Infosys hits 28-month high on rupee woes, CLSA says buy

Moneycontrol Bureau

Infosys rallied more than 2 percent in morning trade Wednesday to touch over 28 months high of Rs 3,126.95. CLSA recommended a buy on the stock due to weak rupee.
The brokerage house has set target price for the stock at Rs 3,550 a share.
CLSA says that earnings per share upgrade of 8-12 percent is likely on weaker rupee and expects clarity on US Immigration Bill in two months. Also Read - Rohan Murthy set to become vice president at Infosys
Meanwhile, the rupee was inching towards 68 level against the US dollar. It was down 159 paise to 67.83 per dollar.
At 09:53 hours IST, the stock climbed 2.02 percent to Rs 3,120 on the Bombay Stock Exchange.
It surged 7 percent in past one month and 32 percent in three months.