Infosys Ltd (NYSE:INFY) Stake Boosted by FDx Advisors Inc.

FDx Advisors Inc. grew its holdings in shares of Infosys Ltd (NYSE:INFY) by 3.5% during the second quarter, according to the company in its most …

Infosys logoFDx Advisors Inc. grew its holdings in shares of Infosys Ltd (NYSE:INFY) by 3.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,989 shares of the technology company’s stock after purchasing an additional 954 shares during the quarter. FDx Advisors Inc.’s holdings in Infosys were worth $299,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of INFY. Next Capital Management LLC bought a new stake in Infosys in the first quarter valued at $26,000. Financial Gravity Wealth Inc. purchased a new position in Infosys during the first quarter valued at $27,000. NEXT Financial Group Inc raised its position in shares of Infosys by 85.7% in the 2nd quarter. NEXT Financial Group Inc now owns 2,492 shares of the technology company’s stock worth $27,000 after purchasing an additional 1,150 shares during the last quarter. Asahi Life Asset Management CO. LTD. purchased a new position in shares of Infosys in the 1st quarter worth about $31,000. Finally, American Beacon Advisors Inc. raised its position in shares of Infosys by 56.2% in the 1st quarter. American Beacon Advisors Inc. now owns 3,139 shares of the technology company’s stock worth $34,000 after purchasing an additional 1,129 shares during the last quarter. 17.28% of the stock is currently owned by institutional investors.

Several equities research analysts recently commented on INFY shares. Citigroup upgraded Infosys from a “neutral” rating to a “buy” rating in a report on Friday, July 12th. BMO Capital Markets set a $13.00 price objective on Infosys and gave the company a “hold” rating in a research note on Monday, July 15th. Wedbush reiterated a “neutral” rating on shares of Infosys in a research note on Friday, July 12th. ValuEngine cut Infosys from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Finally, Wells Fargo & Co set a $12.00 price target on Infosys and gave the company a “hold” rating in a report on Friday, May 31st. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $10.96.

Shares of Infosys stock traded up $0.05 during trading hours on Wednesday, hitting $11.20. 5,493,074 shares of the company’s stock traded hands, compared to its average volume of 10,074,503. The company has a market cap of $47.46 billion, a PE ratio of 20.74, a PEG ratio of 2.13 and a beta of 0.53. Infosys Ltd has a twelve month low of $8.85 and a twelve month high of $11.64. The stock has a 50 day simple moving average of $11.23 and a 200-day simple moving average of $10.79.

Infosys (NYSE:INFY) last posted its quarterly earnings results on Friday, July 12th. The technology company reported $0.13 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.13. The business had revenue of $218.03 billion during the quarter, compared to the consensus estimate of $216.51 billion. Infosys had a return on equity of 25.55% and a net margin of 18.26%. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period last year, the firm earned $0.13 earnings per share. As a group, sell-side analysts anticipate that Infosys Ltd will post 0.55 EPS for the current fiscal year.

About Infosys

Infosys Limited, together with its subsidiaries, provides consulting, technology, and outsourcing services in North America, Europe, India, and internationally. It provides business information technology services, including application development and maintenance, independent validation, infrastructure management, and business process management services, as well as engineering services, such as engineering and life cycle solutions; and consulting and systems integration services comprising consulting, enterprise solutions, systems integration, and advanced technologies.

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Institutional Ownership by Quarter for Infosys (NYSE:INFY)

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Markets Live: Equity indices edge down, Sensex skids 160 points to 37291

RBL Bank has been the stock market darling ever since it hit the primary market in 2016. But the stock has come under severe pressure recently, …

12:25 pm

Oil prices drop on concern over US economy

Brent crude was up 64 cents, or about 1.1 per cent, at $59.28 a barrel at 0255 GMT. – Bloomberg

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of the US economy.

Brent crude was down 31 cents, or 0.5 per cent, at $60.18 a barrel by 0638 GMT, while US crude was down 18 cents, or 0.3 per cent, at $55.60 a barrel. Oil prices rose around 1.5 per cent in the previous session. Click here to read in full the global oil markets report.

12:15 pm

Indiabulls Housing Finance shares drop 8% on Nifty replacement

Shares of Indiabulls Housing Finance on Thursday dropped 8 per cent as Nestle India will replace the company in the benchmark Nifty 50 index from September 27.

The scrip tanked 7.97 per cent to Rs 420.80 on the NSE. Shares of Nestle India, however, rose 2.97 per cent to Rs 12,890.

Nestle India will replace Indiabulls Housing Finance in the benchmark Nifty 50 index from September 27, the National Stock Exchange (NSE) said on Wednesday.

