Buy Infosys With Target Of Rs 3000

Buy Infosys With Target Of Rs 3000Stock market analyst Shardul Kulkarni has maintained 'buy' rating on Infosys Technologies Ltd stock with long term target of Rs 3000.

According to analyst, the investors can buy the stock stop loss of Rs 2740.

Today, the stock opened at Rs 2803.20 on the Bombay Stock Exchange (BSE).

Current EPS & P/E ratio stood at 107.68 and 25.86 respectively.

The share price has seen a 52-week high of Rs 2911.55 and a low of Rs 1720 on BSE.

The company has lifted its full-year income guidance.

Infosys shocked the markets by registering a lower-than-expected net profit for the three month period ended June 30.

The company said that the decline in net profit was mainly due to continued pressure from the European markets, currency instability, pricing pulls, and the burden of increased tax and wage increases.

For the three month period ended June 30, Infosys has recorded a 2.42% fall in its consolidated net profit, which stood at Rs 1,488 crore as against Rs 1,525 crore during the same period of the last year.

Income during for the first quarter remained 13.3% up at Rs 6,198 crore from Rs 5,472 crore in 2009.

For the three month period ended September 2010, IT bellwether has projected an income in the range of Rs 6,563 - 6,626 crore, and Rs 26,441-26,885 crore for the financial ending March 31, 2011.

Moreover, the company plans to appoint hire approx 30,000-36,000 employees in 2010.