Infosys Hits All-Time High; Board To Consider Share Buyback Proposal
Infosys' market value touched an all-time high of Rs 6.12 lakh crore on the BSE.
Shares of the country's second largest software services company - Infosys - rose as much as 2.72 per cent to hit an all-time high of Rs 1,480 after the company informed exchanges on Sunday that its board will consider a proposal to buyback shares at its upcoming board meet on Wednesday, April 14, 2021. With today's surge Infosys' market value touched an all-time high of Rs 6.12 lakh crore on the BSE. (Track Infosys share price here)
"We would like to inform you that pursuant to Regulation 29(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR Regulations"), the Board of the Company will consider a proposal for buyback of fully paid-up equity shares of the Company at its meeting to be held on April 14, 2021, in accordance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018. The outcome of the Board meeting will be disseminated to the stock exchanges after conclusion of the Board meeting on April 14, 2021, in accordance with the applicable provisions of the SEBI LODR Regulations," Infosys said in a stock exchange filing.
If approved by the board of directors, this will be the second share buyback offer by Infosys in two years. In March 2019, Infosys bought back over 11.05 crore of its equity shares at an average price of Rs 747 for Rs 8,260 crore under the buyback offer.
Infosys will be reporting its March quarter and financial year 2021 earnings on Wednesday. Analysts widely expect the company to report strong earnings in March quarter on the back of higher demand for digitization in the wake of work from home concept amid the ongoing Covid-19 pandemic.
As of 11:06 am, Infosys shares traded 0.15 per cent lower at Rs 1,439, outperforming the Sensex which was down 2.61 per cent.