That could result in a re-rating for the stock given that the rupee is now expected to stay at current levels or depreciate further. The stock at current levels of around 1,770 trades at just under 18 times estimated FY09 earnings and could well command a multiple of 20 times, taking the price to just over Rs 2,000 levels. Even if the market remains weak, Infosys is likely to be an outperformer.
Concerns about the banking and financial services vertical have been addressed; Infosys has actually grown revenues from this space as it has from areas like retail. The other bit of good news is that the deal flow remains strong
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