Infosys Technologies rose to a fresh record at the markets. Know why

Infosys Technologies Ltd., India's 2nd largest software exporter, rose to a fresh record after BNP Paribas raised its price target on the stock by 10 percent and said it expected the company to outperform its rivals in the coming quarters.

BNP Paribas said it raised its price target on Infosys to 1,320 rupees a share from 1,200 rupees earlier. That upward revision made Infosys the top gainer in the F&O space.

BNP said in a research report that Infosys was being flexible in deal terms and a weaker Rupee was expected to be beneficial to the software exporter. Infosys was adding fresh consulting partners to its top 200 accounts and CEO Sikka was himself monitoring the top 3 accounts in each vertical in a bid to drive efficiencies and improve performances.

As a consequence, Infosys rose 30 rupees, or 2.6 percent, to 1,174 rupees on the National stock Exchange where 9 lakh shares were traded in the first two hours of trade. Its futures showed a build up of long positions and Open Interest rose 4.4 percent.

(Image credits: Indiatimes)