Infosys share buyback could be at significant premium to the current market price, said YES Securities. That may, the brokerage said, limit downside for Infosys stock in the near term.
Infosys share price: Under a share buyback or repurchase, a company buys back its shares from investors or shareholders. It is usually seen as an alternative, tax-efficient way to return money to shareholders.
Infosys shares in focus: The stock of the IT firm hit its 52-week high on January 17, 2022 and fell to a 52-week low of Rs 1,367 on June 17, 2022. Currently, Infosys stock is trading 2.27 per cent higher from the 52-week low level.
Net profit is at Rs 5,360 crore, or Rs 12.78 a share, compared with Rs 5,195 crore, or Rs 12.24 per share, in the same period a year back, the company said in a statement.
After his reappointment on July 1, Salil Parekh, the CEO of Infosys, will be paid Rs 79.75 crore, an increase of 88 per cent over his previous 5-year term remuneration.