Infosys spurts on buyback

Infosys opened at Rs.1010, over 3% higher and even now remains firmly in the green. Its 52-week high is at Rs.1080.70.

The stock is up on company’s announcement that its Board will be meeting on 19th August to consider buyback of shares.

It has closed its trading window with immediate effect and will reopen on August 22. 

The market heaved a sigh of relief as the promise of buyback was made some time ago and all were waiting for more details to emerge.

All details of the buyback will be revealed on the 19th.

As at 30th June 2017, its cash and equivalents stood at over $5.15 billion while operating cash flow was at $644 million.