Shares of Infosys Ltd. rose to an over one-week high on Monday as the company expects a tax refund, including interest, worth Rs 6,329 crore from the Income Tax Department.
The company has also received a tax demand of Rs 2,763 crore for the assessment year 2022–23, according to an exchange filing.
The company received an order for assessment years 2007-08 to 2015-16, 2017-18 and 2018-19 during the last quarter of FY24. It is evaluating the impact of the orders on the financial statements for the quarter and the year ending March 31, 2024, the filing said.
Shares of the IT major rose 2.13%, the highest level since March 22, before paring gains to trade 1.22% higher at 9:34 a.m. This compares to a 0.80% advance in the NSE Nifty 50.
The stock has risen 7.8% in past 12 months. Total traded volume so far in the day stood at 3.2 times its 30-day average. The relative strength index was at 34.70.
Of the 46 analysts tracking the company, 31 maintain a 'buy' rating, eight recommend a 'hold,' and seven suggest a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies an upside of 11.7%.
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