IT outsourcing services contract with BP. Though it did not disclose the financial value of the contract, this new agreement will be effective from September 1, 2014 and the geographical scope would include BP's main facilities in Houston, Texas, and in the UK, as well as support in locations as diverse as Azerbaijan, Angola, Brazil and Singapore.