 "Infosys")
Shares of Infosys jumped nearly 4 per cent on Friday after the company’s September quarter earnings for the 2022-23 financial year (Q2FY23) surpassed expectations. Improvement in margins and positive guidance prompted analysts to raise target price (TP) for the stock, even as the company’s revenue growth missed estimates.
Sentiment was also boosted by the Rs 9,300-crore share buyback announcement. On Thursday, Infosys had said that it will buyback shares worth Rs 9,300 crore ($1.15 billion) at a price not exceeding Rs 1,850 per share. The buyback price is 25 per cent higher than its last close of Rs 1,477.
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