Infosys weightage at 8.69%, overtakes ITC in Nifty

Dollar revenue climbed 1.6 percent Q-o-Q to USD 2,100 million in the quarter gone by.

Brokerage houses revised company's earnings per share upwards for next financial years along with raising target price in the band of Rs 3,800-4,150 apiece after revision of full year revenue guidance by Infosys. IT exporter raised its full year (FY14) dollar revenue guidance to 11.5-12 percent from 9-10 percent earlier.

JP Morgan is overweight on the erstwhile IT bellwether and raised target price to Rs 4,000 from Rs 3,800 saying that the company can exceed earnings per share expectation for next two quarters. However, the brokerage house said Infosys is not a 'story without risks'.

Barclays maintained overweight rating with a target price of Rs 4,150 apiece. "Infosys continued with its string of 'beat and raise' quarters with another guidance increase post Q3 results. We maintain earnings per share estimates (13 percent/20 percent ahead of pre-result consensus FY14/15 numbers)," Barclays report said.

Meanwhile, Credit Suisse and Deutsche Bank raised target price on the stock to Rs 3,800. Deutsche Bank suggests to hold the stock, but feels that improving sales growth still remains a challenge.

Meanwhile, the company ranked fifth in terms of market capitalisation that is more than Rs 2 lakh crore while TCS, Reliance Industries, ITC and ONGC are the top four companies with highest market cap between Rs 2.5 lakh to Rs 4.6 lakh crore. The stock touched a fresh record high of Rs 3,723.10, gaining 8.6 percent in five consecutive sessions.

At 11:37 hours IST, it was trading at Rs 3,708.90, up 0.54 percent on the Bombay Stock Exchange.