Long Term Buy Call For Infosys

Long Term Buy Call For InfosysTechnical analyst Gaurang Shah of Geojit BNP Paribas has maintained 'buy' rating on Infosys Technologies Limited stock to achieve a long term target of Rs 3800-3850.

The analyst said that the stock can be purchased on dips to below Rs 2900.

Today, the stock of the company opened at Rs 3304.90 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 3493.95 and a low of Rs 2565 on BSE.

Current EPS & P/E ratio stood at 118.84 and 25.68 respectively.

Infosys Technologies Ltd recorded around 14% increase in its fourth-quarter consolidated net profit.

India's second biggest software exporter by proceeds stated that the net profit for the three months period ended March stood at Rs 18.18 billion ($409.4 million) as against Rs 16.00 billion during the same period of 2009.

The figure was also greater than the Rs 17.80 billion recorded during the last quarter, which ended on December 31, 2010.

The company's fourth-quarter consolidated income surged around 22% to Rs 72.50 billion as against Rs 59.44 billion during 2010.

Revenue during the last three-month period stood at Rs 71.06 billion.

The average of approximations in a Dow Jones Newswires poll of 27 market analysts was for a net profit of Rs 18.81 billion on revenue of Rs 74.54 billion.

Infosys also stated that a board member and director of HR, T. V. Mohandas Pai, has decided to leave the company w. e. f June 11.