INSUBCONTINENT EXCLUSIVE:
Brokerages have maintained bullish view on Infosys after the IT major on Friday posted better-than-expected performance for the three months
Analysts have either raised their price targets or maintained them on the stock.
The company posted 23.49 per cent yearon-year rise in
profit at Rs 4,457 crore compared with Rs 3,609 crore posted for the same quarter last year
This was higher than ETNow poll estimate of Rs 4,204.50 crore.
The company raised FY20 constant currency revenue guidance to 10-10.5 per
cent compared to 9-10 per cent earlier
The investigation into the recent whistle-blower allegations concluded with no evidence of wrong-doing found against the company, CEO and
CFO, which analysts said is a relief
Shares of Infosys ended up 1.5 per cent at Rs 738.25 on Friday.
Upgraded guidance and investigation outcome should be well received by the
market, said UBS.
Kotak Institutional Equities said Infosys is well-positioned to grow at a level similar to or faster than peers.
Axis
chit for the management would clear the decks to bring focus back on business
key industry verticals BFSI and retail to see cyclical slowdown in FY21 and the base for comparables continues to get more challenging,
particularly over the next three quarters going into the US elections.
