Buy Infosys, target of Rs 2000: Karvy

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Buy Infosys, target of Rs 2000: Karvy

Karvy Stock Broking has maintained its buy rating on Infosys Technologies with a target of Rs 2000. Infosys reported better than expected, Q2 results with revenues and profits growing sequentially by 11.6% and 10% respectively.

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Karvy Stock Broking has maintained its buy rating on Infosys Technologies with a target of Rs 2000 in its October 14, 2008 research report. "Infosys reported better than expected, Q2 results with revenues and profits growing sequentially by 11.6% and 10% respectively. We for FY09 and FY10 expect the company to grow its INR earnings by 26% (to Rs 102.7) and 22% (to Rs 125.1) respectively, with valuations looking very attractive. At the current price it is trading at 11xF10E, with ROCE at 40% plus levels, despite 53% of the balance sheet in cash. We continue with our BUY rating with a price target of Rs 2000," says Karvy Stock Broking's research report.

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