Infosys advances after bonus issue

Infosys rose 1.9% to Rs 1,331.20 at 09:33 IST on BSE after the company announced liberal bonus issue after market hours on Friday, 13 July 2018.

Meanwhile, the S&P BSE Sensex was down 39.32 points, or 0.11% to 36,502.31

On the BSE, 2.16 lakh shares were traded in the counter so far compared with average daily volumes of 3.17 lakh shares in the past two weeks. The stock had hit a high of Rs 1,345 and a low of Rs 1,288.35 so far during the day. The stock hit a 52-week high of Rs 1,358 on 3 July 2018. The stock hit a 52-week low of Rs 861.50 on 22 August 2017.

On a consolidated basis, Infosys' net profit declined 2.1% to Rs 3612 crore on 5.8% rise in revenues to Rs 19128 crore in Q1 June 2018 over Q4 March 2018. The net profit included impact of Rs 270 crore on account of reduction in the fair value of assets held for sale.

Infosys board of directors also considered, approved and recommended a bonus issue of one equity share for every equity share held and a stock dividend of one American Depositary Share (ADS) for every ADS held, as on a record date to be determined.

Salil Parekh, CEO and MD, Infosys said that the strong revenue and margin performance in this quarter shows that the company's dual emphasis on Agile Digital and AI-driven Core services is resonating with clients.

Infosys is a global leader in next-generation digital services and consulting.

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