Stocks in News: Infosys trades flat as buyback begins at a Rs 1850 per share price
Infosys Share Price NSE: The second largest Indian IT firm informed the exchange about buyback of equity shares of the face value of Rs 5 per equity share.
Infosys Share Price NSE: Infosys share price traded flat in the early morning trade on Wednesday. At 9:53 AM, the stock quoted at Rs 1,614.25 on the NSE, up 0.84 per cent.
The second largest Indian IT firm informed the exchange about buyback of equity shares of the face value of Rs 5 per equity share. The company has put the buyback price at a maximum amount of Rs 1,850 per equity share from the open market through the stock exchange route.
The market trend comes after the commencement of the buyback. Infosys stock price opened at Rs 1,608.00 on NSE.
Senior Research Analyst, Kushal Gupta’s at ZEE Business tagged a 'sell' call on Infosys fut at Rs 1580 with a stop loss of Rs 1650.
Last Date of Buyback
Infosys confirmed June 6, 2023 as the last date of the buyback announcement.
"..when the company completes the buyback by deploying the amount equivalent to the maximum buyback Size; or..."the company said in an exchange filing on NSE.
"...at such earlier date as may be determined by the Board (including a committee thereof, constituted by the Board or persons nominated by the Board/committee to exercise its powers, and/or the powers conferred by the Board resolution in relation to the buyback), after giving notice of such earlier closure, subject to the Company having deployed an amount equivalent to the minimum buyback Size (even if the maximum buyback Size has not been reached or the Maximum buyback Shares have not been bought back), however, that all payment obligations relating to the buyback shall be completed before the last date for the buyback...." the company added in an exchange filing on NSE.
So far this year, Infosys has corrected nearly 15 percent. Putting into perspective, the stock available at Rs 1898.45 on January 3 is now available at around Rs 1614 levels on NSE.
At today's share price levels, Infosys' market cap is at Rs 6.76 thousand crore, as per the NSE.
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