Infosys bags RSI deal from India Post; stock down

MUMBAI: Infosys has joined hands with India Post to implement and manage a platform that will transform the latter’s rural operations. With this new agreement, Infosys will facilitate India Post's Rural Systems Integration (RSI) program.

This initiative is likely to increase the reach of postal services to the country’s rural population, streamlining the distribution of social benefits.

"As the RSI partner, Infosys will develop a service delivery platform using its solutions such as mConnect, TruSync and Finacle. This will allow more than 130,000 rural post offices to offer online services. Additionally, it will also connect and manage more than 130,000 handheld devices used by rural postal workers for distribution of social benefits under the National Rural Employment Guarantee Act and process electronic money orders," said Angel Brokine note.

The brokerage has a neutral rating on the stock after a sharp run-up in the stock price recently.

Meanwhile, Kim ENG India Securities has maintained Buy on Infosys with a target price of Rs 3,000/share based on PER of 16x FY14F.

Infosys is also partnering with India Post to transform its financial services operations and end-user experience under the Financial Services System Integration program.

At 10:10 a.m.; the stock was at Rs 2,865.80, down 0.62 per cent, on the BSE. It touched a high of Rs 2,890 and a low of Rs 2,853 in trade today.