Short Infosys above Rs 2800: Sanjay Dutt

One can short Infosys above Rs 2800, says Sanjay Dutt, Director, Quantum Securities.

Dutt told CNBC-TV18, "I wouldn’t buy Infosys. I would be shorting it at every level above Rs 2800. I don’t believe that  the IT companies particularly companies like Infosys have got their models correct. What we have seen right now is  just short covering and the fact that the management had guided down or brought down the expectations to really lower  levels. Currency has benefited more than anything else, nothing dramatic coming out of the cash that they have in their  balance sheet; we are probably seeing a flash in the pan. Best case situation would be a market performer but I am not  a buyer."
The company's trailing 12-month (TTM) EPS was at Rs 129.58 per share. (Dec, 2012). The stock's price-to-earnings  (P/E) ratio was 21.63. The latest book value of the company is Rs 518.20 per share. At current value, the price-to-book  value of the company was 5.41. The dividend yield of the company was 1.68%.