Infosys gets its mojo back!

Infosys, along with other IT stocks is doing well today. The stock hit a new 52-week high today morning at Rs.3060 and it continues to hover at the same high level.

The stock is up on two counts. Firstly, there is large scale buying on the IT counter  as many foreign brokerage houses are recommending accumulation of export oriented IT stocks, given the prolonged  weakness of the rupee. Secondly, with Narayana Murthy in charge, there is now hope that the company will bounce back with vigor. Last week, in an interview to a leading business newspaper, he said that the company had been plagued with a combination of factors - lack of focus on large outsourcing deals, increase in costs and low employee morale. Murthy is now planning to focus aggressively.