January 14, 2019 / 4:22 AM / 4 months ago

BUZZ-India's Infosys climbs on raising FY guidance, buy-back announcement

** Shares of India’s second largest software services exporter Infosys Ltd rise as much as 3.9 pct to 710.2 rupees, their biggest intraday pct gain since Nov 28

** Stock is the top pct gainer on the NSE index; helping offset losses in the index by 19 index pts

** Co on Friday upped its revenue growth guidance to 8.5-9 pct in constant currency terms for FY 2019, from 6-8 pct previously

** Jefferies said despite slight miss in margin, Infosys’ Q3 results surprised positively and was well ahead of its estimate.

** Jefferies maintains price target at 820 rupees, rating “buy”

** Wells Fargo said that Infosys is making progress with “new” offerings, but they are still a small part of the revenue base suggesting continued overall price pressure.

** Co also approved a buyback of shares worth 82.60 bln rupees.

** However, Infosys posted a 29.6 percent fall in qtrly net profit

** 38 of 45 brokerages covering the stock rate it “buy” or “higher”, five “hold” and two “sell” or lower, their median PT is 790 rupees - Refinitiv Eikon data

** More than 7.5 mln shares traded as of 0416 GMT, nearly equalling their 30-day avg of 8.2 mln shares

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