Infosys Share Price: 20 April 2024
Infosys share price has been making waves in the stock market recently. Today, amidst a downturn in the market, Infosys emerged as the top loser on the Sensex with a 1.68% decrease, trading at ₹1,397.80 at 10 AM.
After announcing its fourth-quarter results for the financial year 2024, Infosys saw a 30% increase in consolidated profit, reaching ₹7,969 crore. This surge led to fluctuations in the share price.
Following the results, brokerage firms have revised their ratings and target prices for Infosys. Motilal Oswal expects an increase in IT spending to benefit Infosys in the medium term, setting a target price of ₹1,650.
Kotak Institutional Equities maintains a buy rating on Infosys and has raised its target price to ₹1,750, citing positive prospects for the company.
Similarly, Nuvama predicts that increased spending will drive growth for Infosys in the second half of the financial year 2025, lowering the target price to ₹1,720.
Infosys informed stock exchanges about its results for the January-March 2024 quarter, where it earned a net profit of ₹6,128 crore. The company’s consolidated revenue for the quarter increased by 1.3% to ₹37,923 crore.
In the financial year 2023-24, Infosys saw a significant 8.9% increase in net profit, reaching ₹26,233 crore. The board has recommended a final dividend of ₹20 per share and a special dividend of ₹8 per share for the year.
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