Infosys Shares Down After Q4 Numbers, Brokerages Cut TP
Shares of the top IT Company Infosys Limited declined 4% intraday low on the NSE during mid-market trade and are among top losers on the Nifty50 index. The Company on Friday, April-12, had announced its fourth quarter earnings results. Its constant currency revenue grew by 2.1 percent on quarter-on-quarter basis and U.S revenue arrived at USD3,060 million, up 2.4% sequentially. The company forecasts an operating margin of 21 percent to 23 percent for the FY2020 estimates, from earlier guidance of 22-24% for the FY 2019. Following are the Top brokerage’s ratings on Infosys after results: HSBC maintained a HOLD rating on the stock but lowered the target price (TP) to Rs760 from Rs780, while Nomura Holdings down-graded the stock to REDUCE, with a TP of Rs680. Centrum has downgraded the stock to ADD from BUY and REDUCED target price by 3.8% to Rs775, while HDFC Securities also down-graded the stock to NEUTRAL from a BUY and slashed the TP by 6% to Rs.755. During the first afternoon hours of trade, Shares of Infosys was trading at Rs725.15, down by Rs22.60 or 3.02% from its previous closing of Rs747.75 on the NSE. The scrip opened at Rs724.70 and has touched a high & low of Rs731 &Rs712.60 respectively. Subscribe for Free Intraday Trading tips, MCX Free Tips, Commodity tips and Stock Tips Read the full article