Buy Infosys, target price Rs 1340: ICICI Securities

Buy Infosys, target price Rs 1340:  ICICI Securities

ICICI Securities has buy call on Infosys with a target price of Rs 1340. The current market price of Infosys Ltd. is Rs 1240.1.

Infosys Ltd., incorporated in the year 1981, is a Large Cap company (having a market cap of Rs 528294.82 Crore) operating in IT Software sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 24570.00 Crore, up 3.82 % from last quarter Sales of Rs 23665.00 Crore and up 8.58 % from last year same quarter Sales of Rs 22629.00 Crore. Company reported net profit after tax of Rs 4858.00 Crore in latest quarter.

Investment Rationale
The stock during last week has generated a breakout above the last 10 weeks’ range (Rs 1,186-1,051) and MACD in buy mode

Promoter/FII Holdings
Promoters held 13.2 per cent stake in the company as of June 30, 2020, while FIIs held 30.5 per cent, DIIs 25.4 per cent and public and others 31 per cent.

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