Mumbai: Shares of Infosys Ltd on Monday hit an all-time high, after most brokerage firms increased the price target on the stock after its earnings beat estimates.

The stock rose as much as 8.2% to touch a high of ₹ 1,267.90, the maximum gain in nine months. The scrip closed 5.70% higher at ₹ 1,238.80 apiece. So far this year, the stock is up 12.15%.

Brokerage firms including Jefferies, Prabhudas Lilladher, Edelwiess Securities, Religare Securities, IDFC Securities, Kotak Securities, PhillipCapital and IDBI Capital have increased the price target on the stock.

Infosys reported a 1.6% rise in fourth quarter dollar revenue and expects it to grow between 11.8% and 13.8% in the current fiscal year, even as India’s second-largest software services firm closes the fiscal year with an industry-leading growth of 9.1%.

Infosys said on Friday that revenue for the three-month period ended 31 March totaled $2.44 billion, compared with $2.40 billion in the December quarter. In constant currency terms, revenue grew 1.9% sequentially. Net profit grew 1.7% to $533 million from $524 million in the October-December period. In rupee terms, revenue grew sequentially by 4% to ₹ 16,550 crore, while net profit increased 3.8% to ₹ 3,597 crore.

“Strong guidance for FY17 estimate revenue at 11.8-13.8% year-on-year implies sustained industry leading growth which should support premium valuations. 4Q16 growth was slightly below estimates although margin beat was a positive surprise given recent concerns on Infosys’s aggressive pricing approach. Client metrics and attrition continued to show steady improvement with robust deal pipeline and positive commentary on outlook. We raised the rating of the scrip to ‘buy’ and increased its target price to ₹ 1,390 a share," rating firm Jefferies India said in a note to its investors.

Prabhudas Lilladher has reiterated Infosys as the top pick, with a target price of ₹ 1,530 a share, while Edelweiss has kept the rating on the stock on ‘buy’ and increased its target price at ₹ 1,430 a share. IDFC Securities has increased the target price to ₹ 1,380, PhillipCapital raised its target price by 31% to ₹ 1,540, IDBI Capital increased the stock price target by 18% to ₹ 1,381 and Kotak Institutional Equities raised its target price to ₹ 1,425.

Of the analysts covering the stock, 49 have a “buy" rating, seven have a “hold" rating, while three have a “sell" rating, shows Bloomberg data.

Meanwhile, Tata Consultancy Services Ltd (TCS) fell as much as 3% to ₹ 2,449 after a federal grand jury in the state of Wisconsin, US, ordered the company and its Tata America International Corp. unit to pay $940 million for using data from Epic Systems without permission, according to a PTI report on Saturday. The company has said that it will appeal against the verdict.

TCS will also report its March quarter results later on Monday. Analysts expect TCS to report revenue growth of at-best 7.2% (in dollar terms) for the year ended 31 March 2016. That will be the slowest annual growth at TCS since 2009, when Natarajan Chandrasekaran took charge as its chief executive.

BSE IT Index rose 3.09% to 11,632.22 points, while India’s benchmark Sensex index rose 0.74% to close at 25,816.36 points.

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