Infosys and TCS witness stock surge after Bernstein's target revisions; Quarterly bonuses at Infosys and TCS's ASX deal contribute to positive market sentiment
Shares of Infosys and Tata Consultancy Services (TCS) experienced a surge in value on Tuesday, November 21, following a noteworthy revision of target prices by brokerage firm Bernstein. The stock of Infosys saw a gain of 0.52%, or Rs 7.40, reaching Rs 1443.70, while TCS shares were up by 0.22%, or Rs 7.70, reaching Rs 3527.00 each on the Bombay Stock Exchange (BSE) at 10:09 am on Monday.
Bernstein, in its latest analysis, has upheld an 'outperform' rating for Infosys, accompanied by an upward adjustment of the target share price to Rs 1,600 from the previous Rs 1,580.
Similarly, Bernstein has maintained an 'outperform' rating for TCS; however, it revised the target price downward to Rs 3,800 from the earlier Rs 3,940.
In other notable developments, Infosys announced on Monday its decision to provide a quarterly performance bonus to employees in November, with an average payout of 80%. Eligibility for the bonus extends to employees at position Level 6 (PL6-manager) and those below the specified band.
On the same day, TCS disclosed that it had entered into an agreement with the Australian Stock Exchange (ASX) to deliver a cutting-edge clearing and settlement platform for the Australian market. TCS's flagship product, TCS BaNCS for Market Infrastructure, will be implemented by ASX to facilitate this transformative initiative, as mentioned in a statement by TCS.
This positive news has contributed to the upward momentum in the stock prices of both Infosys and TCS.
No comments:
Post a Comment