Infosys shares jumped nearly 8 per cent to their 52-week high on Monday after India’s second biggest outsourcer forecast stronger-than-expected revenue for the current financial year.
Infosys said its 2016-17 financial year constant currency revenue is likely to grow between 11.5 to 13.5 per cent, higher than industry average of 10-12 per cent.
Infosys, which reported its fourth quarter earnings on Friday, said it notched up $750 million in deals (total contract value), indicating market share gains, analysts say.
Brokerages upbeat on Infosys:
Most brokerages raised their targets on Infosys after a solid Q4. Macquarie raised its price target on Infosys to Rs 1,530 from Rs 1,450 earlier.
CLSA raised its target to Rs 1,350 from Rs 1,325 earlier. Credit Suisse increased its target on Infosys to Rs 1,450 from Rs 1,400, while domestic brokerage Kotak raised its target on the stock to Rs 1,425 from Rs 1,300 earlier.