Infosys profit will fall, big buyback

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Infosys, the second largest information technology company in India, has seen a huge drop in profits. In the third quarter of the current financial year, Infosys’s net profit declined by 29.62 per cent to Rs 3,610 crore. In the same quarter of the previous financial year, the company had a profit of Rs 5,129 crore.
In the third quarter, net sales of Infosys grew by 20.3 percent year-on-year. At the same time, it increased by 3.8 per cent to Rs 21,400 crore on quarterly basis. With this, the company has announced share bookback of Rs 8,260 crore. Infosys will buy shares at a price of Rs 800 per share.
On Thursday, the Bombay Stock Exchange (BSE) closed at Rs 683.70 as the company’s stock rose marginally by 0.58 per cent to close at about 4 per cent. The amount that has been fixed for stock boyback is about 20 percent higher than today’s price. In the information given to the stock exchange, the company has also given information about the special dividend given to shareholders. The company will buy the stock worth Rs 8,260 crore again.
The company has announced a special dividend of Rs 4 per share. Record date has been fixed for dividend distribution on January 25, whereas the date of payment has been kept on January 28.
In April last year, the company had boycotted 13,000 crores. With this, the company had given a dividend of Rs 10 per share. In the matter of dividend, the company had paid Rs. 2600 crores.

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