Infosys, which had closed on Friday at Rs.1440.75, opened itself at Rs.1480, a new 52-week high and then profit booking at that rate, pushed the stock into the red at Rs.1430 and it is now trading at 1438 levels.
The stock hit a high, an immediate reaction to the news that its Board will consider proposal for buyback of fully paid-up equity shares, at its meeting to be held on April 14, 2021.
Infosys Board is also scheduled to declare its Q4FY21 earnings on the 14th.
As at end of Q3FY21, it is FIIs who held more – at 32.6% while promoters held only 12.95%.
This will be the third buyback from Infosys – the first was on 2017 at the price of Rs.1150/share and then in 2019 at Rs.800/share. The market is widely expecting a buyback price of Rs.1650 to Rs.1670 this time around.