Infosys gains for second straight day in weak market

The stock was up nearly 4% to Rs 1,189 on Wednesday in intra-day trade, extending its Tuesday's 0.6% gain on the BSE.

Infosys was up nearly 4% to Rs 1,189 on Wednesday in intra-day trade, extending its Tuesday’s 0.6% gain on the BSE in otherwise weak market.  The stock trading close to its 52-week high of Rs 1,220 touched on January 24, 2018 in intra-day trade.

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, announced a partnership with Moneythor, a Singapore-based data-driven digital banking provider.

The Moneythor platform, integrated with Finacle, will enable financial institutions to deliver personalised recommendations and insights to customers on numerous digital channels and devices, the company said in a press release.

The new integrated solution will help banks to offer data-driven recommendations and smart Personal Financial Management (PFM) features within their existing online and mobile banking applications.

Moneythor is one of the companies that was recognised as part of the Finacle FinTech Connect, an initiative that builds on ongoing alliances and the Infosys Innovation Fund program to identify promising new FinTechs, it added.

In past two weeks, Infosys has outperformed the market by gaining 8% against a marginal 0.05% rise in the S&P BSE Sensex.
 

Analysts at IIFL Institutional Equities reiterate ‘buy’ rating on Infosys with 12-month target price of Rs 1,250.

“We believe that management and founder-related issues are largely behind, and given new CEO with a credible background, Infosys may see opportunities through new client relationships, hiring senior management, and a refreshed strategy. We see April results during which the CEO will spell out his strategy roadmap and FY19 guidance as the key catalyst for the stock,” the brokerage firm said in recent report.

Infosys is our top large-cap pick in the sector for 2018 underpinned by improving visibility on revenue growth, driven by rebound in BFSI; stable margin profile; and relatively more attractive valuations vs peers driving outperformance.

At 03:16 pm; the stock was trading 2% higher at Rs 1,171 on the BSE, against 0.55% fall in the Sensex. A combined 8.37 million shares changed hands on the counter on the BSE and NSE so far.