MFs’ Infosys stake at 18-year high

The domestic fund managers have been raising their bets on information technology (IT) major Infosys. The shareholding pattern data shows that mutual funds (MFs) raised their stake to 12.75 per cent in the December quarter from 11.55 per cent in the previous quarter. This is the highest stake held by mutual funds in the company since 2001, when stocks of software services companies were falling after several years of boom. Fund managers have turned bullish on the company given its stronger growth performance in constant currency terms vs Tata Consultancy Services in the past two quarters. Analysts say the company’s improved financials in the September and December 2018 quarters have added to the conviction of fund managers.