IT services giant Infosys Trades At Yearly High Amid Share Buyback

At 12:10 pm, Infosys shares were trading at Rs 1,587.90, higher by 1.65 per cent, on the BSE

Infosys shares zoomed nearly 2 per cent to touch a 52-week high of Rs 1,591 as the IT services giant is in the midst of a Rs 9,200 crore share buyback. The buyback of shares started on June 25 and will end on December 24 (6 months from the date of the opening of the buyback). At 12:10 pm, Infosys shares were trading at Rs 1,587.90, higher by 1.65 per cent, on the BSE.

The IT major will buy back shares from the open market at a maximum price of Rs 1,750 per share.

The board of Infosys had approved the buyback on April 14, 2021 and shareholders gave their nod at the company's 40th annual general meeting held on June 19, 2021.

This is the third buyback by Infosys in five years. Infosys had completed a Rs 13,000 crore buyback in December 2017 and a Rs 8,260 crore buyback in August 2019.

TCS and Wipro have completed their share buybacks in this calendar year.

Meanwhile, on July 14, 2021, Infosys will kick off the June quarter earnings season by declaring its financial results for the quarter ended June 30, 2021.