Nilekani's return to Infosys: The worst is over for firm, say brokerages

Nandan

Infosys gained over 3% in trade on Monday to Rs 941 levels on the National Stock Exchange, after Nandan Nilekani assumed charge as its non-executive chairman over the weekend. The stock hit a high of Rs 953.95 and a low of Rs 938 on the NSE in morning deals. By comparison, the Nifty50 and the Nifty IT indices gained 0.4% and 0.8%, respectively.

Given the development, brokerages have revised their price target for the stock and suggest that the worst may be over for the company as regards corporate governance issues are concerned. Infosys, they feel, can now get back to focussing on tackling business-related issues.

Also Read: Reimagining Infosys: Nandan Nilekani has to restore credibility

Here’s is a quick compilation of what leading brokerages and research houses said.

JEFFERIES
Co-founder Nandan Nilekani was appointed Non-exec Chairman of the board, with current Chairman, ex-CEO and two independent members stepping down. This brings stability to the board, alleviates acrimony with the founders leading to CEO exit last week and eases concerns of potential CEO candidates, the next step in the repair. Stock remains attractively valued given that the strategic direction remains unquestioned and business momentum sustained, maintain Buy

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