RALLY! Infosys share price surges for 8th straight day, stock hits new 52-week high today – What investors should know

Rallying for the straight eighth day today, the shares of Infosys on Wednesday hit a new 52-week high with a marginal gain of over one per cent to Rs 1489.4 per share on the BSE intraday today. The information and technology major shares surpassed the previous high of Rs 1,480 hit on April 12, 2021. 

Infosys shares jumped over seven per cent in the last eight days, while around five per cent in the last five days on the BSE as compared to 0.8 per cent rise in the S&P BSE Sensex. 

Infosys in its filing to exchanges on Monday (June 14), said that the meeting of the board of directors is scheduled on July 14, 2021, inter alia, to consider and approve the audited consolidated financial results of the company for the quarter ending June 30, 2021 (Q1FY22). 

In the past week, the stock has gained around 5 per cent, while in one month it has rallied 13 per cent, as compared to a rise of 1 per cent and 8 per cent, respectively in the benchmark index. 

Despite the weak market today, Nifty IT Index is holding the market, Infosys becomes the most gained stock in the index among IT heavyweights. While other IT heavyweights such as Tech Mahindra, TCS, and Wipro are flat but in the green, while HCL Tech also trading flat, but declined by 0.22 per cent. 

The company in its fourth-quarter results reported 17.5 per cent jump in the net profit to Rs 5,076 crore, and announced up to Rs 9,200 crore buyback offer at a maximum price of Rs 1,750 apiece.  

The Board has recommended a final dividend of Rs 15 per equity share for the financial year ended March 31, 2021, the company said in its results filing.