Infosys, TCS jump after brokerage Bernstein


Infosys and Tata Consultancy Services (TCS) saw an increase in their share prices after brokerage Bernstein revised target prices for the IT giants. 

Infosys' stock rose by 0.52%, or Rs 7.40, reaching Rs 1443.70, while TCS shares increased by 0.22%, or Rs 7.70, reaching Rs 3527.00 on the BSE at 10:09 am on Monday.

TCS share price

Bernstein maintained an 'outperform' rating on Infosys and raised its target share price from Rs 1,580 to Rs 1,600.

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

Infosys announced it would provide a quarterly performance bonus to employees in November, averaging a payout of 80%.

The bonus is applicable to employees at position Level 6 (PL6-manager) and those below that level.

TCS, on the other hand, signed an agreement with Australia's primary securities exchange, ASX, to offer a next-generation clearing and settlement platform for the Australian market.

ASX will implement TCS' flagship product, TCS BaNCS for Market Infrastructure, for this transformation, as stated in a TCS announcement.