BofA Merrill upgrades Infosys to buy

Bank of America Merrill Lynch has raised software services provider Infosys Technologies to buy from neutral, according to a note seen by Reuters.

"Infy (Infosys) is one of the key beneficiaries of the uptrend in discretionary IT spending, on higher exposure to enterprise solutions and application development, and we raise it to Buy," the US investment bank said. At 10:22 a.m. (0452 GMT), shares in Infosys were trading barely changed at Rs 3,467.55, while the main stock index was down 0.5%.