“Shares of Infosys and Tata Consultancy Services (TCS) witnessed a surge following the revision of target prices by brokerage Bernstein. At 10:09 am on Monday, Infosys surged by 0.52%, reaching Rs 1443.70, while TCS experienced a 0.22% increase, reaching Rs 3527.00 on the BSE.
Bernstein’s assessment brought differing perspectives for Infosys and TCS. The brokerage upheld an ‘outperform’ rating for Infosys, raising its target share price to Rs 1,600 from Rs 1,580. Similarly, while maintaining an ‘outperform’ rating for TCS, Bernstein reduced its target price to Rs 3,800 from Rs 3,940.
Adding to Infosys’ news, the company announced plans to issue a quarterly performance bonus in November, averaging an impressive 80% payout. Eligibility for this bonus extends to employees at Level 6 (PL6-manager) and those below the band.
On the other hand, TCS unveiled a significant agreement on Monday with Australia’s primary securities exchange, ASX. The collaboration involves implementing TCS’ flagship product, TCS BaNCS for Market Infrastructure, to revolutionize the clearing and settlement platform for the Australian market.
This latest move by TCS comes in the wake of the ‘TCS jump after brokerage Bernstein’ news, indicating significant strides for the company’s expansion and technological advancements.”
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