Infosys share price declines nearly 4% today amid buyback news; check what expert has to say

Infosys share price today: India's second-largest information and technology company, Infosys on Thursday declined by nearly four percent at around 11:00 am amid buyback offer news. 

The shares of the company are trading at Rs 1350 apiece as compared to the previous session close at Rs 1391 per equity share. The stock saw a negative opening today at Rs 1355 per share. 

India’s software services company, Infosys reported a 2.6 per cent fall in the quarter in its consolidated net profit to Rs 5,078 crore in the fourth quarterly results of the financial year 2020-2021. The decline was impacted mostly by weak margin performance in this quarter. 

According to Bhaumik, Infosys is a good stock with beautiful fundamentals and the shares of this stock should be purchased with a target of Rs 1400-1500 per share in the next three-four months. She also recommends a stop-loss of Rs 1270 per equity share. 

The promoter group holds around 13 percent equity stake in Infosys, whereas the remaining shareholding is with the public including mutual funds, foreign portfolio investors, and financial institutions as of March 2021. 

Infosys has exited FY21 by crossing a milestone of Rs 1,00,000 crore in revenue in FY21, said Infosys Chief Executive Officer and Managing Director Salil Parekh in his management commentary.