LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

Infosys Shares Gain Nearly 4 Percent After Rs 8260-Crore Share Buyback

The gain comes shortly after the IT firm reported a 30 per cent drop in its December quarter net profit.

PTI

Updated:January 14, 2019, 12:23 PM IST
facebookTwittergoogleskypewhatsapp
Infosys Shares Gain Nearly 4 Percent After Rs 8260-Crore Share Buyback
File photo of Infosys (Image Credits: Reuters)
Loading...
New Delhi: Shares of Infosys on Monday rose by nearly 4 per cent after the company approved a Rs 8,260-crore share buyback and also raised its revenue growth forecast.

After a positive opening, shares of the company further gained 3.70 per cent to Rs 709 on BSE.

At NSE, shares of the company jumped 3.90 per cent to Rs 710.20.

India's second largest IT firm Infosys on Friday reported a 30 per cent drop in its December quarter net profit on higher expenses even as it approved a Rs 8,260-crore share buyback -- the second in less than 13 months' time.

Its net profit slumped to Rs 3,610 crore in October-December 2018 from Rs 5,129 crore in the same period a year ago, the company said in a statement.

In spite of the drop in quarterly profit, the company raised its revenue growth forecast for the fiscal year ending March 2019 to 8.5-9 per cent in constant currency terms, from 6-8 per cent previously. Revenue from operations rose 20.3 per cent to Rs 21,400 crore.

Infosys said it will buy back 10.32 crore shares, or 2.36 per cent, for no more than Rs 800 per share -- 17 per cent higher than the closing price of Rs 683.70 per share on the BSE.

Infosys also declared a special dividend of Rs 4 per share.

Sanjeev Hota, AVP Research at Sharekhan by BNP Paribas said, Infosys' performance surprised positively with strong top-line growth for the quarter, though margin performance missed the mark.

"Increase in revenue guidance and better exit rate for FY19 provides comfort on double digit growth in FY20. Buyback quantum seems to be below than expectation, however, will support the stock performance in medium term," he added.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 203.00 3.92
TCS 1,867.80 3.01
Infosys 726.60 3.52
Jet Airways 293.70 -0.25
Reliance 1,129.65 3.00
Company Price Change %Gain
ICICI Bank 372.55 -0.23
Yes Bank 202.95 3.86
Jet Airways 294.40 0.00
NTPC 145.80 0.38
HUL 1,787.65 1.37
Top Gainers
Company Price Change %Gain
Wipro 329.80 5.52
Yes Bank 203.00 3.92
Tech Mahindra 706.25 3.88
Infosys 726.60 3.52
HPCL 241.55 3.25
Company Price Change %Gain
Yes Bank 202.95 3.86
Infosys 726.55 3.66
Vedanta 198.90 3.03
Reliance 1,129.55 3.02
TCS 1,864.20 2.74
Top Losers
Company Price Change %Gain
Maruti Suzuki 7,355.15 -0.72
ICICI Bank 372.75 -0.16
Bharti Infratel 279.75 -0.12
GAIL 324.55 -0.11
Power Grid Corp 192.45 -0.03
Company Price Change %Gain
Maruti Suzuki 7,349.55 -0.72
ICICI Bank 372.55 -0.23
Power Grid Corp 192.40 -0.03

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results