Buzzing Stock: Infosys spikes around 4% ahead of buyback plan
DSIJ Intelligence / 17 Aug 2017
India’s second-largest IT service provider, Infosys, will consider a proposal for buyback of equity shares of the company at its board meeting, which will be held on August 19, 2017.
India’s second-largest IT service provider, Infosys, will consider a proposal for buyback of equity shares of the company at its board meeting, which will be held on August 19, 2017.
Recently, the company revised its capital allocation policy of paying dividend of up to 50% of the post-tax profits of the fiscals. Now onwards, from FY2018, the company expects to pay up to 70% of the free cash flow of the corresponding fiscal by way of dividend or buyback.
Furthermore, the company had planned to pay up to Rs 13,000 crore to shareholders through dividend and/or share buyback in the current fiscal.
After the company informed the bourses that it will consider a buyback plan, the stock of Infosys went up as much as 4% in the morning trading session. The stock was trading at Rs 1,005.6, up by ~3% from its previous close of Rs 976.80.
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