Shares of IT giant Infosys hit a record high of Rs 1,755, increasing by 1% on Wednesday. In June the company had introduced a buyback share program in which it proposed to buy back shares for Rs. 1755 apiece.
The buyback program was worth Rs. 9200 crores. As reported by Business Standard, the company will utilize at least 50 per cent of the amount earmarked as the maximum buyback size for the buyback i.e. Rs 4,600 crore. Based on the minimum buyback size and the maximum buyback price, the company will purchase an indicative minimum of 26.29 million equity shares.
The company gained 13 per cent in the market in the past month. In Q1FY22 results the company said it estimates a 14-16 per cent increase in its revenue, as against an earlier estimate of 12-14 per cent. The company had signed 22 new deals in the past quarter, with a deal intake of $2.6 billion.
On Tuesday, Infosys signed a deal with TidalScale Inc to make an additional investment of USD 0.45 million, MoneyControl reported. With this total investment of Infosys in the technology, the startup came to be about USD 3.45 million. In 2016, Infosys had invested USD 1.5 million in Tidalscale Inc.
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