Buy Infosys ; target of Rs 2300: ICICI Direct

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

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ICICI Direct's research report on Infosys

Infosys Ltd (Infy) is one of the leading IT players catering to BFSI, retail, communication, manufacturing & hi tech verticals. The company generates >58% of revenues from digital technologies • Dividend payout (>80%), margins (>20%) and RoCE (>31%) key positives.

Outlook

We continue to remain positive and retain our BUY rating on the stock. We value Infosys at Rs 2,300 i.e. 32x P/E on FY24E EPS.

More Info on Trent

At 16:00 hrs Infosys was quoting at Rs 1,928.20, up Rs 31.20, or 1.64 percent.

It has touched an intraday high of Rs 1,932.95 and an intraday low of Rs 1,879.00.

It was trading with volumes of 421,856 shares, compared to its thirty day average of 254,464 shares, an increase of 65.78 percent.

In the previous trading session, the share closed up 1.03 percent or Rs 19.40 at Rs 1,897.00.

The share touched its 52-week high Rs 1,914.00 and 52-week low Rs 1,230.00 on 03 January, 2022 and 24 February, 2021, respectively.

Currently, it is trading 0.74 percent below its 52-week high and 56.76 percent above its 52-week low.

Market capitalisation stands at Rs 810,927.25 crore.

For all recommendations report, click here

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