Infosys, TCS at all-time highs
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.
More from India
More from World
More from Sports
More from Entertaiment
- Watch: Mother beats her infant son in Bareilly, tries to strangulate him
- Women can enter inner sanctorum of Haji Ali Dargah: Mumbai HC
- Watch: PM Modi's speech on Transforming India at NITI Aayog
- Mysterious fever claims 12 lives in Noida within 15 days
- Panel discussion on Mumbai HC allowing women to enter Haji Ali Dargah
- Samsung Galaxy Note 7 with 6GB RAM, 128GB storage likely to be launched today
- Subramanian Swamy's piece of advice to Rahul Gandhi - Quit politics to save Congress future
- Strong Indo-US ties to strengthen both economies: White House
- First look of Emraan Hashmi's maiden home production 'Captain Nawab' out! - Pic inside
- Despite public outcry over images of man carrying dead wife, Odisha gives clean chit to hospital