Moneycontrol Bureau
Shares of IT behemoth Infosys gained marginally in trade today. The stock was up about 0.3 percent at Rs 3632.25 at 12:12pm.
Brokerage house JP Morgan, meanwhile, has continued its overweight stance on the stock after having met the company’s recently appointed chief operating officer UB Pravin Rao. Rao asserted that Infosys will continue to follow company founder Narayana Murthy's three-pronged strategy for revival for now, states the brokerage.
“Rao further added that chief executive officer Vishal Sikka’s client connections, technological wizardry & vision should help Infosys,” the report quotes.
The brokerage advises investors to be patient with the stock as leading indicators of revenue recovery are still at bay.
JP Morgan believes the company is committed to rectifying its core business while building traction in digital/SMAC and adds that it has taken several steps to reduce attrition, the results of which will be visible only after two to three quarters.
Infosys, India’s second largest IT services firm, had hit an attrition record high of 19.5 percent for the April-June quarter this fiscal up from 18.7 percent in the previous quarter.
(Posted by Ritika Dange)
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