Infosys gains on fixing record date for 1:1 bonus

Shares of Infosys gained 1% to Rs 1,397 levels on the BSE in intra-day trade, after the information technology (IT) firm said it has fixed September 5, 2018 as record date for the purpose of allotment of bonus shares/stock dividend. The stock will turn ex-date for bonus shares on September 4, 2018. The record date announcement was made during market hours on Friday.

The stock had underperformed the market in last week, by falling 3.6% after the company’s chief financial officer (CFO) M. D. Ranganath decided to leave the company. In comparison, the S&P BSE Sensex was up 0.8% till Friday. The scrip touched an all-time high of Rs 1,437 on August 17, 2018 on the BSE in intra-day trade.

The brokerage firm Motilal Oswal Securities has ‘maintained buy’ rating on the stock with a target price of Rs 1,600 per share.

Also Read: Ranganath's exit from Infosys can puncture stock's momentum, say analysts

"Infosys’s stock rallied 38% CYTD and 26% FTYD, leaving little room to absorb more instability. Hence, we expect the stock to lose some of the built-up steam in the near future," the brokerage firm said in a note.