“The replacement will also be applicable to Nifty 50 Equal Weight Index,” the bourse said in a release. – PTI

12:05 pm

Equities struggle on recession, Brexit fears

MSCI Asia-Pacific index up 1 per cent. File Photo – Reuters

Global bond yields flirted with record lows while stocks inched down on Thursday, as global recession worries from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.15 per cent, Singapore shares hit eight-month lows, while Japan’s Nikkei shed 0.07 per cent.

On Wall Street, the S&P 500 gained 0.65 per cent on Wednesday, due in part to gains in the energy sector following a rebound in oil prices. But US stock futures lost 0.2 per cent in Asia. Click here to read in full the Asian markets report.

11:55 am

USFDA nod bodes well for Unichem Labs

Unichem Laboratories has received ANDA approval from the USFDA for Solifenacin Succinate Tablets, 5-mg and 10-mg to market (a generic version of Vesicare tablets of Astellas Pharma US, Inc). The tablets are indicated for the treatment of overactive bladder with symptoms of urinary incontinence, urgency, and urinary frequency. Unichem will commercialise the product from its Goa plant. Shareholders of the company will closely monitor the execution.

11:45 am

Shell makes Series-B funding in PRESPL

Global energy major Shell, along with SBI Ventures Neev Fund has jointly made a Series-B funding of Rs 55 crore in Mumbai based bio-energy company- PRESPL.

This is the first investment of the Anglo-Dutch behemoth in Indian a bio-energy firm, and has been directly cleared by the Shell management in the Netherlands. Shell clocked $ 388.4 billion in revenues for 2018. Click here to read in full the report on Shell’s Series-B funding in PRESPL.

11:25 am

Govt sops boost sugar stocks

Stocks of sugar companies soared in an otherwise bearish market, with the Cabinet clearing fresh export concessions for sugar mills.

On Wednesday, the Cabinet approved incentives of Rs 6,268 crore ($876.74 million) to encourage cash-strapped mills to export 6 million tonnes of sugar in the sugar marketing year starting from October 1.

Shares of Bannari Amman Sugar rose two per cent to Rs 1,150, Dhampur Sugar Mills was up 0.15 per cent at Rs 151, Shashi Sugar rose 5 per cent at Rs 8, Dharani Sugar was up 17 per cent at Rs 8 and Bajaj Hindustan Sugar was up 4 per cent at Rs 6.

India is expected to produce 285 lakh tonnes of sugar in this sugar marketing year. With an inventory of 145 lakh tonnes, the total sugar supply is expected to be the highest ever at about 430 lakh tonnes, exerting huge pressure on prices. _ Our Bureau

11:10 am

Gold, silver open firm as rupee remains weak

Quick funds: With NBFCs turning cautions to lending, many customers are option for gold loans, say players. – iStock.com

Gold and silver prices opened with marginal gains in the futures market on Thursday as currency pressure prevailed.

On Thursday, the rupee weakened further to inch towards the Rs 72 levels against the dollar. The Indian rupee opened lower at Rs 71.90 and depreciated further to Rs 71.95 in the early trades.

This comes despite Wednesday’s Cabinet announcements triggering positive sentiment for the sugar industry and farmers for increased incomes in the coming days and better job prospects through the 100 per cent contract manufacturing decision. Click here to read in full the domestic gold market report.

11:00 am

Company News: Kalpataru Power Transmission

Kalpataru Power Transmission informed the exchanges on Wednesday that it received a notice from the World Bank alleging process violations in bids submitted by its transmission business on two projects in Africa more than 7 years ago. The company disagrees with the Bank’s position and intends to contest the proceedings vigorously, it added. Shares of Kalpataru Power slumped 6.95 per cent at ₹441.05 on the BSE on Wednesday.

10:45 am

Gold prices tick up on recession fears, trade uncertainty

Gold prices eked out gains on Thursday against the backdrop of recession fears, with traders tracking signs of progress on the US-China trade talks and global central banks for direction on interest rates.

Spot gold rose 0.2 per cent to $1,542.06 per ounce, as of 0331 GMT. On Wednesday, the bullion ended lower but remained around its over six-year peak of $1,554.56 hit on Monday. US gold futures were up 0.1 per cent at $1,550.80 an ounce. Click here to read in full the global gold report.

10:25 am

Rupee falls 17 paise against US dollar in early trade

Identification of currency notes is key to successful completion of cash-based transactions by visually impaired persons – FRANCIS MASCARENHAS

The rupee depreciated by 17 paise to 71.95 against the US dollar in early trade on Thursday, tracking a weak domestic equity market and persistent foreign fund outflows. Pessimism over US-China trade talks also put pressure on the domestic unit, forex dealers said.

However, a weak dollar against other major currencies overseas and softening crude prices restricted the rupee’s fall, they added. Click here to read in full the rupee report.

