Buy Infosys, target price Rs 1278: ICICI Direct

ICICI Direct has buy call on Infosys with a target price of Rs 1278. The current market price of Infosys is Rs 1269.1. Time period given by analyst is Intra Day when Infosys price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 1253.

Infosys, incorporated in the year 1981, is a Large Cap company (having a market cap of Rs 527199.01 Crore) operating in IT Software sector.

Infosys key Products/Revenue Segments include Software Development Charges and Software Products for the year ending 31-Mar-2022.

Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 38112.00 Crore, down -2.49 % from last quarter Total Income of Rs 39087.00 Crore and up 15.80 % from last year same quarter Total Income of Rs 32913.00 Crore. Company has reported net profit after tax of Rs 6134.00 Crore in latest quarter.

The company’s top management includes Mr.Nandan M Nilekani, Mr.Salil Parekh, Ms.Kiran Mazumdar Shaw, Ms.Chitra Nayak, Mr.D Sundaram, Mr.Michael Gibbs, Mr.Uri Levine, Mr.Bobby Parikh. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-03-2023, the company has a total of 415 Crore shares outstanding.

Investment Rationale
Stock forming base after recent gap down action while holding above the bullish hammer like candle suggest technical pullback likely incoming sessions.

Promoter/FII Holdings
Promoters held 15.14 per cent stake in the company as of 31-Mar-2023, while FIIs owned 35.09 per cent, DIIs 33.46 per cent.