Buy Infosys, target price Rs 1250: Edelweiss

Edelweiss has buy call on Infosys with a target price of Rs 1250. The current market price of Infosys Ltd. is Rs 1163.35.
Infosys Ltd., incorporated in the year 1981, is a Large Cap company (having a market cap of Rs 495795.51 Crore) operating in IT Software sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 24570.00 Crore, up 3.82 % from last quarter Sales of Rs 23665.00 Crore and up 8.58 % from last year same quarter Sales of Rs 22629.00 Crore Company reported net profit after tax of Rs 4858.00 Crore in latest quarter.


Investment Rationale
IT Stocks after two months of consolidation are showing signs of breaking out. Infosys is trading near its 2-month high with momentum indicator RSI hovering around 60 level. We can see all-time high levels in the stock in coming days.

Promoter/FII Holdings
Promoters held 13 per cent stake in the company as of Sept 30, 2020, while FIIs held 31.7 per cent, DIIs 25 per cent and public and others 30.4 per cent.