10:05 am

Sensex, Nifty trade on a weak note

The benchmark indices, the BSE Sensex and the NSE Nifty, were trading around 0.5 per cent lower in early session on Friday. The Sensex was at 37,291, down 160 points or 0.43 per cent lower, while the Nifty was at 11,003, down 42 points or 0.39 per cent weaker on its overnight close.

The top gainers on the Sensex were Sun Pharma, Vedanta, Tata Motors, Maruti and IndusInd Bank, while the laggards were YES Bank, ICICI Bank, HCL Tech, HDFC and Axis Bank.

The healthcare, metals, capital goods and auto sector shares rose between 0.3-0.55 per cent to prop up the BSE index, while the finance, capital goods, IT and technology sector shares weighed on the benchmark index, losing between 0.40-0.65 per cent during the session.

According to an agency report, the Sensex, which dropped over 250 points in early trade, was dragged by heavy selling in banking stocks ahead of the expiry of August derivatives amid weak cues from other Asian markets.

In the previous session, the BSE barometer settled 189.43 points, or 0.50 per cent, lower at 37,451.84. Similarly, the broader NSE Nifty fell 59.25 points, or 0.53 per cent, to 11,046.10.

During the day, investors can expect greater volatility in the market on the back of weekly and monthly expiration of the August futures and options (F&O) contracts, said Shrikant Chouhan, Head Technical Research, at Kotak Securities.

Foreign portfolio investors sold shares worth a net of Rs 935.27 crore on Wednesday, while domestic institutional investors purchased shares worth Rs 359.32 crore, provisional data showed.

The rupee, meanwhile, depreciated 18 paise against its previous close to trade at 71.95 in early session.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Korea and Japan were trading on a negative note in their respective late morning sessions.

Exchanges on Wall Street ended in the green on Wednesday.

Global oil benchmark Brent crude was trading 0.57per cent lower at 59.59 per barrel. (with inputs from PTI)

9:55 am

Oil prices pegged back by mounting concern over US economy

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of United States (US) economy. Click here to read in full the crude oil market report.

9:45 am

Yen on backfoot as returning confidence dulls safe-haven allure

The dollar held gains against the safe-haven yen on Thursday as ebbing recession worries soothed markets after earlier volatility although the pound nursed its losses as investors became increasingly worried about a hard Brexit. Click here to read in full the global forex markets report.

9:35 am

Why the stock of RBL Bank has fallen 40 per cent over the past month

RBL Bank has been the stock market darling ever since it hit the primary market in 2016. But the stock has come under severe pressure recently, losing about 40 per cent over the past month, since it announced its June quarter results. While the bank delivered strong performance, the management indicating possible deterioration in its asset quality in the next 2-3 quarters, had rattled investors. Click here to read in full the report on why the RBL stock has fallen 40 per cent over the past month.

9:25 am

Asian shares struggle on darkening global outlook

MSCI Asia-Pacific index up 1 per cent. File Photo – Reuters

Global bond yields flirted with record low levels while stocks struggled to recover on Thursday as economic turbulence from intensifying United States (US)-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours. Click here to read in full the global markets report.

9:15 am

Opening bell

The Sensex and the Nifty opened Thursday’s session in the red. The Sensex was at 37,283, down 168 points or 0.45 per cent lower, while the Nifty was at 10,988, down 57 points or 0.52 per cent weaker.

9.00 am

Today’s Pick: Tata Global Beverages (₹280): Buy

The stock of Tata Global Beverages jumped 5 per cent breaking above a key resistance at ₹270 on Wednesday. This rally has strengthened the short-term uptrend and also provides traders with a short-term horizon an opportunity to buy the stock at current levels.

The stock has been in an intermediate-term uptrend since early February 2019 low at ₹177. During the uptrend, the stock had decisively breached a key resistance at ₹220 in May and continued to trend upwards. Short-term trend is also up for the stock. Click here to read in full Today’s Pick on Tata Global Beverages.

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Buy Infosys. target Rs 820: Jayesh Bhanushali

Jayesh Bhanushali of IIFL has a buy call on Infosys Ltd. with a target price of Rs 820. The current market price of Infosys Ltd. is Rs 802.1. Time period …
Jayesh Bhanushali of IIFL has a buy call on Infosys Ltd. with a target price of Rs 820. The current market price of Infosys Ltd. is Rs 802.1. Time period given by the analyst is Intra Day when Infosys Ltd. price can reach the defined target. Jayesh Bhanushali recommended to keep stoploss at Rs 780. Infosys Ltd., incorporated in 1981, has a market cap of Rs 344505.35 crore.

Infosys Ltd. key Products/Revenue Segments include Software Development Charges which contributed Rs 72845.00 Crore to Sales Value (99.64 % of Total Sales) and Software Products which contributed Rs 262.00 Crore to Sales Value (0.35 % of Total Sales)for the year ending 31-Mar-2019.

