Infosys revives on buzz of Nilekani's re-entry at the helm

Infosys rose 2.05% to Rs 895.20 at 14:20 IST on BSE on buzz the company's co-founder Nandan Nilekani is likely to return as the head of the IT bellwether.

Meanwhile, the S&P BSE Sensex was up 127.85 points, or 0.41% to 31,419.70.

High volumes were witnessed on the counter. On the BSE, 17.49 lakh shares were traded in the counter so far, compared with average daily volumes of 4.79 lakh shares in the past one quarter. The stock had hit a high of Rs 904 and a low of Rs 874.55 so far during the day. The stock had hit a 52-week high of Rs 1,080.70 on 14 October 2016. The stock had hit a 52-week low of Rs 861.50 yesterday, 22 August 2017.

The stock had underperformed the market over the past one month till 22 August 2017, falling 10.49% compared with 2.3% decline in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 8.61% as against Sensex's 2.36% rise. The scrip had also underperformed the market in past one year, declining 13.62% as against Sensex's 11.81% rise.

The large-cap company has equity capital of Rs 1148.48 crore. Face value per share is Rs 5.

The developments come a few hours after Narayana Murthy postponed his conference call with Infosys investors citing health issues, as per reports. Murthy, who was slated to hold the conference at 18:30 IST today, 23 August 2017, now will hold the call on 29 August, reports added.

Nilekani was Infosys' CEO for five years till 2007. He left the software major in 2009 to become Chairman of the Unique Identification Authority of India (UIDAI).

Vishal Sikka, the first non-co-founder CEO of Infosys, stepped down on 18 August 2017 citing continuous distractions and increasingly personal attacks on him. The Infosys board blamed Murthy's continuous assault as the primary reason for Sikka putting down his papers. Shares of Infosys had tumbled 14.45% in two trading sessions to settle at Rs 873.50 on 21 August 2017, from its closing of Rs 1,021.15 on 17 August 2017. Shares of Infosys had risen 0.42% to settle at Rs 877.15 yesterday, 22 August 2017.

Infosys' consolidated net profit fell 3.3% to Rs 3483 crore on 0.2% decline in revenue to Rs 17078 crore in Q1 June 2017 over Q4 March 2017.

Infosys is a global leader in technology services and consulting.

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