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Infosys, TCS at all-time highs

Last Updated: Wednesday, January 13, 2010 - 13:34

Mumbai: Shares in leading Indian outsourcing firms Infosys Technologies and Tata Consultancy touched a record high, while Wipro rose to its highest level in nearly a decade, a day after Infosys raised its 2009-10 earnings forecast.

The country`s top software services firm Tata Consultancy hit a record high of Rs.774 in the day, while rival Infosys scaled a new peak at Rs.2,632.

Wipro rose to as much as Rs.712.80, its highest level since April 2000.
HSBC Securities upgraded Infosys to overweight from neutral, and raised its target price on the stock to Rs.3,100 from Rs.2,950, after the IT firm raised its 2011-12 earnings per share estimates by 4-6 percent.

"We remain confident that IT spending will accelerate in 2010/11 and that Infosys will remain a strong beneficiary," HSBC Securities said in a note seen by Reuters.

Infosys Technologies, India`s second-largest software exporter, raised its annual sales forecast as big financial services clients boost orders in an improving global economy, pointing to an industry recovery.
The company`s results are generally a trendsetter for the sector peers and have raised expectations they may follow suit.

At 12:38 p.m., Infosys was up 1.6 percent at Rs.2,630, Tata Consultancy rose 3.2 percent to Rs.773 and Wipro climbed 1.9 percent to Rs.707.60.

The BSE Sensex was down 0.4 percent at 17,358.26 points.

Bureau Report

First Published: Wednesday, January 13, 2010 - 13:34
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