Mumbai: Shares in leading Indian outsourcing firms Infosys Technologies and Tata Consultancy touched a record high, while Wipro rose to its highest level in nearly a decade, a day after Infosys raised its 2009/10 earnings forecast.
The country’s top software services firm Tata Consultancy hit a record high of 774 rupees in the day, while rival Infosys scaled a new peak at Rs2,632.
Wipro rose to as much as Rs712.80, its highest level since April 2000.
HSBC Securities upgraded Infosys to overweight from neutral, and raised its target price on the stock to Rs3,100 from 2,950, after the IT firm raised its FY11/12 earnings per share estimates by 4-6%.
“We remain confident that IT spending will accelerate in 2010/11 and that Infosys will remain a strong beneficiary,” HSBC Securities said in a note seen by Reuters.
Infosys Technologies, India’s second-largest software exporter, raised its annual sales forecast as big financial services clients boost orders in an improving global economy, pointing to an industry recovery.
The company’s results are generally a trendsetter for the sector peers and has raised expectations they may follow suit.
At 12:38pm, Infosys was up 1.6% at Rs2,630, Tata Consultancy rose 3.2% to Rs773 and Wipro climbed 1.9% to Rs707.60.
India’s main stock index was down 0.4% at 17,358.26 points.