Infosys shares continue to rally for second day in a row after company approves share buyback; gain nearly 4%

New Delhi: Shares of Infosys continued to gain on Tuesday, rising by nearly 4 percent, after the company approved share buyback and also raised its revenue growth forecast.

The scrip ended 3.66 percent higher at Rs 726.55 on BSE. During the day, it jumped 4.12 percent to Rs 729.80.

At NSE, shares of the company went up by 3.76 percent to close at Rs 728.30.

In terms of equity volume, 9.08 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

The stock had gained nearly 3 percent in the previous trading session also.

India’s second largest IT firm on Friday reported 30 percent drop in December quarter net profit on higher expenses even as it approved a Rs 8,260-crore share buyback – the second in less than 13 months’ time.

Its net profit slumped to Rs 3,610 crore in October-December 2018 from Rs 5,129 crore in the same period a year ago, the company said in a statement.

In spite of the drop in quarterly profit, the company raised its revenue growth forecast for 2018-19 to 8.5-9 percent in constant currency terms, from 6-8 percent previously. Revenue from operations rose 20.3 percent to Rs 21,400 crore.

Infosys also declared a special dividend of Rs 4 per share.

To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day.

To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.