Monday, July 14, 2008

Buy Recommendation

keep buying on Infosys Technologies as a market performer with a one-year target price of Rs 1690. Excluding the tax reversals (Rs 310 million in Q1 FY09 and Rs 200 million in Q4 FY08), net profit grew by 3.4% qoq. Company reported lower than expected forex loss of Rs 800 million. Further, tax provision excluding any reversal was lower at 10.7% in Q1 FY09 compared to 15.6% in Q4 FY08.

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