Infosys hits a new 52-week high

A year ago, Infosys had hit a new 52-week low at Rs.882.50 and today, it hit a new 52-week high at Rs.1177. Volumes are at 90,000 shares traded today v/s two-week average volume of 1.7 lakh shares. Its life time high stands at Rs.1691.65.

Not just Infosys, entire IT pack is in the green. The BSE IT index is up over 2%, leading the gainers. This interest on the IT counter is on account of the depreciating rupee. Yesterday, it hit two year lows of 65.34 against dollar in intraday trade. Today the money markets are closed due to Parsi New Year. Thus IT companies are being celebrated as depreciating rupee means more earnings, what with most companies, on an average, getting 60% of their earnings from USA.

Brokerage houses have been recommending Infosys. Prabhudas Lilladher have recommended a ‘buy’ on Infosys, with a target price of Rs 1,340. BNP Paribas has raised target price of the company to Rs 1,320 per share from Rs 1,200 per share while maintaining its ‘buy’ rating.