Infosys crosses Rs 4,000 mark; hits new high
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Infosys has moved higher by nearly 2% to Rs 4,016, crosses Rs 4,000 mark on Bombay Stock Exchange (BSE). The stock opened at Rs 3,987 and hit a record high on Rs 4,020 on BSE. A combined 354,764 equity shares changed hands on the counter till 1120 hours on NSE and BSE.
Shares of information technology (IT) major Infosys, the largest contributor in current rally, have contributed nearly 100 points in Sensex gain since September 8.
The stock has outperformed the market by surging 10% from Rs 3,650 compared to 1.2% rise in the benchmark S&P BSE Sensex during the period.
A rally in the Infosys counter helped the IT company to earn a space in the elite club of top five, with a market capitalisation of Rs 2,30,427 crore by pushing out the state-owned Coal India from the list.
Analysts at Edelweiss Securities maintain ‘buy’ rating on the stock with a target price of Rs 4,569.
“The company has maintained its FY15 revenue guidance of 7-9%. It has also announced bonus issue in 1:1 ratio. Dr. Vishal Sikka, CEO, stressed the importance of automation and innovation (using technologies like artificial intelligence (AI), machine learning data science, etc.) and the need for acquisitions to augment organic growth,” Sandip Agarwal and Omkar Hadkar, analysts at Edelweiss Securities said in a report dated October 10.
Meanwhile, according to a Business Standard reports, Chief Operating Officer U B Pravin Rao on Tuesday said Infosys was eyeing large acquisitions in areas such as health care and the government business space in the US, where it already had a subsidiary, Infosys Public Services.
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