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Infosys Shares Rally As IT Company Obtains Exemptive Relief US SEC
Infosys Shares Rally As IT Company Obtains Exemptive Relief US SEC
Infosys shares rose to Rs 1,528, gaining Rs 18 or 1.23 per cent today. The stock increased by Rs 80 in the past five days, marking a 5.55 per cent rise.
New Delhi: Indian IT giant Infosys has obtained exemptive relief from the US Securities and Exchange Commission for its Rs 18,000 crore buyback, according to its notification to the exchanges. The company has announced its first share buyback in three years, since October 2022.
Infosys shares rose to Rs 1,528, gaining Rs 18 or 1.23 per cent today. The stock increased by Rs 80 in the past five days, marking a 5.55 per cent rise.
The IT giant's fifth buyback is now awaiting approval from current shareholders through a special resolution and postal ballot. The decision was made amidst macroeconomic volatility weighing on stock prices.
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Bengaluru-based IT company will allocate Rs 13,560 crore for a buyback, at Rs 1,800 per share, reflecting a 19.28 per cent premium over its last closing price on the BSE.
Historical data indicate that the share repurchase process may take three to four months to complete. The stock has over 25.79 lakh owners.
Infosys allocates an average of 30 per cent of its cash for buybacks by repurchasing 14-15 per cent of its net worth. Its first-quarter cash and cash equivalents are at Rs 45,200 crore, while its net worth is at Rs 95,350 crore.
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The share buyback reduces the number of outstanding shares and increases Earnings per Share (EPS) as the company's profit is distributed over fewer shares post-buyback. Increased EPS can enhance stock valuations and draw in new investors.
Infosys rose by Rs 104 in the past month, marking a 7.31 per cent surge. The share price fell by Rs 62, or 3.94 per cent, in the last six months. Infosys' stock has dropped by Rs 421 in one year, marking a 21.02 per cent dip.
Meanwhile, strong global cues, including mounting anticipation of a rate cut by the US Federal Reserve next week, helped the Indian benchmark indices open on Friday with modest gains.
At 9.25 am, the Nifty was up 39 points, or 0.16 per cent, at 25,04,5, and the Sensex was up 114 points, or 0.14 per cent, at 81,663.
Source: ZeeNews
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