Top IT Stock To Buy Amid Attractive Valuation, Growth Visibility, TP Rs 1630: Jefferies

efferies has recommended investors to buy Infosys Ltd shares amid its reasonable valuations and higher near-term growth visibility after Q4 results. The analyst has recommended investors to buy Infosys shares with target price of Rs 1630. Current market price of Infosys share on BSE is Rs 1434.00 per share with intraday gain of 0.47%. Board of Directors of Infosys on April 18, 2024 recommended dividend of Rs 28/share. The ex-dividend date is May 31, 2024. More details below:

Infosys Collaborates with AEEE and IIHS: As per May 9 BSE filing, "Infosys along with Alliance for an Energy Efficient Economy (AEEE) and Indian Institute for Human Settlements (IIHS) today launched 'ASSURE' (Accelerating Sustainable and Super-efficient Real Estate), to decarbonize India's commercial building sector and cement the country's global leadership in climate action and sustainability. The program aims to realize 100 million sq. ft. of high-performance commercial buildings in India by 2030."

Nandan Nilekani, Co-founder and Chairman, Infosys, said, "India's building sector presents a significant opportunity to make progress on our nation's sustainability goals. We are delighted to collaborate with AEEE and IIHS, and to amplify the potential of their nation-wide community of industry leaders, practitioners, knowledge institutions, and students to drive positive climate action. ASSURE - our joint program - creates the next opportunity to make a significant impact on India's environmental footprint, paving the way for a greener and more sustainable future for generations to come."

Infosys Recommends Dividend: As per the April 18 BSE filing of the company, "recommended a final dividend of Rs 20/- per equity share for the financial year ended March 31, 2024 and additionally a special dividend of Rs 8/- per equity share."

Infosys Q4 Results: The IT major for the quarter of Jan-March of Q4 financial year 2024 declared its consolidated net profit at Rs 7,969 crore, up 30% as against Rs 6,128 crore announced in the corresponding quarter of last year. Infosys declared its revenue surged 1.3% to Rs 37,923 crore as against Rs 37,441 crore reported in Q4 of FY2023. Infosys believed its revenue may grow by 1-3% in constant currency for the financial year 2025 (FY25). Meanwhile, for FY24, the IT giant declared the net profit at Rs 26,233 crore, up 8.9% from Rs 24,095 crore declared in FY23. Annual income from operations soared by 4.7% to Rs 1,53,670 crore in FY24 as against Rs 1,46,767 crore in FY23.

Infosys Share Performance: The 52-week high price of Infosys share on BSE is Rs 1731.00 per share (as on 06/02/2024) and 52-week low price is Rs 1239.00 per share (as on 12/05/2023), respectively. The company has a market capitalisation of Rs 5,97,330.58 crore. Infosys shares declined 13% in last 3-months, fell 7% YTD, gained over 4% in last 6-months, and offered return of 13% in last 1-year. In last 2-years, Infosys shares fell 8% and gained over 6% in last 3-years.

About: Infosys is a global leader in next-generation digital services and consulting. It enables clients in more than 50 countries to navigate their digital transformation. It also empowers the business with agile digital at scale to deliver unprecedented levels of performance and customer delight, according to its official website.

Disclaimer:

The stock has been picked from the brokerage report of Jefferies. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.