TCS, Infy, Wipro shares scale new heights

Mumbai, Jan 13: The IT stocks, which plunged into the red zone ahead of the Infosys quarterly numbers, shot up to a record high on Wednesday, Jan 13.

A day after the IT behmoth Infosys raised its 2009-10 earnings forecast, shares of outsourcing and software giants such as Tata Consultancy Services (TCS), Wipro along with Infosys surged to a new high.

While TCS touched a record high of 774 rupees during the trade, its major competitor Infosys hit a new high of Rs 2,632.

Wipro shot up at Rs 712.80, which is the highest since Apr 2000.

Expressing confidence that IT spending will accelerate in 2010-11, HSBC Securities upgraded Infosys to overweight from neutral.

HSBC raised its target price on the stock to Rs 3,100 as against 2,950, after Infosys raised its FY11-12 earnings per share estimates by 4 to 6 per cent.

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