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Industrial Products India, Industrial Manufacturers & Suppliers
 




 
   
 
 
 

Infosys hits 5-month high as CLSA

Infosys hits 5-month high as CLSA hikes target
 
Infosys shares hit their highest mark in nearly five months after brokerage major CLSA said the stock is poised to gain another 10 per cent from current levels.
"Infosys is a medium term opportunity for investors," CLSA said, raising its target price on the stock to Rs. 3,330. CLSA maintained its "outperform" call on Infosys. (Track stock)
CLSA also said that Narayana Murthy's track record has ability to meet hurdles. Mr Murthy, founder of Infosys, returned back from retirement in June to take charge of the struggling outsourcer. He has previously said a turnaround will take about 36 months.
Infosys shares traded up 1.2 per cent at Rs. 3,010.50 on the BSE as of 10.05 a.m., in line with the broader BSE IT benchmark.
Infosys shares last traded above the Rs. 3,000 mark on March 7. Infosys shares have gained around 20 per cent since July 12, when the company reported its June quarter earnings, which beat muted estimates.
The sharp fall in the Indian rupee will be a "booster" for Infosys, CLSA added.
The rupee has depreciated over 10 per cent since May. A weak currency helps exporters such as Infosys, who earn a significance portion of their revenues in dollars.
Other IT stocks such as Tata Consultancy Services, India's biggest outsourcer, also saw buying interest today.

 
     
 
   
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