For the quarter ended 30-06-2019, the company has reported a Consolidated sales of Rs 21803.00 Crore, up 1.23 % from last quarter Sales of Rs 21539.00 Crore and up 13.98 % from last year same quarter Sales of Rs 19128.00 Crore Company has reported net profit after tax of Rs 3802.00 Crore in latest quarter. The company’s top management includes Dr.Punita Kumar Sinha, Mr.D N Prahlad, Mr.D Sundaram, Mr.Michael Gibbs, Mr.Nandan M Nilekani, Mr.Salil Parekh, Mr.U B Pravin Rao, Ms.Kiran Mazumdar Shaw, Ms.Roopa Kudva. Company has Deloitte Haskins & Sells LLP as its auditoRs As on 30-06-2019, the company has a total of 4,295,042,444 shares outstanding.

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Kunal Shah’s Cred Raises $120 Mn at Eye-popping Valuation of $ 450 Mn

According to Cred’s latest regulatory filings, existing investors Ribbit Capital, Gemini Investments and Sequoia Capital led the round. Tiger Global …

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Kunal Shah’s Cred has raised $120 million (nearly Rs 861.39 crores) in its ongoing series B round. Kunal Shah has confirmed the news to the media but refused to divulge any financial details about the deal.

kunal-Shah

kunal Shah – Founder & CEO of Cred

According to Cred’s latest regulatory filings, existing investors Ribbit Capital, Gemini Investments and Sequoia Capital led the round. Tiger Global, Hillhouse Capital, General Catalyst, Greenoaks Capital and Dragoneer also participated in the round. The latest funding round has propelled the Bengaluru based startup’s market valuation to almost $450 Mn.

Shah told Yourstory that the funds will be used for international expansion and create new products in collaboration with financial institutions.

Cred, which is barely nine months old, aims to make people responsible with regards to their credit card payments. It does this by incentivizing the members for paying their credit card payments on time. These incentives mainly constitute of gems and coins that can be redeemed on on-line shopping websites, movie theaters and other recreational places.

The company has already tied up with BookMyShow, Urban Ladder, Airbnb and CureFit for implementing its incentive schemes. Prominent banks like HDFC, ICICI, Kotak and Axis have also collaborated with the company.

Cred is currently members only app. Despite the fact that India has only 50 Mn credit card users, Shah is optimistic that his company will be reaping handsome profit.

Shah must be deriving lot of confidence and inspiration from its past track record. He was the founder and CEO of Fintech startup FreeCharge, which was acquired by Snapdeal for whopping $450 Mn in 2015. This deal is still considered as one of the biggest acquisition deals in India’s startup ecosystem.

Although post-acquisition FreeCharge floundered after failing to compete with Alibaba backed Paytm, the deal certainly made Shah a household name and one of the poster boys of India’s startup ecosystem.

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A91 Partners to invest $10 million in Atomberg Technologies

A91 Partners, the investment fund founded by three former managing directors of Sequoia Capital, is close to investing $10 million in energy efficient …
A91 Partners to invest $10 million in Atomberg Technologies
A91 Partners, the investment fund founded by three former managing directors of Sequoia Capital, is close to investing $10 million in energy efficient and connected fan maker Atomberg Technologies, multiple people in the know said.

The deal will include both a primary and secondary component, giving Atomberg Technologies a post-money valuation of $25 million, sources indicated.

It will also net A91 Partners a 40% stake in the Mumbai-based startup, which was the winner in the ‘Best on Campus’ category at the Economic Times Startup Awards 2019.

The due diligence process is nearly complete and the investment could be concluded very shortly, the people said.

Atomberg Technologies and A91 Partners did not respond to ET’s emails till press time.

IDFC Parampara, which invested $1.5 million cumulatively in Atomberg in previous rounds, will partially exit as part of the deal.

ET could not independently verify the returns the early-stage startup fund would get after A91 picks up the stake.

Hero Group’s Suman Kant Munjal had invested $500,000 in Atomberg as part of a pre-Series A round in May.

Atomberg had raised around Rs 14 crore prior to A91’s investment.

The startup has established its ‘Gorilla’ brand of ceiling and table top fans. It services the Mumbai, Pune, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad markets, and has over 300 service centres.

It also has a manufacturing plant in Mumbai, where it produces brushless DC motors, which it claims utilise 65% less energy compared to normal fans.

Manoj Meena and Sibabrata Das founded the company in 2012 while they were students of IIT-Bombay.

The company was looking to expand its manufacturing unit and increase its presence in other geographies, Meena, who is also CEO of Atomberg, told ET earlier.

The company claims it controls 10% of the fan market in Mumbai, and is quickly reaching that mark in other cities where it has an offline presence.

Going forward, the company plans to launch other simple home appliances that utilise motors, starting with mixer grinders. Atomberg believes its energy efficient BLDC motors and Internet of Things connectivity will make products more attractive to customers.

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