Business
Infosys shares: Brokerages raise target price post Q3 results
Shares of Infosys surged more than 1% to Rs 1,898 per share in opening trade on Thursday after the IT giant raised its revenue forecast, as it expects revenue to grow 19.5%-20% for the financial year ending March 2022, while It was 16.5% %-17.5% earlier forecast, while retaining its operating margin guidance.
India’s second-largest IT company reported a 12% rise in consolidated net profit to Rs 5,809 crore in the third quarter of fiscal 2022 from Rs 5,197 crore a year earlier, while its revenue rose 23% to Rs 31,867 crore. Revenue growth was strong. With high churn, Infosys managed profit margins well, led by pyramid management. We raise our FY22-24 forecast by 2-4% and expect Infosys to achieve a 15% EPS CAGR in FY22-24. Our top pick,” Jefferies said in a report.
It maintained a Buy rating with a revised target price of Rs 2,270 (from Rs 2,200). “While Infosys continues to outperform in terms of growth, the third-quarter results have inspired greater confidence in its ability to manage profitability. “
The company posted a profit margin of 23.5% in the third quarter of fiscal 2022, up from 23.6% in the previous quarter. Infosys said growth in the quarter was broad-based, with strong deal momentum and rapid digital transformation across verticals and geographies.
Emkay also maintained a Buy rating with a revised target price of Rs 2,160 (previously Rs 2,100) given the strong earnings momentum and strong demand environment. According to the brokerage, Infosys remains confident of maintaining momentum on the back of broad demand, solid trading volumes and a healthy trading pipeline.
“Q3 FY22 block deal absorption was $2.5 billion (43% new), with 25 block deals signed during the quarter. The deal pipeline remains healthy, with a good mix of new and renewal deals, providing good revenue visibility,” the report said.
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Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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