Infosys to consider share buyback; stock jumps 3


Infosys Share buyback program might reach to a conclusion on 19th August as the board members are holding a meeting on the same day.

The Infosys board is yet to declare the amount of share buyback, but most likely the IT major will go for around Rs 13,000 crore, to be paid out to shareholders via dividend or share buyback in 2017-18, BQ report suggest.

Infosys, one of the largest providers of IT services to come out of the country, will hold a board meeting on 19th August.

He added that the company was closing the trading window with immediate effect and the trading window will reopen on August 22.

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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. It has been under a lot of pressure to distribute cash to shareholders. The stock of Infosys opened at Rs 1,010 per share, up by Rs 33.20 or 3.40% as against its previous close of Rs 976.80.

The company, however, did not outline the details of the proposed share buyback in the regulatory intimation.

Infosys has a massive $5.25 billion (nearly Rs 34,000 crore) stash of cash, and it is looking for ways to return a part of it to the shareholders, in absence of other productive uses for it. TCS, India's biggest outsourcer in May this year completed an Rs 16,000 crore share buyback while Wipro announced an Rs 11,000 crore share buyback last month.

The Infosys buyback price maybe at up to Rs 1,200 per share say industry analysts.