Ahead of tonight’s earnings, Infosys option volume is well above normal, with nearly 50,000 contracts trading, or 8x normal daily volume. Largest block went up near 11am, with a seller of 15,000 July 35 puts against a buy of 15,000 Aug 40 calls for a net credit of 1.20. With shares near $34.50 at the time of the trade, the initiator is making a significant bullish bet that pays off best gains if shares lift through the 40 strike. July puts were sold at implied vol nearly 20points above the August 40s, illustrating the additional premium due to earnings risk.