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Infosys share price gains 12% on Q1 earnings, brokerages raise target price

Infosys share price gains 12% on Q1 earnings, brokerages raise target price

Share price of Infosys gained 12.09% to Rs 932 against previous close of Rs 831.45 on BSE

Infosys stock has gained 18% in one year Infosys stock has gained 18% in one year

Infosys share rose in early trade today after the IT major reported a 11.5 per cent growth in consolidated net profit in first quarter current fiscal. Share price of Infosys gained 12.09% to Rs 932 against previous close of Rs 831.45 on BSE. The stock opened with a gain of 8.24% at Rs 900. It has risen 16.77% in the last 2 days. Infosys stock price is trading higher than 5, 20, 50, 100 and 200-day moving averages.

Market capitalisation of IT firm climbed to Rs 3.90 lakh crore. Infosys stock has risen 18.62% in one week, 32.26% in one month and 27% since the beginning of the year. The stock has gained 18% in one year. Total 7.56 lakh shares changed hands amounting to turnover of Rs 69.28 crore.

Nomura referred to Infosys QI earnings as stellar and upgraded the stock to buy with a target of Rs 975. The firm has improved digital positioning, silver linings from COVID and strong client franchise positions well for demand recovery. The brokerage referred to Infy as its top pick and said guidance for growth in FY21 will be taken positively.

Infosys Q1 profit jumps 11.5% to Rs 4,233 crore, pegs FY21 revenue growth at 0-2%