Infosys stock hits all-time high as firm to consider share buyback on April 14
Infosys stock touched a record high of Rs 1,480, rising 2.72% against previous close of Rs 1,440.75 on BSE
BusinessToday.In | April 12, 2021 | Updated 15:08 IST
The IT stock has risen 123.34% in one year and gained 3.34% on BSE. Infosys share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Infosys stock touched-all time high today after the IT firm said its board would consider share buyback on April 14. Infosys stock opened with a gain of 2.72% at Rs 1,480 today against previous close of Rs 1,440.75 on BSE.
Infosys share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The IT stock has risen 123.34% in one year and gained 3.34% on BSE. The stock touched a record high of Rs 1,480, rising 2.72% against previous close.
NEW DELHI: Flushed with cash, IT companies are finding different ways to reward their shareholders.
Infosys on Sunday said its board will also decide on a buyback programme, along with March quarter earnings, in its next board meeting. The Board of the Company will consider a proposal for buyback of fully paid-up equity shares of the Company at its meeting to be held on April 14, 2021,” the company said in a regulatory filing.
Infosys is likely to report a flat-to-negative sequential growth in March quarter profit on a 2-4 per cent quarter-on-quarter (QoQ) rise in sales. Sequentially, growth in dollar revenues and in constant currency (CC) terms is likely in 3-5 per cent range.
NEW DELHI:
Infosys s third quarter results beat Street projections and analysts fresh targets suggest up to 61 per cent potential upside in the scrip, even as the stock took a breather on Thursday following a 15 per cent rally in the last one month.
Foreign brokerage CLSA finds the stock worth Rs 1,620 apiece. It said that the December quarter results indicated improved confidence on the margin defence front, terming the company s deal wins strong and outlook optimistic. The brokerage expects Infosys s FY22-23 margins to stay at the upper band of 23-24 per cent.
Citi sees the stock at Rs 1,590, as it increased its FY21-23 EPS estimates for the IT firm by 1-8 per cent, and values the stock at 29 times. Deals were meaningfully higher, it said, noting that the margin and revenue guidances were revised upward.