BofA upgrades Tech Mahindra, Infosys on hopes of better earnings

Bank of America Merrill Lynch has upgraded Infosys and Tech Mahindra to ‘buy’ from ’neutral’ citing improved revenue confidence and hopes of better earnings.

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The investment bank has said that the anecdotal evidence indicated that deal closures are picking up and softness in the banking vertical is bottoming.

Infosys rose 1.7 percent, while Tech Mahindra gained 1.8 percent.

Reuters