Near-term uncertainties may keep the stock rangebound
The issue of promoter pledged shares has been an overhang for the scrip, which has been falling for quite some time now
The cement major reported a whopping 108 percent year-on-year growth in March quarter profit at Rs 1,017 crore, driven by sales volume and operating income growth
Brokerages remained mixed in their opinion after subdued growth in March quarter results.
Brokerages remained positive on the stock and some of them increased their price target after strong earnings by lender
The return on Equity for Infosys is expected to increase from 20.7 percent in FY17 to 24.3 percent in FY20 while for TCS, the RoE is expected to increase marginally from 33.5 percent in FY17 to 34.8 percent in FY20.
Post-correction, the stock is now trading at an FY19 estimated price-to-earnings of 14 times
The company enjoys the uptick in maize prices, improving capital allocation, and available production capacity.
IRB Infrastructure happens to be our top idea in the sector
CLSA said strong growth in US is positive for most firms, but more for Infosys & Cognizant while strong growth in CMT is positive for Tech Mahindra, Wipro & HCL Technologies
At its current market price, the stock is trading at a reasonable valuation of nearly 15 times FY19 estimated earnings