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Hold Infosys: Reliance Money
Reliance Money has maintained its hold rating on Infosys Technologies with a target of Rs 1234. Net profit up by 10.3% to Rs 15790 million (Before tax write back of Rs 620 million) and 14.6% to Rs 16410 million (After adjusting for tax write back).
Reliance Money has maintained its hold rating on Infosys Technologies with a target of Rs 1234 in its January 14, 2009 research report. "Consolidated revenues were up by 6.8% qoq to Rs 57860 million , on the other hand EBITDA margins expanded by 200bps to 35.1% and net profit up by 10.3% to Rs 15790 million (Before tax write back of Rs 620 million) and 14.6% to Rs 16410 million (After adjusting for tax write back). Infosys' performance for the quarter gone by was better than expected in INR term; however numbers in USD term continue to disappoint. However, the uncertain industry environment coupled with weak domestic market sentiments will prevent any major spurt in the stock performance in the medium term. The stock will continue to remain under pressure till some positive clarity emerges from the IT budget for 2009 by March 2009. We continue to maintain our HOLD rating on Infosys with a target price of Rs 1234, at our target price stock will be valued at 12x FY09E and 11x FY10E earning," says Reliance Money's research report.
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