Infosys share price touches new record high, stock trading near buyback price of Rs 1750 apiece
The information and technology major — Infosys shares touched a new record high of Rs 1,755 per share up almost 1 per cent on the BSE intraday trade on Wednesday, amid the strong market. The counter has been trading near its maximum share buyback price of Rs 1,750 per share.
The IT heavyweight on June 25, 2021, had announced a share buyback programme worth Rs 9200 crore at a maximum price of Rs 1750 per share. The share buyback will be closed on the expiry of six months from the commencement of this programme, the company had said in its statement.
See Zee Business Live TV Streaming Below:
The buyback may close before the six months if Infosys completes the same by deploying the amount equivalent to the maximum buyback size; or at such an earlier date as may be determined by the Board, the company had also mentioned while announcing the buyback.
The Bengaluru-based IT firm will utilise at least 50 per cent of the amount earmarked as the maximum buyback size for the buyback i.e. Rs 4,600 crore. It will purchase an indicative minimum of 26.29 million equity shares based on the minimum buyback size and the maximum buyback price.
The counter, in the last one month, has outperformed the market by gaining 13 per cent as compared to a 5.5 per cent rise during the same period in the S&P BSE Sensex. Infosys has raised its revenue growth guidance by 14-16 per cent for the financial year 2021-22 (FY22) amid a robust deal pipeline.
In Q1FY22, large deal intake was healthy at $2.6 billion (30 per cent new), with 22 large deals signed during the quarter. The deal pipeline remains healthy with a good mix of new and renewal deals, offering good revenue visibility.
The stock at around 11:43 am, is trading flat with a positive bias to Rs 1742.85 per share on the BSE, as compared to 0.35 per cent growth in the S&P BSE Sensex.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
lok-sabha-elections-2024-final phase-7 voting-date-last day to vote general election timings-states-seats-key-candidates-constituencies-ls-polls-general-election-schedule-time-table-results-date
From Axis to IDFC First - These bank stocks can give bumper returns in 3-4 weeks – Check target price and stop loss
Rules Changing from June 1: Aadhaar card update, driving license, LPG price and others - Check Full List
Central Railways' 63-hour mega block to hit Mumbai local train services, check dates and other details
SBI Senior Citizen FD Interest Rates 2024: What Rs 2 lakh, Rs 4 lakh, and 6 lakh, and Rs 8 lakh investments will give you in 1-, 3-, and 5-year FDs
Gold and Silver rate today (May 30, 2024): Precious metal futures trade in red; yellow metal near Rs 72,000, white metal falls by nearly Rs 1,500
12:47 PM IST