News

Published: September 11, 2024
Updated: September 11, 2024

Oracle Financial Services Soars 3%: A Bright Spot in the IT Sector

Oracle Financial Services Shines

Oracle Financial Services' share price has surged 3%, reaching Rs 11,269.6, outpacing the broader BSE IT index, which rose 0.7% to 42,900.0. This impressive gain makes Oracle Financial Services one of the top performers in the IT sector.

IT Sector Update

The BSE IT index has experienced a mixed bag, with Coforge and ZENSAR TECHNOLOGIES emerging as top gainers, rising 3.6% and 1.9%, respectively. On the other hand, Eclerx Services and TCS are among the top losers, with Eclerx Services dipping 0.1%.

One-Year Performance

Over the last year, Oracle Financial Services has demonstrated remarkable growth, soaring from Rs 4,206.5 to Rs 11,269.6, representing a gain of Rs 7,063.1 (up 167.9%). In contrast, the BSE IT index has risen 31.5% during the same period.

Benchmark Indices

The BSE Sensex has edged up 0.2% to 81,691.1, with Power Grid Corp. and Bharti Airtel leading the gains, rising 1.4% and 1.3%, respectively. The NSE Nifty has also inched up 0.3% to 25,007.0, with Power Grid Corp. and Divis Laboratories among the top gainers.

Financial Update

Oracle Financial Services has reported an impressive 23.1% YoY increase in net profit to Rs 6,167 million for the quarter ended June 2024. Net sales have also risen 19.1% to Rs 17,414 million during the same period.

Oracle Financial Services' impressive 3% gain is a testament to its strong performance in the IT sector. With a remarkable one-year growth of 167.9% and a solid financial update, Oracle Financial Services is poised for continued success.