Infosys advances after fixing record date for share buyback

Infosys gained 1.17% to Rs 934.50 at 9:41 IST on BSE after the company said that its buyback committee has set 1 November 2017 as the record date for its share buyback programme.

The announcement was made after market hours yesterday, 9 October 2017.

Meanwhile, the S&P BSE Sensex was up 88.35 points, or 0.28% to 31,935.24.

On the BSE, 1.02 lakh shares were traded in the counter so far, compared with average daily volumes of 1.84 lakh shares in the past two weeks. The stock had hit a high of Rs 945.85 and a low of Rs 929.10 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 on 22 August 2017.

 

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

Infosys had approved a proposal to buyback upto 11.3 crore shares, aggregating up to 4.92% of the paid-up equity capital, at Rs 1,150 per share. The maximum buyback size is Rs 13000 crore.

The buyback price still provides a premium of 23.06% premium over the ruling price.

Infosys will announce its Q2 results on 24 October 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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