Brokerage Reliance Securities is positive on Infosys and Ashok Leyland shares with a target price of Rs 1,140 and Rs 93, respectively. Infosys on Friday reported 4.95 per cent rise in consolidated net profit figures at Rs 3,606 crore for the quarter ended September 30, 2016 against Rs 3436 crore in the sequential quarter ended June 30, 2016. On the other hand, Ashok Leyland aims its defence business to quadruple and touch Rs 2,000 crore turnover in next five years. It also aims to provide an entire range of mobility solutions, including missile carrying vehicles to the Armed Forces. The company has already secured 13 out of last 15 tenders. At 12.33 pm, shares of Infosys and Ashok Leyland were trading 0.12 per cent and 0.19 per cent down at Rs 1026.15 and Rs 80.50, respectively. Investment Rationale Infosys: Brokerage firm Reliance Securities is bullish on Infosys shares with a target price of Rs 1,140. The IT major remains on the right track in terms of its strategy of \u2018Renew & New\u2019, which is resonating well with the clients. Healthy deal wins benefit Infosys from any positive movement in IT budgets. At current levels, valuations seem to be reasonably inexpensive. For the quarter ended September 30, 2016, Infosys\u2019 revenue rose by 3.4 per cent qoq (up 3.9 per cent qoq in CC terms) to $2,587mn. Volume grew by 4 per cent qoq (12.2 per cent yoy), while pricing rose marginally. It seems Infosys has largely addressed some of the issues that affected its performance in last quarter, including growth in consulting service line. Infosys bagged large orders worth $1.2 bn in July-September 2016 compared to $800mn in April-June 2016, which implies good traction on deal front. Reliance Securiteis expects ramp-up of these deals would provide needed impetus to sustain above industry double-digit revenue growth in FY17E as well. Ashok Leyland: Ashok Leyland is a flagship company of Hinduja Group. It is the second largest CV manufacturer in India. The company also manufactures spare parts and engines for industrial and marine applications. It also supplies logistics vehicles to Indian Army. Reliance Securities believes healthy monsoon, increase in industrial activity, stable freight rates augurs well for Ashok Leyland\u2019s truck portfolio. Further, new regulations in bus segment opens up new growth opportunity for the company and expansion in defence segment would reduce its dependence on cyclical M&HCV segment. The brokerage house is bullish on Ashok Leyland with a target price of Rs 93.