Infosys Outlook: Shares of Infosys reached record high on BSE on 24th August today. With the share price of Infosys reaching a record high of Rs 1755.60, its market cap reached the level of $ 10 thousand crore (Rs 7.43 lakh crore). It is the second IT company in the country after Tata Consultancy Services (TCS) to reach this level. Shares of Infosys reached Rs 1755.60 with a jump of about one per cent today, but after that it was slippery and it fell to today’s low of Rs 1712.50. According to analysts, Infosys has strengthened its position on the back of recent new offers and wide product portfolio. Apart from this, the company is also in a better position on the ESG (Environmental, Social and Governance) front.
At present, there is a bull run in the domestic market i.e. bullish trend and Nifty IT index is the best performer across the world. Investing in IT stocks proved to be better for investors this year. Talking about Infosys, it has outperformed TCS this year mostly due to better than anticipated financial results.
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- According to Santosh Meena, Head of Research, Swastik Investments, the IT sector is showing a boom due to Corona and the management is also sure about the time to come. According to Meena, due to the new rules of China, capital from Chinese tech stocks can be invested in Indian tech companies because there is more stability in policies in India. Due to this, Indian IT stocks are going to remain bullish. However, Meena believes that some correction may be seen in Infosys in the coming trading days. Technically, 1690-1675 is an immediate demand zone, while a correction in it will provide strong support at 1600. Its prices can touch the level of Rs 1900 in the coming trading days.
- Analysts believe that Infosys’ revenue will increase in the financial year 2021-2024 due to increasing digitalisation, focused and sustainable management and increase in mega deals. According to Suyog Kulkarni, Senior Research Analyst, Reliance Securities, by the financial year 2024, the market cap of Infosys can cross the level of $ 11 trillion.
(Article: Surbhi Jain)
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