Infosys share price zooms 13% so far in June amid buyback; more than doubles investor money in 1 year

On Tuesday, Infosys share price was trading weak at Rs 1,569 apiece in intraday deals on BSE

Infosys share price has zoomed 13 per cent so far this month. The stock has more than doubled investors’ money in just one year, rising 117 per cent. IT bellwether’s board of directors meeting is scheduled on July 14, 2021, to consider and approve the audited consolidated financial results of the company for the quarter ending June 30, 2021. On Tuesday, Infosys share price was trading weak at Rs 1,569 apiece in intraday deals on BSE. In traded volume terms, in intraday so far, 97,000 shares have exchanged hands on BSE and a total of 43.50 lakh units on NSE.

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Infosys share price in last 10 days

Infosys share price touched a day’s high of Rs 1,573.75 and a low of Rs 1,559.60 apiece, so far in the day. The stock has been trading in the range of Rs 1,504-1,574 for the last 10 days. Infosys shares hit a 52-week high of Rs 1,580 in the previous session and a low of Rs 724 apiece, last year in June. The IT firm began a Rs 9,200-crore buyback, where it has proposed to buyback shares at a maximum Rs 1,750 apiece, a premium of 11 per cent from current levels. Upon completion at the maximum price, Infosys will buy back 5.25 crore equity shares.

Infosys’ 3rd buyback in 5 years

This is the third buyback by Infosys in a span of five years. Earlier in December 2017, the company had completed a buyback of 11.3 crore equity shares at a price of Rs 1,150 per share for Rs 13,000 crore. In August 2019, Infosys bought back 11.05 crore shares at an average Rs 757.38 per equity share under its Rs 8,260 crore buyback offer. So far this calendar year, Tata Consultancy Services (TCS) and Wipro have completed their share buybacks. The company in an exchange filing informed that the last date for the buyback (whichever is earlier) would be December 24, 2021 (6 months from the date of the opening of the buyback) or when the company completes the buyback by deploying the amount equivalent to the maximum buyback size.

Infosys — History, facts

Infosys is India’s second-largest IT services exporter, in terms of revenues, and has a strong global presence. The IT bellwether offers industry-wide solutions including next-gen services such as Cloud Computing, Digital Transformations, IoT, and Machine Learning, among others. The company also has expertise in providing solutions in the BFSI space. Infosys, in 2019, was awarded a contract to develop the next-generation income tax filing system to reduce processing time for returns from 63 days to one day and expedite refunds. Income Tax Department’s new website was launched earlier this month.

Infosys released its annual report for 2020-21 in May this year, which showed that CEO Salil Parekh’s compensation included Rs 6.07 crore in salary, Rs 12.62 crore in bonus, incentives or variable pay, and Rs 30.99 crore in perquisites on account of stock options exercised. His annual pay package jumped to Rs 49.68 crore in 2020-21. Parekh’s compensation was at Rs 34.27 crore in 2019-20.

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