Buy Infosys, target of Rs 2350: Hem

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Hem Securities has recommended a buy rating on Infosys Technologies with a target price of Rs 2350 in its July 22, 2009 research report.

"Infosys Technologies Ltd has posted great figures for Q1FY10. The revenues of the company have gone up from Rs.48540 million in Q1FY09 to Rs.54720 million in Q1FY10 showing an increase of 12.73%. Presently the company is running at a P/E multiple of 18.33x to its FY09 EPS of Rs.104.69. Based on the robust financial performance reported by the company, we recommend 'BUY' on the stock with a medium term price target of Rs 2350.00," says Hem Securities' research report.

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