Investors pick up Infosys on value buying

Infosys rose as much as 1.3% as investors took fresh long positions in the stock which has been battered since its guidance disappointed and led to a slew of downgrades.

Dealers felt that the 15% fall in the last five sessions was over done after the company gave a weaker-than-expected revenue growth outlook for the current financial year when it reported earnings on April 13.

Post results, a slew of analysts have downgraded Infosys. Broking house CLSA lowered Infosys to 'Underperform' from 'Outperform,' with a 12-month target price of Rs 2,630.

The recent losses in the rupee may also be providing some respite to the stock.

The Indian unit touched its weakest level in more than 14 weeks on Thursday and is heading closer to its technical support at 52.12, as the country's economic challenges and a cautious RBI inspire little confidence.

Analysts said that a weak rupee will cushion the Indian outsourcing industry which gets about three-quarters of its revenue from the United States and Europe.

The stock has fallen 16.26% so far in April underperforming the 50-share NSE index, which added 0.19%. At 12:40 p.m., shares were up 0.92% at Rs 2,392.75.