Finance

Infosys to consider share buyback plan; shares jump

Infosys to consider share buyback plan; shares jump

The meeting of board of directors of the company will consider a proposal for buyback of equity shares of the company at its meeting to be held on August 19. Analysts say that the buyback provides a good exit opportunity for the retail investors.

Buyback Schedule Proposed Buyback Price in Rs Company Open Close Amt (Rs.Cr) Price (Rs.) 17/08/2017 Wipro NA NA 11000 320 290 Mindtree 18/08/2017 01/09/2017 270 625 468 Nucleus Soft.

Indian IT bellwether Tata Consulting Services (TCS) completed buyback of its 5.6 crore equity shares of Re 1 each on May 31 at Rs 2,850 per share, with the attractive offer oversubscribed by 221 per cent or 12.4 crore shares. If you see the trend, TCS had announced the buyback in the 10-15% premium range. Another analyst, who did not wish to be identified told FE Online that the stock provides a safe haven for retail investors for want of other opportunities, as the markets now look stretched. It has been under a lot of pressure to distribute cash to shareholders.

North Korea de-escalation eyed as Donald Trump victory
Last week, Trump said, "Military solutions are now fully in place, locked and loaded , should North Korea act unwisely". Despite the significant difference, North Korea and the United States continue to throw threats at each other.

The IT major, sitting on a pile of cash reserves, had said in its earnings statement for the quarter ended March that its board identified an amount of up to Rs 13,000 crore, or $2 billion, to be paid out to shareholders through dividend or share buyback in 2017-18, as per its Capital Allocation Policy. The total number of shares traded during the day was 15780 in over 14 trades. Sharma believes that post buyback, the company may resort to inorganic acquisitions to utilise the excess cash.

The company recently adopted new Articles of Association, making provision for buyback.


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