Canara Robeco Mutual Fund raises stake in Infosys, TCS by March 2023

Canara Robeco Mutual Fund’s stake in Infosys

According to mutual fund data, Canara Robeco Mutual Fund holds 1,92,45,560 shares of Infosys at the end of March 2023, which is 0.46 per cent of the total paid-up capital of the leading large-cap IT company. However, as at the end of February 2023, Canara Robeco Mutual Fund held 1,85,45,060 shares of Infosys, which was 0.45 per cent of the total paid-up capital of the IT company. This means, Canara Robeco Mutual Fund raised stake in Infosys by adding 7,00,500 more shares of Infosys in March 2023 or 0.01 per cent stake in the Indian IT giant.

Canara Robeco Mutual Fund’s holding in TCS

Canara Robeco Mutual Fund is holding 33,20,387 TCS shares at the end of March 2023, which is 0.09 per cent of the total paid-up capital of the leading large-cap IT company, according to mutual fund data. However, as at the end of February 2023, Canara Robeco Mutual Fund held 30,30,887 TCS shares, which constituted 0.08 per cent of the total paid-up capital of the IT company. This means, Canara Robeco Mutual Fund raised stake in this Tata group IT company by adding 2,89,500 more shares of TCS or 0.01 per cent stake in the Indian IT giant in March 2023.

Backing Infosys ahead of TCS, Ravi Singhal, CEO, GCL Broking said, “TCS looks slightly less attractive compared to Infosys, given Infosys’ guidance after weak quarterly results. Those who have a long term view of one to two years can buy Infosys since 1200 1250 on each range keeping stop loss 1100 each level. Infosys share price is expected to go up 1860 per share level in the next two years.”

Ravi Singhal said that TCS shares can be bought around 2900 each range.

Unveiling the investment strategy in IT stocks, Avinash Gorakshkar, Head of Research, Profitmart Securities said, “Both TCS and Infosys stocks are expected to remain in base building mode for next one to two years. Suitable for people who believe in buy, hold and forget strategy.”

Infosys reported weak Q4FY23 numbers sequentially as IT giant’s Q4 PAT came in 6,128 crore, down about 16% QoQ. While revenue also fell by 2.2% QoQ 37,441 crores. In constant currency, the company’s revenue growth came in at 3.2% QoQ and 8.8% YoY. Operating margin was 21% in Q4.

TCS reports net income, blames bank crisis in US for weak Q4 numbers 113.9 billion ($1.4 billion) for the fourth quarter ending March, up 15% over the previous year. However, it came in lower than analysts’ estimates. 115.3 billion on average. Despite this, TCS’s sales grew by 17 per cent to Rs 591.6 billion.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.