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Aug 24, 2012, 05.55 PM IST
Infosys falls 1.1% to Rs 2,448.90 after gaining 7% over the previous four sessions given concerns that hopes for more Fed monetary stimulus may have been overdone.
The software services exporter also hit after Bank of America-Merrill Lynch warns discretionary IT spending, which makes up a good chunk of its revenues, has seen no pick-up, while demand from financial services "remains challenged" in the near-term. BofA-ML adds organisational and leadership transition challenges continue, while a deferred wage hike poses risks of employee retention, in a note written after meetings with Infosys executives including its CFO and dated on Thursday. The investment bank retains the stock at "neutral" with a target price of Rs 2,450.
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