Infosys, TCS jump after brokerage Bernstein revises targets for IT giants

Infosys, TCS share prices: Shares of Infosys and Tata Consultancy Services (TCS) traded higher on Tuesday (November 21) after brokerage Bernstein gave contrasting target prices for the IT companies' stocks. 
The stock of Infosys was higher by 0.52 per cent, or Rs 7.40, at Rs 1443.70, while the shares of TCS were up by 0.22 per cent, or Rs 7.70, at Rs 3527.00 each, on BSE at 10:09 am on Monday. 

What does Bernstein says about Infosys and TCS?

The brokerage has maintained an 'outperform' rating on Infosys, raising its target share price to Rs 1,600 from Rs 1,580. 

Bernstein has also maintained an 'outperform' rating for TCS, but cut the target price to Rs 3,800 from Rs 3,940.

Why were Infosys and TCS are in news?

Infosys on Monday reportedly said that it would give quarterly performance bonus to its employees in November, averaging a payout of 80 per cent.

Employees at position Level 6 (PL6-manager) and those at below band will be eligible for the bonus.

TCS on the other hand, announced on Monday that it had signed an agreement with Australia’s primary securities exchange, ASX, to provide a next-generation clearing and settlement platform to service the Australian market.

"ASX will implement TCS’ flagship product TCS BaNCS for Market Infrastructure to enable the transformation," TCS said in a statement.