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The IT major Infosys share price has hit its all time high of 1,258.85 on Wednesday. The Infosys share closed at 2.58% up to 2,582. The share has gained on its announcement of a long-term strategic partnership with Daimler AG for a technology-driven IT infrastructure transformation. Analysts are bulling about the stock and expect a further high soon.

ICICI Securities recommends Infosys as one of its top mid cap picks for 2021. The brokerage has set a target price of 1,410 per share. Another brokerage house, Anad Rathi has a buy call on Infosys with a target price of 1,385.

"We expect the company to continue to make a steady improvement in financials in coming quarters. Digital acceleration, large deal wins vendor consolidation and cost rationalisation remain key long term drivers," says ICICI Securities.

As part of the Infosys and Daimler AG deal, after the receipt of regulatory approvals, Daimler AG will transform its IT operating model and infrastructure landscape across workplace services, service desk, data centre, networks and SAP Basis, together with Infosys.

The collaboration will allow Daimler to strengthen its IT capabilities, and Infosys, its automotive expertise.

In July, Infosys won a multi-year digital transformation deal from US investment firm Vanguard. The deal, pegged at about $1.5 billion, is one of the largest-ever for the company and an indication that digital technology spending is on the rise.

Infosys is an IT service company catering to various segments like banking & insurance (~31% of revenues), communication (~13%), manufacturing (~10%), life science (~6%) hi tech (~8%), energy, utilities, resources & services (~13%), Others (3%) and CPG & Retail (~16%).

Geographically the company generates ~62% revenues from Americas, ~24% from Europe and ~14% from Rest of the world. Infosys has shown a visible improvement in performance since the change in management.

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