On June 23, Infosys shares traded in the red in the early hours after unsatisfactory revenue guidance from US tech Accenture raised earnings concerns for the Indian software giant.

Accenture reported a 5% YoY growth in revenue on a constant currency basis for May end, yet the firm still cut its full-year growth guidance, dropping the upper end by 100 bps.
Accenture’s earnings raised concerns of a moderation in deal bookings, shimmering a weak demand environment which hurt sentiment for domestic IT players, including Infosys.

At 9:21 am, Infosys shares were trading at Rs 1,270.15 on the NSE, down around 1% from the previous close.

Despite near-term weakness in demand, MOFSL relics positive on the long-term forecasts of the company and IT services could perceive a strong bounce-back as the macro environment stabilises.

The brokerage firm also sees Infosys as an attractive ‘buy’ at its existing valuation after the stock modified around 30% from its peak succeeding weak earnings in the current quarters.