On the National Stock Exchange (NSE), the stock hit a high of Rs 1,278.85, up 1.6%, and is slightly away from its all-time high of Rs 1,279.30 touched on June 3, 2016.
Thus far in the calendar year 2018, Infosys has outperformed the market by surging 23% as compared to 5% rise in the S&P BSE Sensex. Tata Consultancy Services (TCS) was up nearly 3% to Rs 1,830 today, rallied 36% during the same period.
On Tuesday, post the market hours, TCS said that its board will consider a proposal for buyback of equity shares of the Company, at its meeting to be held on June 15, 2018.
The brokerage firm Sharekhan believes the valuation gap with TCS would reduce as Infosys is catching up the earnings growth and other financial parameters along with consistent execution under stable leadership.
“Given the significant growth opportunity in the agile digital business, Infosys is well on track to execute strategy for digital growth,” Sharekhan said in a stock update. The brokerage firm upgrades rating on the stock of Infosys to Buy from Hold with a revised price target of Rs 1,420.
At 01:11 pm; Infosys was trading 1.6% higher at Rs 1,278 on the BSE, as compared to 0.35% rise in the S&P BSE Sensex. A combined 1.66 million shares changed hands on the counter on the BSE and NSE so far.