Buy Infosys, target price Rs 1600: ICICI Securities

Buy Infosys, target price Rs 1600:  ICICI Securities

ICICI Securities has buy call on Infosys with a target price of Rs 1600. The current market price of Infosys Ltd. is Rs 1358.35.

Infosys Ltd., incorporated in the year 1981, is a Large Cap company (having a market cap of Rs 583776.51 Crore) operating in IT Software sector.

For the quarter ended 31-12-2020, the company reported a Consolidated sales of Rs 25927.00 Crore, up 5.52 % from last quarter Sales of Rs 24570.00 Crore and up 12.28 % from last year same quarter Sales of Rs 23092.00 Crore. Company reported net profit after tax of Rs 5215.00 Crore in latest quarter.

Investment Rationale
Despite the near-term margin headwinds, the brokerage continues to remain positive as Infosys is one of the few companies currently operating at a stronger business momentum (vs pre-Covid). Accordingly, the sharp multiple rerating does not concern us as much as it does in the case of other stocks.

Promoter/FII Holdings
Promoters held 13 per cent stake in the company as of Dec 30, 2020, while FIIs held 32.7 per cent, DIIs 23.8 per cent and public and others 31.7 per cent.

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