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Infosys gains on fixing record date for 1:1 bonus

The stock was up 1% to Rs 1,397 on the BSE in early morning trade after the Infosys fixed September 5, 2018 as record date for the purpose of allotment of bonus shares / stock dividend.

SI Reporter  |  Mumbai 

infosys

Shares of gained 1% to Rs 1,397 levels on the BSE in intra-day trade, after the information technology (IT) firm said it has fixed September 5, 2018 as for the purpose of allotment of shares/stock dividend. The stock will turn ex-date for shares on September 4, 2018. The announcement was made during market hours on Friday.

The stock had underperformed the market in last week, by falling 3.6% after the company’s chief financial officer (CFO) M. D. Ranganath decided to leave the company. In comparison, the S&P BSE Sensex was up 0.8% till Friday. The scrip touched an all-time high of Rs 1,437 on August 17, 2018 on the BSE in intra-day trade.

The brokerage firm Motilal Oswal Securities has ‘maintained buy’ rating on the stock with a target price of Rs 1,600 per share.

Also Read: Ranganath's exit from Infosys can puncture stock's momentum, say analysts

"Infosys’s stock rallied 38% CYTD and 26% FTYD, leaving little room to absorb more instability. Hence, we expect the stock to lose some of the built-up steam in the near future," the brokerage firm said in a note.


First Published: Mon, August 27 2018. 09:53 IST
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