Infosys shares gain as board to consider buyback proposal on October 13

The company is going to announce their September quarter (Q2FY23) earnings on October 13.

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Shares of IT major Infosys rose marginally in the early trade on October 11 after the company said it is going to consider share buyback along with its Q2 earnings.

The board of Infosys will consider a proposal for buyback of fully paid-up equity shares of the company at its meeting to be held on October 13, 2022, in accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended, company said in a stock exchange filing on Monday.

The outcome of the Board meeting will be disseminated to the stock exchanges after conclusion of the Board meeting on October 13, 2022, in accordance with the applicable provisions of the SEBI LODR Regulations, it added.

This comes after brokerage firm Jefferies in its results preview for the sector had said that Infosys could announce a buyback. The firm expects that the buyback will be valued between Rs 8,700 crore and Rs 9,500 crore.

A note by Jeffries said that the focus for this quarter will be on management commentary on the demand environment — on the deal pipeline, sales cycle, nature of deals and deal tenure, pricing, and vendor consolidation, as well as a focus on commentary around client spends.

“We expect aggregate revenue growth of 3.6% QoQcc for IT companies under our coverage, in line with last quarter, driven by deal ramp-ups. Among large IT firms, we expect Infosys to deliver the highest organic growth (+4% QoQcc),” the note on the preview for the second quarter said.

Infosys had completed its last share buyback of Rs 9,200 crore in September 2021, and a minimum of one year is mandated between the end of the last buyback and the announcement of a new one. Prior to 2021, Infosys completed a buyback in 2019 of Rs 8,260 crore and in 2017 of Rs 13,000 crore.

The company is going to announce their September quarter (Q2FY23) earnings on same day.

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Citi

Broking firm Citi has maintained buy rating on the stock with a target Rs 1,625 per share as company is going to consider share buyback on October 13.

The past 2 buybacks, were of an aggregate amount of Rs 9,200 crore/Rs 8,260 crore, respectively.

Infosys has to meet their capital allocation policy. The cash on books as of Q1 is at USD 4.5 billion & is something to monitor.

In addition, last two buybacks were open market and took at least more than 5 months to be completed.

Open market buyback may provide support to stock, reported CNBC-TV18.

At 09:18 hrs Infosys was quoting at Rs 1,467.30, up Rs 4.60, or 0.31 percent on the BSE.

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